The aliens

FOREIGNER modified

They came storming in, took advantage of the exchange rate, and started snapping up properties. In fact, local realtors estimate that fully a third of every sale in the region has gone to these foreigners. Their annual investment’s huge – between $11 billion and almost $18 billion a year from this one group alone into residential real estate across the entire country.

They pay cash, too. Rivers of it. The latest stats show a staggering 73% of this group lays down cold, hard currency to snap up these properties. Says a local banker trying to entice people some of these non-residents to take on mortgages: “I think that whole mentality of borrowing is what’s in the way. They say, no, we’d rather pay cash, we pay cash for everything. On one side, good for you, and on the other side, are you kidding?”

And the impact on local real estate has been palpable, lifting sales prices and pretty much guaranteeing an active market – at least until recently.

Chinese dudes pillaging Vancouver and victimizing the natives?

Nah. Canadians. And in places like Arizona and California, where one in three houses in many areas have gone to beaver-loving, maple-drenched, hockey-crazed Canuckistan residents, there seems to be no resentment at all. Until now. Because the Canadians have stopped hoovering real estate.

“They’re not buying. Our Canadian buyers are not buying,” a Palm Springs realtor moaned to The Desert Sun paper a few days ago. “This was the perfect storm for the desert, and that’s why our real estate right now is in a bit of a slump.”

If you happened to come by this pathetic blog five years ago when the Canadian dollar was siting a few cents above the US currency, you might have been shocked. I was exhorting people to load up on residential real estate – but not in this country. It was an historic opportunity, with the loonie solidly above par and yet many American housing markets still near GFC-lows. You may remember that houses in some area codes of Phoenix and Vegas gave up as much as 70% of their value during the credit crisis, and took a very long time to recover.

So, the blog-that-know-no-shame said, if you ever dreamed about your own place amid the tumbleweeds and the rednecks, dudes, this is it.

And it was. Since then two things have happened.

First, US house prices have steadily recovered from the debt-pickled, subprime blow-off. So the average Vegas house price has increased over the last four years by 79.8%. (And you thought just Vancouver was demented.) Of course, you can still buy a great house in the Nevada city for the price of a garage in Kits. Ditto in Arizona, where houses have gained (on average) 77.5% since the spring of 2012.

Thus, if you bought then, you’ve made a bundle.

But it gets better. Our dollar has collapsed. From an average of $1.02 US in 2012, we have descended into the 70-cent range along with oil and Justin Bieber. So, if you decided to bail on your home in the Arizona sun, you might expect to have a humongous currency appreciation on top of your almost-80% price gain. Sweet. And you thought reading this blog was all about dog love, monetary policy and making fun of Millennials.

Well, a lot of Canadians have decided to do just that – sell. The annual inflow of northern money into southern houses has crumpled by 41% over the last five years, concurrent with the dollar rising and oil falling.

The result, reports the Cali media, is scary: “In the desert, home prices have fallen and the number of homes on the market has spiked. Coachella Valley homes sold for a median price of $283,000 in February — by far the lowest of the winter selling season, according to real estate research firm CoreLogic DataQuick. And inventory jumped by about 25% year-over-year.”

See what happens when the foreigners start to retreat? It gets ugly.

Remember that.

180 comments ↓

#1 ILoveCharts on 03.28.16 at 6:10 pm

Garth has just acknowledged that HAM is real. Mark the date.

Now read it. — Garth

#2 Love my Kia on 03.28.16 at 6:16 pm

Amen on that photo.

The blame game has to stop.

#3 Renter's Revenge! on 03.28.16 at 6:16 pm

I wonder how the locals can tell that foreigners are buying their homes? Do they look for “Canadian-sounding” names on the sales documents?

#4 Best Place on Meth on 03.28.16 at 6:18 pm

Hey, the locust invasion of Lower Mainland has absolutely no bearing / comparison to what’s happening in US Sun Belt states like Arizona. Canadians aren’t bidding up house prices and pricing out locals, demolish perfectly good homes to build new mansion, and leaving them empty as safety deposit box.

Make no mistake, the locust scums are destroying Vancouver and needs to exterminated.

The ‘locust scums’? I just knew there was somebody special I used that picture for. Congratulations. — Garth

#5 I live for this blog on 03.28.16 at 6:19 pm

I thought there were no foreigners buying in Canuckistan…. at least not enough that it could go ugly if they retreated…

“See what happens when the foreigners start to retreat? It gets ugly.”

#6 Jeremiah Johnson on 03.28.16 at 6:25 pm

Eh?


#3 Renter’s Revenge! on 03.28.16 at 6:16 pm

I wonder how the locals can tell that foreigners are buying their homes? Do they look for “Canadian-sounding” names on the sales documents?

#7 Fred on 03.28.16 at 6:25 pm

I still can not find my car keys…any ideas?

#8 Frank on 03.28.16 at 6:27 pm

Interesting point.

Difference: size of Canada vs size of US or China.

#9 LJ on 03.28.16 at 6:27 pm

That would be the sound of oil money drying up (and the exchange rate, of course).

#10 Flipped in Phoenix on 03.28.16 at 6:32 pm

Took a plunge and bought a place 4 years ago in Phoenix after reading Garth. Couldn’t resist the low Canadian dollar, sold it this month within 2 days of listing. Doubled our money after tax. Thanks for the advice Garth!

#11 Ugly is in the eye of the beholder on 03.28.16 at 6:33 pm

Vancouver is ready for ugly.

#12 Jeremiah Johnson on 03.28.16 at 6:33 pm

yup… and those “cash” payments were often AB Helocs…. man some of my neighbours must be so leveraged


9 LJ on 03.28.16 at 6:27 pm

That would be the sound of oil money drying up (and the exchange rate, of course).

#13 S.Bby on 03.28.16 at 6:34 pm

No comment.

#14 Jeremiah Johnson on 03.28.16 at 6:35 pm

They aren’t lost… you are!

This is a building 7 blog… lost key blog down the hall.

#7 Fred on 03.28.16 at 6:25 pm

I still can not find my car keys…any ideas?

#15 Conundrum on 03.28.16 at 6:39 pm

On the one hand, it has been stated here that it only took 8% of the US population to get into trouble with real estate, which then caused a national 32% decline in real estate values in the USA.

At the same time, foreign buyers ‘apparently’ only account for 5% of sales in the Vancouver market – but apparently they have no substantive impact on prices as stated here, and their impact is generally discounted (with the exception of certain ‘neighbourhoods being impact – like the entire city of West Vancouver).

Seems to me that the national US example clearly demonstrates that fringe buyers and sellers constituting a small percentage of the market dramatically move the overall market….and that means Vancouver’s market too.

