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  #11341  
Old Posted Jun 2, 2020, 12:06 AM
whatnext whatnext is online now
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Originally Posted by lio45 View Post
...I guess it's the last time I'm talking to this particular brick wall, so that's that.
You can still catch his act on Twitter.
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  #11342  
Old Posted Jun 2, 2020, 1:21 AM
WarrenC12 WarrenC12 is offline
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Originally Posted by whatnext View Post
You can still catch his act on Twitter.
Wow he's really yelling into the void. None of his tweets have a single like.

Yikes.
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  #11343  
Old Posted Jun 2, 2020, 4:12 PM
p_xavier p_xavier is offline
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Getting a mortgage right now is absolutely brutal. I have banks calling my workspace without my consent to validate I really work there, even if I sent a confirmation letter. Plus some banks only finance up to 34%, including with CHMC insurance.
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  #11344  
Old Posted Jun 2, 2020, 4:14 PM
WarrenC12 WarrenC12 is offline
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Originally Posted by p_xavier View Post
Getting a mortgage right now is absolutely brutal. I have banks calling my workspace without my consent to validate I really work there, even if I sent a confirmation letter. Plus some banks only finance up to 34%, including with CHMC insurance.
Aren't confirmation letters routinely faked?

The amount of money they will lend you is directly related to your income. The value of the property is moot after a certain level.
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  #11345  
Old Posted Jun 2, 2020, 4:29 PM
p_xavier p_xavier is offline
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Originally Posted by WarrenC12 View Post
Aren't confirmation letters routinely faked?

The amount of money they will lend you is directly related to your income. The value of the property is moot after a certain level.
That's not true in my case, it's the CHMC that requires it. I was taking the CHMC insurance because I didn't want a property assessment. My Total Debt Ratio is at 26 for the house and I have a credit rating of 824. A bit ridiculous at this stage since our union has a no lay-off clause. Mortgages were never easy to get for me, like my wife doesn't have enough income and I'm not married etc.
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  #11346  
Old Posted Jun 12, 2020, 10:19 PM
whatnext whatnext is online now
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This will scare off some buyers:

Feds crack down on money laundering in Canadian real estate
Sun Media
Published: June 11, 2020

The feds have introduced new regulations requiring Canadian realtors to name suspicious clients, according to Blacklock’s Reporter.

Amendments under the Proceeds Of Crime And Terrorist Financing Act target transactions of $100,000, saying in those cases realtors will be required to “determine and verify” names and addresses of clients or “beneficial owners.”

The idea is to identify offshore speculators and money launderers using shell companies to buy properties....

....“This is all catch-up,” said Cohen. “We’re still playing tag-along. Other countries especially in the European Union are much farther ahead.”

The Department of Finance said the new rules “will address money laundering vulnerabilities in high-risk sectors.”

There was no comment from the Canadian Real Estate Association....


https://torontosun.com/news/national...an-real-estate
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  #11347  
Old Posted Jun 12, 2020, 11:05 PM
Truenorth00 Truenorth00 is offline
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Do they actually enforce any of this?
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  #11348  
Old Posted Jun 17, 2020, 7:56 PM
lio45 lio45 is online now
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Originally Posted by lio45 View Post
This one would be conveniently located (not that far from my project location). Looks cheap to me as well especially considering how it's been entirely redone recently:

https://www.realtor.ca/real-estate/2...reet-vancouver

I was again expecting a house like that in that kind of condition to go for much more than that. The Vancouver market isn't as crazy as I thought. Especially compared to Montreal nowadays (that gap has shrunk at both ends, obviously).
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Originally Posted by someone123 View Post
Those both kind of have the same issue which is that they're slightly seedy neighbourhoods, they have mediocre to bad transit, and a lack of things to walk to nearby. The lack of nearby shops to me makes them not much better than just living near a SkyTrain stop a bit father out.
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Originally Posted by giallo View Post
Still way overpriced. As mentioned, that area of Prior is super seedy, and right across from an large industrial area. The closest neighbourhood with amenities is the Downtown Eastside. If you're looking for a long term investment (like 20 years), maybe, but $2m for a house sandwiched between a Canada's largest drug ghetto and an industrial area is not my idea of "cheap".
I just walked by that house (I live a stone's throw away) and noticed that the realtor's sign on it now says "Sold!"