You cannot have your cake and eat it to.

#16 North Burnaby on 03.28.16 at 6:39 pm

The stock market is at the peak, it can only go down from here. Buy Vancouver real estate, the safe haven.

That some people actually believe that is so BC. — Garth

#17 Panhead on 03.28.16 at 6:52 pm

A friend bought a place in the Coachella Valley on a golf course of course at pretty much a bottom feeder price. Short sale. Now there is a huge crack going down one exterior wall and of course ongoing maintenance along with fees. Pools are not cheap to maintain either. Got grass? Gotta pay for water. No longer rents it out as tax rules changed I believe. Doesn’t matter where you live buildings are money pits. My next door neighbour has a place across the line in Point Roberts and his and his wife’s name are on the title. Only they are allowed to work on it, even his kid’s aren’t allowed to do maintenance legally. Best for the average Joe Cheesehead to be renting I think. USA is a great place to visit though, always said Americans are the best neighbours we could possibly have … eh?

#18 tundra pete on 03.28.16 at 6:55 pm

In the neighbourhood I heard about the parents came over, liked a place and bought it. They brought their parents over, they liked a place and bought it. The grandkids came over liked a place and bought it. They just found out they were pregnant so they bought their kid a home. All of them payed cash.

Most of them said they just liked the helicopter rides around the city and talking to Global TV.

#19 WallOfWorry on 03.28.16 at 6:59 pm

Maybe the real question is “who cares”? Isn’t there something more important to worry about?

#20 Nemesis on 03.28.16 at 6:59 pm

#SpeakingOfAliens… #DoYouRememberConservativeBritain’s… #OfficialPre-ElectionResponseTo… #UndocumentedMigration?… #EvenNigelFarageWasAghast…

[Guardian] – Anger at ‘go home’ message to illegal migrants: Lib Dem ministers to call for ads branded ‘nasty’ by Ukip leader Nigel Farage to be withdrawn

…”A coalition row has erupted over an advertising campaign that targets racially mixed areas with billboards that warn illegal immigrants: “Go home or face arrest.”

Liberal Democrat ministers yesterday pressed the government to abandon the campaign, as the UK Independence party leader, Nigel Farage, surprised many by condemning the signs as “nasty”.

The split emerged after senior Lib Dem figures complained about the failure of their cabinet members to stop Tory ministers from launching the pilot scheme. Vans carrying the government’s abrupt message have been driven around areas of high immigration since Monday.”…

http://www.theguardian.com/uk-news/2013/jul/25/coalition-row-adverts-illegal-immigrants

#21 Victoria Real Estate Update on 03.28.16 at 6:59 pm

Several Canadian cities have undergone housing market crashes in the past – Victoria, Vancouver, Edmonton and Calgary on the 1980s and Toronto in the 1990s.

Right now Canada’s housing market is more overvalued compared to incomes and rents than at any time in the past. Add in other factors such as record household debt levels and the certainly of rising rates (beginning soon) and it’s obvious that Canada’s housing market is in for a major price correction – perhaps even bigger than what the US went through. Our bubble is bigger.

Recent injections of stimulus have, perhaps, put the start of Canada’s major housing price correction temporarily on hold – 2 rate drops by the BoC last year and recent extreme deficit spending are among the major contributors.

It’s inevitable. There has never been an example of a country with a major housing bubble that didn’t go through a major housing price correction. It’s part of what happens when major housing bubbles delate.

Falling house prices have a negative impact on the economy as well as the household finances of many families. Construction slows, consumer spending drops… It all has a negative effect on the economy and families.

The size of the country doesn’t matter. Only real estate “professionals” try to make lame excuses like that. Countries with large and small populations have gone through major price corrections. Many of these countries experienced higher levels of foreign investment and amateur speculation as their bubbles inflated. All that did was guarantee an even lower price bottom once the inevitable price correction began.

It isn’t different in debt-bloated Canada.

#22 crowdedelevatorfartz on 03.28.16 at 7:00 pm

@#4 Best …… meth
Wow!
And you’re allowed to vote…..for Donald Trump I suspect.

#23 crowdedelevatorfartz on 03.28.16 at 7:01 pm

@#7 Fred

Sorry, but I have them and I’m not giving them back

#24 MoneyDriven on 03.28.16 at 7:06 pm

Garth,
Would you please tell me which of your blogs you suggested buying real estate in US. I’ve been reading this blog for past two years and love to read your previous blog and learn a thing or two.

Thanks

#25 Darryl on 03.28.16 at 7:16 pm

Thanks for the good currency change ideas guys . Much appreciated .
To You to Garth .

#26 waiting on the westcoast on 03.28.16 at 7:19 pm

Great photo… So true.

It’s interesting that local Vancouverites think foreign investors are buying up their city while the prices are at obscene levels… I guess only Canadians sell in a foreign land when an asset has reached a reasonable value. :-p

I had to spank someone on LinkedIn yesterday for whining that the Chinese are buying 33% of the houses. Is there any way to publicly embarrass National Bank for that propaganda piece?

#27 Whipster on 03.28.16 at 7:23 pm

As I write this, my MIL is meeting with a woman representing an investor from China who wants to buy the home. Suburb of Vancouver. Full cash, and wants her to continue to live and rent as house insurance is easier to get when inhabited. She said the buyers don’t care if prices drop in future, the money is safer here than at home. It is the third home in that neighbourhood with this situation. On our street in the same town, 4 of five homes sold last year are rented out by western rental with the same situation. We rent one of the homes. When I asked a friend with the local remax office if this really is happening despite what you critically judge others for saying, he said “yes; close to 50 homes recently are unfortunately sitting vacant as the investors don’t want to rent” but he is encouraging buyers to do so. The last thing he wants is to live in a town where a good chunk of homes are unlived in. Instead of calling out people as racist, why not pick up a phone and ask. Or hop on a plane and meet with agents who would love to show you the numbers. I don’t care. I love renting and have no problem with it. And I would love this town to be a multicultural mix instead of a ghost town. What I also don’t care for is someone telling people who are living through and amidst this situation (of foreign investors with cash offers above asking) that it isn’t happening and that we are making it up. Heaven forbid we are educated and informed about our surroundings and source out the information.

So tell mom not to sell. Take a stand, or stop moaning. — Garth

#28 Bitter Much? (former sockeye sam) on 03.28.16 at 7:28 pm

A lot of them can’t retreat. They’re wanted by their own government for embezzlement.This is why people are pissed off. IT’S SLANTED!!!!!

http://www.theepochtimes.com/n3/1343584-the-fugitive-lives-of-corrupt-chinese-officials/

#29 Bonhomme Carnaval on 03.28.16 at 7:28 pm

DELETED

#30 ed on 03.28.16 at 7:30 pm

Thanks again Garth for your great gauge of the average person’s intelligence (the responses on this blog); now I see how Justin was elected.

#31 Fred on 03.28.16 at 7:33 pm

@#16 crowdedelevatorfartz

Just fill the tank when you return my Nissan Cube….I mean BMW…yeah…that’s it.

#32 Boom! on 03.28.16 at 7:35 pm

BOOMS can turn to bust…busts, can turn to BOOMS as well. Whether in stocks, ETF’s, or used shit boxes with 4 wheels… change happens!

Get used to it you youngun’s. Millennial have not seen much “change” just the usual dismal bullshit of the last decade, or so. Wait, it WILL get exciting!

Hence, my NEW name change to BOOM!

#33 A belieber on 03.28.16 at 7:42 pm

we have descended into the 70-cent range along with oil and Justin Bieber.
——————-

This is blatant bieber-baiting. (try saying that 10x fast)

Unlike oil, Bieber is Canada’s best performing export. His 2015 album debuted at number on the Billboard 200 and sold 522,00 albums in its first week alone. 3 out of 4 singles have hit number one.


Acoustic version of “Love Yourself”

I don’t see why we can’t just pick on Adele?

#34 Boom! on 03.28.16 at 7:43 pm

#147 3/28/16 Flopper…

Yes, a man who does his own calculating has a FOOL for a client…

Lesson learned here. Still, when you make a few bucks, it IS better than losing a Few bucks!

Time for that evening cocktail now… or two…or three…
after all, it is merely taxes.

#35 Adder on on 03.28.16 at 7:45 pm

#9 LJ

You hit the nail on the head. Oh well hopefully a few people can liquidate their US properties and survive the rest of the Glamboy/Nutly regimes. Only 3 years left for Nutley.

I simply can’t believe Nutley’s carbon tax in this economic environment, or her crazy plan to phase out coal. What does she want to do, build a few Fukashimas in Alberta? That’s green. Glowing green. And where do we get the money to replace those plants in this environment? Borrow it? Solar panels are for rich people and on the whole Alberta is no longer rich, and won’t be until we can sell carbon to other people at a good price again.

Oh well Nutley has announced another plan. Alberta will become a “tech hub”, competing with California in a way Nortel and RIM never could. I’ve already got my idea and it’s called “AlbertaBankruptcyHelp.com”. It’s going to be as easy as eBay. Just give me your paypall info on line and my team of computers will process all your credit defaults, negotiate with the lenders (“you ain’t getting none of it!”), and find you 3 square meals a day in a low security facility. I won’t be hiring anyone or buying anything for a while though, I’ve already got like 5 computers sitting around here because the jobs they were supposed to be doing have all dried up.

#36 Bucky on 03.28.16 at 7:48 pm

Reading your blog gave me the push to be one of the foreign scum buying in Arizona. Thanks!

#37 Paully on 03.28.16 at 7:49 pm

I love today’s picture! Priceless!!!

#38 Snowboid on 03.28.16 at 7:56 pm

#3 Renter’s Revenge! on 03.28.16 at 6:16 pm…

In Maricopa County, AZ it’s easy, the Assessors’ online information shows the ownership status of the home for tax purposes. Then you can click to see the deed information online and that has the permanent home address listed.

#17 Panhead on 03.28.16 at 6:52 pm…

Actually in Arizona it’s much less to maintain a home, especially as a snowbird. As I’ve said before, our annual combined costs for our AZ home and our BC condo aren’t much more than it cost to live in our mini-McMansion near Victorias’ Inner Harbour.

It helps that our utility costs are minimal in Kelowna when we are down south and vice-versa.

BTW, out of the dozen Canadians we know within a couple of blocks of our AZ home, only one couple (from Sask) have sold in the past year.

It was tempting to sell, but we’ve decided to hold on for a few more years.

#39 For those about to flop... on 03.28.16 at 8:04 pm

#34 Boom! on 03.28.16 at 7:43 pm
#147 3/28/16 Flopper…

Yes, a man who does his own calculating has a FOOL for a client…

Lesson learned here. Still, when you make a few bucks, it IS better than losing a Few bucks!

Time for that evening cocktail now… or two…or three…
after all, it is merely taxes.

/////////////////////////////

Hey Boom ,you haven’t lived until you make a mistake on your taxes,tick that one off the bucket list.

I am going to buy one of those new Liberal calculators….you know the new model where if you don’t like the number it chucks out you simply press a few more buttons until you get the answer you want.
I saw it on the shopping network ,buy one get one free…I will send you the other one ,as mine will never be wrong…

M41BC

#40 HellandBack on 03.28.16 at 8:08 pm

So Canadians in Arizona really happened because the agents and media said so, but the Vancouver agents and media say HAM buying up the place is a lie. Sounds legit.

They have data. Van has angst. — Garth

#41 Harold on 03.28.16 at 8:09 pm

Oh give me a break, I and many others have come across countless employers who were only hiring either women or racial minorities and they were very open about it.
I guess I should be taking responsibility for being a Canadian born white male.
Garth these pics show plenty about the real you.

Who let the white guy in? — Garth

#42 Leo the troll on 03.28.16 at 8:15 pm

Speaking of Canadians in US – Leo the troll has disappeared, maybe his American renters got fed of his bragging, as a blood sucker legal alien landlord.

#43 Ace Goodheart on 03.28.16 at 8:20 pm

“They say, no, we’d rather pay cash, we pay cash for everything. ” – yup, that’s how we roll. Money talks, B.S. walks. Word…

If you have foreign buyers purchasing houses for cash, spending millions of dollars on crap shack tear-downs, then you must figure, well, these folks like something. I mean, if they are buying in the T-dot, they don’t like the weather. They can’t possibly be buying for the public transit system (two subway lines connected in a T-Shape, both leading to nowhere….and they want to build a third out to some suburban forest or something?). They can’t be buying for the politicians. They wouldn’t be coming here for the culture (please, bring your own, we have none!).

So there must be a reason why they want to come. I don’t care what that reason is. Some of my best friends are immigrants and refugees. I am also first generation (but my parents are from the UK, Scotland and England, so that probably doesn’t count).

We live in a frozen wasteland, on the border of civilization. Most of our Province is uninhabitable tundra and scrub forest. 99% of our rivers and lakes do not have names.

Welcome the foreigners. Welcome everyone. We need more people. People are cool. Love everyone.

Peace

Ace

#44 Darryl on 03.28.16 at 8:20 pm

#6 Jeremiah Johnson on 03.28.16 at 6:25 pm

Eh?