Are transaction prices in BC publicly available data? In several U.S. states that info is free and readily accessible; in Quebec you can get it but it's not that easy (I only bother when truly interested in a particular property).

I'd be curious to know how much it sold for in the end.
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  #11349  
Old Posted Jun 17, 2020, 8:04 PM
WarrenC12 WarrenC12 is offline
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Originally Posted by lio45 View Post
I just walked by that house (I live a stone's throw away) and noticed that the realtor's sign on it now says "Sold!"

Are transaction prices in BC publicly available data? In several U.S. states that info is free and readily accessible; in Quebec you can get it but it's not that easy (I only bother when truly interested in a particular property).

I'd be curious to know how much it sold for in the end.
You'd have to ask a realtor to get a quick answer. Once a year when province wide assessments are publicized, they include recent sales.
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  #11350  
Old Posted Jun 17, 2020, 8:08 PM
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Quote:
Originally Posted by lio45 View Post
Are transaction prices in BC publicly available data? In several U.S. states that info is free and readily accessible; in Quebec you can get it but it's not that easy (I only bother when truly interested in a particular property).
Nope. Realtors in BC are not allowed to publish that data!

The Toronto Real Estate Board began publishing it in 2018 to great fanfare after being forced by the courts, with newspapers announcing this first for Canada (sometimes weirdly worded, like in that article; "Last week, for the first time in Canada, the general public could see exactly what any home sold for through the Toronto Real Estate Board". Could you see TREB prices in Uruguay in 2017?). Meanwhile NS passed legislation requiring that in 2012 and it became public in 2013 (no idea if that was a "first" in Canada).
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  #11351  
Old Posted Jun 17, 2020, 8:19 PM
milomilo milomilo is online now
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If there was one single thing I could change about Canada, it would be our protection of monopolies/cartels and anti-consumerism. Dairy, airlines, banks, telecoms, realtors, railways, maple bloody syrup... they all need a kneecapping.
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  #11352  
Old Posted Jun 17, 2020, 8:28 PM
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Originally Posted by milomilo View Post
If there was one single thing I could change about Canada, it would be our protection of monopolies/cartels and anti-consumerism. Dairy, airlines, banks, telecoms, realtors, railways, maple bloody syrup... they all need a kneecapping.
aside from Realtors...most of those are essential or strategic national industries to some degree.
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  #11353  
Old Posted Jun 17, 2020, 8:28 PM
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Originally Posted by milomilo View Post
If there was one single thing I could change about Canada, it would be our protection of monopolies/cartels and anti-consumerism. Dairy, airlines, banks, telecoms, realtors, railways, maple bloody syrup... they all need a kneecapping.
I agree. I think there is a hidden "cartel tax" we all pay that amounts to a significant percentage of consumer spending and it makes most Canadians poorer.

On top of that a lot of these cartel companies are publicly traded and the ownership is often not even Canadian. The biggest shareholder of CN Rail is Bill Gates, and the share price has shot up dramatically as the federal government has let them to whatever they feel like with the publicly-funded infrastructure they were given.
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  #11354  
Old Posted Jun 19, 2020, 2:09 AM
milomilo milomilo is online now
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Originally Posted by samne View Post
aside from Realtors...most of those are essential or strategic national industries to some degree.
That's a nonsensical argument. Some might have some unique qualities, but all can be regulated in a way that is friendly to the people the government serves, Canadians.
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  #11355  
Old Posted Jun 25, 2020, 12:08 AM
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What a good thing we had former posters assure us this wasn't happening as opposed to these hacks from a prestigious business school

Chinese Capital Flight Made U.S. Housing More Expensive, Researchers Find
By Matthew C. Klein
June 23, 2020

Chinese savers have spirited trillions of dollars out of the country since the beginning of 2012, helping to inflate home prices from New Zealand to New York City, according to a new paper from Caitlin Gorback and Benjamin Keys of the Wharton School of Business.