#3 Renter’s Revenge! on 03.28.16 at 6:16 pm

I wonder how the locals can tell that foreigners are buying their homes? Do they look for “Canadian-sounding” names on the sales documents?
————————————————————–

That’s Gold Jerimiah …Big LOL .

#45 Darryl on 03.28.16 at 8:24 pm

#23 crowdedelevatorfartz on 03.28.16 at 7:01 pm

@#7 Fred

Sorry, but I have them and I’m not giving them back
————————————————————
Careful now . Didn’t you know you have to go home with him after the party.

#46 For those about to flop... on 03.28.16 at 8:25 pm

I always thought the CCM printed on the hockey gear was the manufacturing mark ,I did not realize it stood for Cold Canadian Money and was originally made for Canadians who bought property in other countries and was designed to give them safe passage back to Canada once they decide to sell and come back home…

M41BC

#47 A belieber on 03.28.16 at 8:31 pm

hey Flops,

I saw you got the hat pic up on imgur. did you get the rest of it figured out?

The wrinklies might finally get some multi-media on here.

#48 NOTHING SURPRISES on 03.28.16 at 8:33 pm

Just heading back home tomorrow from FL.
and was
Reading about the downturn in commercial RE in the US.

Might be the time to consider US RIETS as they descend.

#49 Jim Gileo on 03.28.16 at 8:36 pm

Canadian’s need to wake up. Quote, from Immigration Watch Canada.
“In fact, China’s Deputy Minister of the Environment had a name for the large number of Chinese who were leaving China and going to “Western” countries such as Canada. He called them “parasites” who had exploited the Chinese landscape and Chinese workers to acquire profits and who had left sordid messes behind them in China.” Be surprised if this is posted. Doesn’t fit the PC agenda.

You guys are obsessed. Sad. — Garth

#50 Jamie Fotterman on 03.28.16 at 8:54 pm

So, now that HAM can’t be denied, you try another tactic, scare the locals into thinking that if HAM disappears prices will drop? Garth, you’re as phony as those phony helicopter realtors and rent a line up condo sellers.

You have been provided a cautionary tale about engaging in real estate speculation. You can learn something, or flame me. — Garth

#51 Bitter Much? (former Sockeye sam) on 03.28.16 at 8:56 pm

#41 Harold
I’m with you bud.
Do you ever get the feeling that the guy who runs this blog don’t like you and me? And he calls me a troll. I don’t think it’s Garth. Must be the hired help. Garth wouldn’t treat his future customers like that. Or would he?

You mean I won’t lie for profit? What a shock. — Garth

#52 earthboundmisfit on 03.28.16 at 8:57 pm

@#4 Best Place on Meth
Please promise you won’t breed!

#53 For those about to flop... on 03.28.16 at 9:01 pm

#47 A belieber on 03.28.16 at 8:31 pm
hey Flops,

I saw you got the hat pic up on imgur. did you get the rest of it figured out?

The wrinklies might finally get some multi-media on here.

//////////////////////////////

He Beebs ,thanks to you the other day I posted some realtor propaganda the I get in the mail on here.
Really grateful for your help.

I haven’t got around to taking some photos of the orange death mesh around the 15 year old house.

I see you posted an acoustic song from the real Beebs.
That’s the best kind of Bieber music as I at least know the little delinquent is not wasting any power…

M41BC

#54 Capital One on 03.28.16 at 9:02 pm

#33 A Belieber

Morgan Freeman does Justin:
https://www.youtube.com/watch?v=NRKZh-2j4PY

Garth to #41 Harold
“Who let the white guy in?” Funniest line since I don’t know when.

#55 WalMark of Sadkatoon on 03.28.16 at 9:05 pm

If you happened to come by this pathetic blog five years ago when the Canadian dollar was siting a few cents above the US currency, you might have been shocked. I was exhorting people to load up on residential real estate – but not in this country.

best call ever

rivers of usd into my pocket every month

can’t believe canadians back then thought that the cad would stay at parity w the usd

dummies

i took the gift and ran

#56 HellandBack on 03.28.16 at 9:12 pm

If there are no foreigners to “retreat” from Vancouver then what are we supposed to be fearful about ? This flip flopping is getting lame. Relying on ancient government data destroys credibility is even worse.

As stated often, lots of foreigners buy in Van, Toronto & Montreal. But it is the hysteria of locals that creates market-moving speculation. Be careful. Exaggerated sentiment can change quickly. — Garth

#57 crowdedelevatorfartz on 03.28.16 at 9:16 pm

@#45 Darryl
Good one! :)
Actually I looked up his address from his car insurance and his house keys were also on the key chain….
I’m cleaning out his house right now!

#58 White Crock BC on 03.28.16 at 9:20 pm

Garth,

The CAD is at 75.8 as I write this. Not 70 cents.

That brings up another thing… haven’t seen the “Loonie Watcher” in a while.

Disgusting.

Is there something about “70-cent range” you don’t understand? — Garth

#59 acdel on 03.28.16 at 9:28 pm

Big difference between Canuckle heads buying in Phoenix or Florida for a retirement buck from foreign money parking in Canadian RE for an escape. Human rights records speaks for itself.. Hmm!!!l

#60 Sheane Wallace on 03.28.16 at 9:29 pm

Typical ‘Canadian economist’:

Total ignorance of private, provincial debt, focusing only on federal debt which is downplayed (as federal government provides no services apart from few transfers to provinces and debt service…), the hidden liabilities of CMHC.

Socialist stupidy at it’s best. Don’t worry about debt, it will just solve itself!

http://www.macleans.ca/economy/economicanalysis/we-are-not-heading-to-fiscal-crisis/

#61 Sheane Wallace on 03.28.16 at 9:33 pm

#58 White Crock BC

Which part of loonie in the .3 or .4 range did you not get?

#62 White Crock BC on 03.28.16 at 9:40 pm

Is there something about “70-cent range” you don’t understand? — Garth

It’s closer to 80 cents than 70 cents. I guess 79.9 would still be in the 70 cent range.

Your blog, your rules.

We share the language. Correct as stated. — Garth

#63 ed on 03.28.16 at 9:42 pm

These foreigner scapegoating comments remind me of the WW II cartoon “intelligence has left the building”…

#64 Investx on 03.28.16 at 9:47 pm

Observation by the industry (local Realtors) is rebutled by Garth with a lazy “nah”.

Who cares about sources?

And then Garth goes on to show it’s “different here” by discussing the foreign buying in the US by Canadians.

The NAR has data. We have you. — Garth

#65 ole Doberman on 03.28.16 at 9:51 pm

Garth i hope you are as right as on gold when you told people to harvest your gains while you can.

But is it possible the Chineese are trying to push for expansion, like why settle for just a China town in Vancity, why not attempt a China city?

Hard to believe this blog some days. Like this one. — Garth

#66 ole Doberman on 03.28.16 at 9:53 pm

Thats why those houses sit empty, until the locals just pick up and leave

#67 Katherine on 03.28.16 at 9:53 pm

Thoughts?
http://www.marketwatch.com/story/rich-dad-author-says-the-market-collapse-he-foresaw-in-2002-is-coming-2016-03-23?mod=mw_share_facebook

Sure. He’s wrong. And now, sadly, a huckster. — Garth

#68 Hotdogs from Heaven on 03.28.16 at 10:02 pm

#4 Best Place on Meth on 03.28.16 at 6:18 pm
Hey, the locust invasion of Lower Mainland has absolutely no bearing / comparison to what’s happening in US Sun Belt states like Arizona. Canadians aren’t bidding up house prices and pricing out locals, demolish perfectly good homes to build new mansion, and leaving them empty as safety deposit box.

Make no mistake, the locust scums are destroying Vancouver and needs to exterminated.

The ‘locust scums’? I just knew there was somebody special I used that picture for. Congratulations. — Garth
—————————————————-

Actually Garth, if you’ve spent some time in Hong Kong you’d realize that “locusts” are the colloquial term that Hong Kong people have been using for the last decade to refer to the Chinese mainlanders who have been buying up their property and driving up the prices there.

Local people are priced out of the market in their own home city and businesses are forced to close because of massive rent increases (the high real estate prices are not just residential) or move way out into the New Territories from the island where most of their customers don’t follow.

The negative impact of massive waves of mainlander money is hardly a Vancouver only issue. Lots of folks throughout Asia can tell you that.

This isn’t Asia. You do not call anyone an insect or scum. It diminishes us all. — Garth

#69 For those about to flop... on 03.28.16 at 10:03 pm

Hey everyone,this is the 15ish year old house that looks like it is set for demolition.
It could be a major renovation,but I highly doubt it.
I suspect a new build and a laneway house.

Thanks again Beebs ,you were the missing link I have been waiting for.

Also thanks to Mrs Flop for taking the photo for me.
She is a good person ,sent Garth a photo the other day calling herself Mrs Flop…this blog gets to everyone in the end…

http://imgur.com/Ew6Md3a

#70 Casual Observer on 03.28.16 at 10:13 pm

#15 Conundrum on 03.28.16 at 6:39 pm

…it only took 8% of the US population to get into trouble with real estate, which then caused a national 32% decline in real estate values in the USA…

Seems to me that the national US example clearly demonstrates that fringe buyers and sellers constituting a small percentage of the market dramatically move the overall market….and that means Vancouver’s market too.

RE prices have always been set at the margins. If you introduce additional marginal buyers (HAM, Boomers, debt-fueled millennials, or ??) it will definitely have an influence.

It takes a relatively small percentage of the housing stock changing hands to affect the “value” of the rest of the housing stock.

However, there’s no law that says this process only works in one direction. When market psychology changes, the same process will happen in reverse.

#71 Smoking Man on 03.28.16 at 10:14 pm

Going through hundreds of profiles of Ford haters on twitter. Many with reddiit links. Trying to figure out what makes them tick. I’m scientis after all.

They all have something in common. They’ve never signed a check on the front or pulled money out of there wallet to make payroll.

Came to this conclusion.

Successful people appreciate everything.
Failed people are entitled crybabys that appreciated nothing.

#72 Atta boy, Justin. on 03.28.16 at 10:15 pm

This isn’t Asia. You do not call anyone an insect or scum. It diminishes us all. — Garth

You are amusing.

#73 cramar on 03.28.16 at 10:17 pm

3 Renter’s Revenge! on 03.28.16 at 6:16 pm

I wonder how the locals can tell that foreigners are buying their homes? Do they look for “Canadian-sounding” names on the sales documents?

————–

Naw! Simpler than that.

It’s when the new neighbours greet you with, “Great weather today, eh?”

#74 BS on 03.28.16 at 10:21 pm

#4 Best Place on Meth on 03.28.16 at 6:18 pm

Hey, the locust invasion of Lower Mainland has absolutely no bearing / comparison to what’s happening in US Sun Belt states like Arizona. Canadians aren’t bidding up house prices and pricing out locals, demolish perfectly good homes to build new mansion, and leaving them empty as safety deposit box.

Make no mistake, the locust scums are destroying Vancouver and needs to exterminated.

Plenty of locals in Arizona were priced out during their bubble. If Canadians were buying then they were part of the cause.

If someone builds a new house that helps the local economy, creates jobs and brings in tax dollars. Buying an existing house and letting it sit most of the year like many Canadians do in the sun belt does nothing for their economy. Except inflating housing prices.

If I was picking someone to exterminate in Vancouver you’d be at the top of the list.

#75 White Crock BC on 03.28.16 at 10:23 pm

#61 Sheane Wallace

I hope you’re “all in”.

Good luck.

#76 Nemesis on 03.28.16 at 10:29 pm

“Take a stand, or stop moaning.” — HonGarth

#Well… #OnceUponATime… #MPAA-R[LANGUAGE]

https://youtu.be/4aI9-g_n_OE

[PayAttentionHommeDuTabagisme – This is an essential module in your online writer’s education…]

#77 Jacob on 03.28.16 at 10:29 pm

Garth,

The anger you see here towards the Chinese people is indeed misplaced. However, their anger can and should be directed at the Chinese government. They have exploited North American (American amd Canadian) firms for years. They allow and encourage the wholesale theft of intellectual property, which they then couple with currency manipulation to crush their North American counterparts. They block North American firms from expanding in China and basically funnel capital in mind boggling amounts to Chinese firms. The beneficiaries of this, the Chinese business owners then use these profits to price Canadians out of their own cities.

Therefore, you are correct, the blame doesn’t lie with the individual Chinese citizens buying property here. However, they are the direct beneficiaries of their corrupt government who has all but stolen this money from North American firms. Can you really blame people for being angry?

This is hate, not anger. No excuse for that. — Garth

#78 Walter Safety on 03.28.16 at 10:30 pm

Friends in the Hammer just sold their flip house to a guy with an Asian surname. He was the winning bidder at $400,888. cash ,no conditions.
I know – survey of one.
My point is that locals / Canadians will not be priced out of any market when credit is available.
Should credit availability revert to historic requirements or tighter ,then the cash buyers will be from where?
Ingersol?Mount Forest? Or someplace where the savings rate is negative?
What is a house worth that can only be sold to a cash buyer?
What nation has the highest savings rate? Get used to it this is just the beginning .