China’s State Administration of Foreign Exchange reports that cumulative “net errors and omissions”—balance-of-payments transactions that can’t be explained—were worth more than $1.25 trillion from the beginning of 2012 through the end of 2019. Cumulative net outflows of trade credits, currency and deposits, and loans were worth an additional $1.26 trillion. While some of that total captures approved activities, such as Chinese bank lending to support Belt and Road infrastructure investments around the world, the timing suggests that a good portion of these “other investment” flows were a form of capital flight....

....Starting in 2011, the governments of Singapore, Hong Kong, New Zealand, as well as local governments in Australia and Canada began trying to discourage foreign investment in housing that was inflating costs for residents. The timing of these measures varied by country and region, which makes it possible to see how Chinese capital flows adjusted. It turns out that, rather than curtail overall Chinese purchases of housing outside China, taxes and foreign-buyer restrictions simply redirected Chinese demand elsewhere. As they note, “imposing foreign buyer taxes in Vancouver has affected Seattle’s housing market.”

Chinese demand for foreign housing wouldn’t be much of a problem if supply could rise quickly to match it. Unfortunately, that is not what happens. While home building rose much faster in the places receiving Chinese investment, the main effect of Chinese capital inflows was higher prices that reduced affordability for locals, especially since many of the homes are “used only as largely-unoccupied pieds-à-terre.”(bold mine)


https://www.barrons.com/articles/chi...nd-51592941169
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  #11356  
Old Posted Jun 25, 2020, 12:49 AM
lio45 lio45 is online now
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Woot!
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  #11357  
Old Posted Jun 25, 2020, 3:23 AM
ssiguy ssiguy is offline
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Canada has, for the last 30 years at least, been known as an easy place to launder money and evade taxes. All these new regulation do is somewhat bring our laws up to date with every other country but whether we actually enforce them will be another matter especially if some start accusing the government of "racism".

The reality thou is that for the vast majority of Canada, money laundering in real estate really isn't an issue. The only exception being somewhat Toronto and, of course, all of BC. Vancouver is the unchallenged epicentre of money laundering. If Vancoiuver was to ever get a corporate head office Maytag, Samsung, LG, GE, and Whirlpool would be the first in line because it just seems like a natural fit.
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  #11358  
Old Posted Jun 25, 2020, 8:26 PM
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Maytag is a subsidiary of Whirlpool which is still an American company with HQ in Michigan. In fact my parents recently bought a wall oven and it was manufactured in Tennessee.
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  #11359  
Old Posted Jun 25, 2020, 8:34 PM
yaletown_fella yaletown_fella is offline
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Quote:
Originally Posted by milomilo View Post
If there was one single thing I could change about Canada, it would be our protection of monopolies/cartels and anti-consumerism. Dairy, airlines, banks, telecoms, realtors, railways, maple bloody syrup... they all need a kneecapping.
The telecom prices are more reflective of the cost of building so much infrastructure across a such a large spread-out sparsely populated country. Thin margins.

My problem with dairy stems from the extent of taxpayer subsidization moreso than anti-consumerism. Id rather pay a few cents more for Canadian milk than to be drinking US milk pumped full of artificial growth hormone. And I buy the pricy lactose-free variety!
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  #11360  
Old Posted Jun 25, 2020, 10:41 PM
dreambrother808 dreambrother808 is online now
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Higher-quality milk and butter from Europe or Argentina would hopefully revolutionize things as well. Many Canadians have no idea they are consuming substandard garbage compared to other places in the world. This goes for meat as well.

Even a hamburger at McDonald’s in Buenos Aires tastes otherworldly compared to one here.
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