#79 BS on 03.28.16 at 10:32 pm

Bitter Much? (former Sockeye sam) on 03.28.16 at 8:56 pm
#41 Harold
I’m with you bud.
Do you ever get the feeling that the guy who runs this blog don’t like you and me? And he calls me a troll. I don’t think it’s Garth. Must be the hired help. Garth wouldn’t treat his future customers like that. Or would he?

Customers need cash to invest. Only a small percentage of people walk away with something after a bubble. I doubt you will be one of them. It is obvious you are too stupid and greedy to sell your over valued shack while you still can.

#80 MoldCouver on 03.28.16 at 10:35 pm

But is it possible the Chineese are trying to push for expansion, like why settle for just a China town in Vancity, why not attempt a China city?

Hard to believe this blog some days. Like this one. — Garth.

Have you visited Ricmond BC? This is an example of what Pierre E. Trudeau called “checkerboard Canada”.

Have you visited Unionville? Van has some growing up to do. — Garth

#81 saanichtonian on 03.28.16 at 10:36 pm

“I thought I was just a Liberal-Conservative toadie.
— Garth”

That’s toadie,
There’s always tomorrie.

#82 hope & ruin on 03.28.16 at 10:38 pm

#52 earthboundmisfit on 03.28.16 at 8:57 pm
@#4 Best Place on Meth
Please promise you won’t breed!
___________________________________________

if Best Place on Meth will just state his net worth and income for the blog. Mark will see what he can do about stopping him.

#83 Bitter Much? (former sockeye sam) on 03.28.16 at 10:40 pm

#79 Bull Shit

And you are who?

#84 waiting on the westcoast on 03.28.16 at 10:49 pm

#42 Leo the troll on 03.28.16 at 8:15 pm
“Speaking of Canadians in US – Leo the troll has disappeared, maybe his American renters got fed of his bragging, as a blood sucker legal alien landlord.”

WalMark of Sadkatoon is Trollstoy… even funnier now… ;-)

#85 waiting on the westcoast on 03.28.16 at 10:54 pm

#68 Hotdogs from Heaven on 03.28.16 at 10:02 pm
“Actually Garth, if you’ve spent some time in Hong Kong you’d realize that “locusts” are the colloquial term that Hong Kong people have been using for the last decade to refer to the Chinese mainlanders who have been buying up their property and driving up the prices there.”

Doesn’t seem to be holding up the market any longer in HK… Maybe the smart Hongers sold out to the Locusts and the dumb ones just bitched about everything…

What is wrong with everyone?

Note – the terms Hongers and Locusts used for sarcastic purposes only… ;-)

#86 For those about to flop... on 03.28.16 at 11:01 pm

Bit of agro on the blog tonight.

Boss, might I suggest a no glass policy at the summer picnic…

M41BC

#87 John on 03.28.16 at 11:06 pm

“You can sell a stock with the push of a few buttons. But moving a household is a pain in the neck. It involves packing up, organizing a mover, settling up on utilities, saying goodbye to neighbors, and so forth.

But when the guy next door is not really next door, his house is not really a home. It’s a floating, speculative hedge. And if you never move in… moving out is a breeze. All it takes is a change in taxes, regulation, or the markets… and you’re outta there.” Bill Bonner

Parking $$$ in real estate is also part of a balance portfolio, I assume. London, NYC, Florida, etc. Vancouver is rated one of the great cities of the world. So there are investors parking cash there too.

#88 Entrepreneur on 03.28.16 at 11:07 pm

It would be nice or not to get this housing bubble pricked to move on. What about this QllP that is happening and that investors move to Vancouver, could that have an influence? I would like to know with what kind of money?

I don’t think locals would leave a house empty, grass not cut, papers scattered, etc. I thought if you leave a house empty for so long your electricity is cut off for safety reasons? Maybe I am wrong but it is not adding up to locals, it just feels “empty” (play on words). It must be nice to have that much money but as long as it was legally acquired.

#89 Snowboid on 03.28.16 at 11:08 pm

#74 BS on 03.28.16 at 10:21 pm…

Not sure if you really understand what happened starting about seven years ago in Arizona, but I can assure you any foreigners that bought were actually helping the economy. Locals weren’t priced out by foreigners, but because most of us bought at the bottom or close to it.

A house that sits empty half a year is better than one that sits empty for years, not to mention many of our expenditures (taxes, etc) are the same or more than full-time residents.

We still have businesses tell us that without the snowboids they would be bankrupt.

#90 Robert on 03.28.16 at 11:11 pm

While it may be handy that my local westcoast CU will lend me CMHC backed mega cash to look for reasonable living space in my home city, it’s disconcerting having to outbid foreign nationals to do so. Having paid taxes here for all these years (45 if my case) seems quixotic if it’s just been to help build a solid infrastructure for overseas landholders. If, as has been reported numerous times in the media, tax avoidance and evasion is rampant among our foreign, non – resident property speculators then this only adds to the sting. I suspect this merry go round won’t ever stop. Harper and Flaherty created and inflated the bubble, Trudeau and team will never let this baby touch the ground. Real estate will remain the only game in town (literally).

#91 eddy on 03.28.16 at 11:11 pm

Canadian culture anyone? Oshawa born Mars Bonfire is still around!

https://www.youtube.com/watch?v=Mk1MZ6roM0I

Get your motor runnin’

#92 wallflower on 03.28.16 at 11:15 pm

#27 Whipster on 03.28.16 at 7:23 pm
====
This was my experience for the four weeks I spent in Kerrisdale 2014 October. I walked the ‘hood every day for hours. Spoke with a few English speaking individuals who told me, “This is no longer a neighbourhood. Many of these houses are vacant.” It was so sad for these elderly folks who felt alienated in their own neighbourhood of decades. These were $4,000,000 homes. I have never seen anything like it anywhere in USA, Canada or Europe.

#93 GORDIE BEAMER on 03.28.16 at 11:40 pm

We lost home ice advantage decades ago.Focus on wealth creation.these arguements over past battles are a waste of brain cells

#94 WalMark of Sadkatoon on 03.28.16 at 11:47 pm

It was so sad for these elderly folks who felt alienated in their own neighbourhood of decades.

why sad? nobody held a gun to their head for decades

#95 vic_guy on 03.28.16 at 11:48 pm

Interesting REBGV Van Real estate data by YVR Housing Analyst (Twitter handle):

Municipalities with the highest % sales growth: Coquitlam, Port Moody, Port Coquitlam, Maple Ridge/Pitt Meadows, Sunshine Coast, Whistler
https://twitter.com/YVRHousing/status/714181099765628928

All these municipalities are known for being the most* active with foreign investors
*hahaha JK not really

https://twitter.com/YVRHousing/status/714181309032112128

REBGV sales, Jan-Feb 2016 and Jan-Feb 2015. Now with colour!!! http://twitter.com/YVRHousing/status/714180608361037825/photo/1

#96 Huha on 03.28.16 at 11:49 pm

For all of this mess we thank you canadian government(s) . . . . . one or the other, makes no difference. Betrayal and my kids. . . . . and they are only counting now. Like that makes any difference. Go to hell.

#97 WalMark of Sadkatoon on 03.28.16 at 11:51 pm

Is there something about “70-cent range” you don’t understand? — Garth

the board is populated w dum dums tonite

#98 Huha on 03.29.16 at 12:03 am

DELETED

#99 Very Successful at Life on 03.29.16 at 12:10 am

http://www.bloomberg.com/news/articles/2016-03-28/swiping-cards-800-times-way-to-beat-china-s-money-outflow-curbs

But capital outflows from China are real and Vancouver houses are being bought by it.

#100 Very Successful at Life on 03.29.16 at 12:20 am

Garth just doesn’t get it. His great grandchildren will one day work as servants in a HAM house. Hopefully there will be record of what the great grandfather condoned.

Went to my relatives house in Asia 2 years ago. they had a 12 year old servant boy…who worked all day in the mansion with his mother. They got my relatives 10 and 12 year old boys ready so they could go to a high prices school.

The servant boy got yelled at if he didn’t dry the marble floor properly.

No offence intended, but Garth you are very naive (even if you think your stance on HAM is a wise business decision). You have no idea what lies in your progeny future.

I am now despairing for my country, filling with bigotry, fear and ignorance. I will not keep this blog open to provide a platform for these losers. — Garth

#101 Bitter much on 03.29.16 at 12:43 am

You are racist and I am surprised you can make such comments and get away with it. This is not your first ignorant comment. How do you think the Iranians get their money out of that country. Everybody who has wealth in any country, whether it is india, China, Russia can get money out for a fee. And any country as laxed as we are, allow it.

#102 Fun eee on 03.29.16 at 12:47 am

So we been outbid on a few houses in Vancouver this past yr…no big deal I only bid under asking. ..last one we missed by 100k. .
So this weekend I was browsing rentals and look what I found. ..1.5 million house for rent 3200.00 call her up we go see pretend it’s the 1st time and wala we got it 1 yr lease for 3200.00 . She paid 1520000 and is renting whole house for 3200.00. Me n wife happy happy

#103 learningfromyou on 03.29.16 at 12:50 am

Thank Garth for this post.

In the past I thought that in a free market the poor countries were the looser, while selling raw materials and having uneducated workforce while paying the highest price when developed countries sell them the processed and high technology items.

The table was turned, the rich people found cheaper to produce the goods in the poor countries, they exported the factories leaving high skills workers on the streets, but the poor countries now have the technology to produce all kind of stuff, and they need to educate the workforce to work with all the technology sent to them. The young people there try to study and be somebody because they see the opportunity, sometimes with high competition.

One example, we produced electronic boards with programmable ships, now the boards are produced in Asia and the only thing we know is to write the code and pass it to the chips, soon nobody will be able to produce a board locally, on top of that we need to deal with the poor quality of the final product, so if something electronic fails, do not even complain about it, just swallow your pride and buy another.

Now I go to the stores, and it’s hard to find something made in USA or Canada, I look at the quality vs prices and I ask myself why people visit these places.

(Joke follows) Sometimes I think that we should not wash some clothes or the will be damaged on the first try. It’s like a clean garbage bin.

At the end, we become more and more a nation of pure consumers while India graduates million of IT guys that will replace you using remote desktop connections and VoIP.

Now Garth, if the wealth is flowing to the poor countries, how come we find unreasonable that one day they come to buy your underwear?

I’m not arguing with you at the moment, you have the stats telling you the truth.

While all this happen the young people (most of them) in the developed countries are too busy smoking joints, playing with xboxes, tables, phones, PC, laptops, you name it, chatting all kind of garbage the whole day (destroying their own language) and feeling entitled to everything, even to all kind of metals in any part of their bodies.

It’s like looking a heavy and loaded truck accelerating downhill without a driver and hoping that the end won’t be a disaster.

#104 Bottoms_Up on 03.29.16 at 12:50 am

#89 Snowboid on 03.28.16 at 11:08 pm
———————-
I agree — locals couldn’t get mortgages because banks weren’t lending, and thousands of homes were sitting unloved and dirt cheap. Canadians buying them up initially did nothing but to make a small dent in decreasing inventory.

#105 Tony on 03.29.16 at 1:08 am

Re: #16 North Burnaby on 03.28.16 at 6:39 pm

The stock market is at a short term peak. April will probably be a bad month but the U.S. dollar will take a big fall. May will be a huge up month with the NASDAQ finally reaching 5,000 again. That will be the peak of the market.

#106 Bitter Much? (former sockeye sam) on 03.29.16 at 1:16 am

Hard to explain but tonight’s photo was a bit of a stab in the heart. We’ve all worked so hard.
Is it gone? I think so. It’s gone.
You can have it.
Uncle!

#107 Chris on 03.29.16 at 1:25 am

I assume that photo represents immigrants who have made a full time home and life in Canada. Not sure what that has to do with offshore buyers

#108 data on 03.29.16 at 1:25 am

Wait a minute…assume local or offshore buyer, but we also need a SELLER ??? Locals are selling at crazy prices and that benefits everyone locally. The real issue here is between those who are local and own and rent (wealth disparity issue) that is causing this upraise.

If most people own in Canada 70% or so, then of course you want higher prices and let alone someone cashing you out at crazy prices…

Future generations should be fine as intergenerational wealth is clearly coming down from Bank of mom and dad…

So again who cares if someone is paying crazy prices, let us Canadians take that money and run! Look at the commodity boom, Canada was smart to sell assets at high prices (potash was way to greedy) and now these offshore firms are crying holding our dirty fossil fues assets that are worthless (Chinese buyers of course along with international corps)….

Canada has plenty of land people, if someone wants to buy and give us large cash for a small part, let em have it.

#109 Dominik Fung on 03.29.16 at 1:40 am

“This isn’t Asia. You do not call anyone an insect or scum. It diminishes us all. — Garth”

This is how ‘Asians’ speak when referring to the Chinese. Are Asians ‘of diminished capacity’ because they don’t share your intolerance of honesty? In most Asian countries a majority of landlords won’t rent to Chinese nationals, and won’t rent from Chinese nationals.

Canada has it all wrong. You are being invaded, it isn’t by accident, it is methodical. Asian people don’t have the same fear of people calling them racist in the newspapers. The barriers to Chinese ownership and travel are being restricted the more it’s obvious that emigration from the PRC is a net negative.

Canadians will look back one day and say “Shiite, we gave it all away because we were too afraid to say anything for fear of being embarrassed by our political masters.”

#110 betamax on 03.29.16 at 3:01 am

#15 Conundrum: “fringe buyers and sellers constituting a small percentage of the market dramatically move the overall market….and that means Vancouver’s market too.

You cannot have your cake and eat it to.”

Exactly. Foreign investment is a significant market driver in Vancouver, and it is precisely why Van prices are out of whack with the rest of the country, greatly exceeding even those of Toronto — the ‘business capital’.

And the foreigner buyers in Van aren’t all Chinese nor all Asian, though those certainly have a visible impact, and are visible doing it. A lot of people from all over the world move to Vancouver, largely due to a combination of lax immigration policies and mild winters. People want to move to North America but can’t get into the US so easily, so Canada is the next choice, and they don’t want to freeze their asses off all winter, so they come to Vancouver.

I’ve been waiting for a correction in Vancouver for a decade now, but it’s not going to happen until money stops flowing in so readily from elsewhere.

Sure, cheap credit is underpinning the bubble and allowing Van locals to maintain and even further the upward spiral of pricing, but that’s not going to change drastically in the near future.

Welcome to the boomtown. Don’t know when the bust will hit, but I’ve given up calling it.

#111 family beagle on 03.29.16 at 3:29 am

With only one asset — my house — I’m considering diversifying into a renovation, but is that really necessary if I’m selling on the foreign market?

Wait until they discover the Okanagan. Shanghai to YLW twice daily. Don’t worry, hipsters, we’ll always have Williams Lake. Though last Feb, I met a nice Korean couple at the general store in Seventy Mile. I was impressed, “Wow! How did you end up here??”

Hitting the gold rush trail in winter… that’s pioneer spirit.

#112 Jacob on 03.29.16 at 5:37 am

For those who think there is any hope that Vancouver prices will fall in the next few years, I’ll just leave this here for you…

http://www.businessinsider.com/qatari-investors-own-more-than-1-billion-of-property-in-mayfair-2016-3

#113 Sheane Wallace on 03.29.16 at 7:01 am

#75 White Crock BC on 03.28.16 at 10:23 pm
#61 Sheane Wallace

I hope you’re “all in”.

Good luck.
————————
It will get there, give it time. In Long run. In short, who knows? .65? .80?

#114 Jeremy Black on 03.29.16 at 7:01 am

As Trudeau Liberals push for negative rates tro fund massive spending spree, Japan finds itself in deep trouble over the same reckless scheme. With Trudeau at the helm we’ll see 100% taxation before this term is up.

https://ca.news.yahoo.com/japans-negative-rates-looming-headache-central-bank-034702259–sector.html

#115 pBrasseur on 03.29.16 at 7:21 am

Trudeau-Notley legacy in the making:

http://business.financialpost.com/fp-comment/the-tax-climate-refugee-murray-edwards

Not only millions lost in taxes but also lost are future investments. Way to go lefties!

Any doubt this country is screwed?

#116 pBrasseur on 03.29.16 at 7:28 am

@#114 Jeremy Black

As Trudeau Liberals push for negative rates tro fund massive spending spree

Drive away the rich and print money, the recipe for success according to our new leaders! Robert Mugabe would be proud. No doubt a bright future awaits us!

#117 Renter's Revenge! on 03.29.16 at 7:59 am

Who would have thought Canadians were so badass, trading an inflated currency for houses at the bottom of the market, chasing locals out of the desert, eh?

Those crazy foreigners with their HAM/HIM/HRM buying million dollar (Megaloonie?) crackshacks in the Best Place on Meth don’t hold a candle to us.

Congratulations to anyone here who bought a sweet winter getaway or rental in the south 5 years ago! Except maybe you, WalMark, ’cause you already bragged about it so much ;)

#118 mishuko on 03.29.16 at 8:00 am

Ah Unionville… I ride through there during the summer and stop by for some gelato. The girls there are cute, gelato bit overpriced but hell… I’d sweet for them all day.

The only way to really have accurate data is if the true Canadian scum (realturds & government) went and collected data. All they really need are 2 lines. Are you a Canadian citizen / resident? Y/N. If No, then where are you from/country of residence.

Entitled brats wanting everything. Damn socialists. Why don’t you try earning money and paying taxes for once. Then you’ll realize why everyone tries to minimize paying taxes. instead goes to some nutjobs sitting in a chair telling you how amazing green energy is so she can go give it to some stupid pan am squanderer on the sunshine list. and to think they want those same dinks running the ORPP… smh.

#119 crowdedelevatorfartz on 03.29.16 at 8:24 am

@Brazil Ex pat

Looks like the President of Brazil “Dilma” will be impeached and booted from the party in the new few weeks if that “gossipy” news agency Reuters is correct. I guess Dilma’s recomendation to promote the former president “Lula” to political office was the last straw for the beleagered socialist “Workers” Party? The police drag the former president ‘Lula” in for questioning in a corruption case and she wants to give him a job in office so that he cant be convicted while in office…………nice! ;)
Reuters also mentioned the spiralling economy, the Zika “epidemic”, Petrobras criminal charges, etc, etc., etc…

Does the Huffington Post have anything informatively eloquent to add??????? Or do they even know where Brazil is?

On the bright side. The Brazilian “real” and stocks have nudged up slightly on the political impeachment news.
Your bank account is safe…..for now.

#120 proud papa on 03.29.16 at 8:32 am

“I think we have to realize that Canada is not immortal. But if it is going to go, let it go with a bang rather than a whimper.”

“If I found in my own ranks that a certain number of guys wanted to cut my throat, I’d make sure that I cut their throats first.”

“The next time you see Jesus Christ, ask Him what happened to the just society He promised 2,000 years ago.”

“Some things I never learned to like. I didn’t like to kiss babies, though I didn’t mind kissing their mothers.”

– Pierre Trudeau

#121 proud papa on 03.29.16 at 8:35 am

“The Liberals are the flying saucers of politics. No one can make head nor tail of them and they never are seen twice in the same place.”
-John Diefenbaker

#122 proud papa on 03.29.16 at 8:36 am

“Trudeau’s contribution was not to build Canada but to destroy it, and I had to come in and save it.”
-Brian Mulroney

#123 TurnerNation on 03.29.16 at 8:57 am

A reason Canadians on travel sport a backpack with Canada flag on it is so fellow Canadians jealous of their vacation success have a harder time stabbing into their back.

#124 maxx on 03.29.16 at 9:01 am

#17 Panhead on 03.28.16 at 6:52 pm

…”USA is a great place to visit though, always said Americans are the best neighbours we could possibly have … eh?”

In almost 40 years of travel to the US, I have never, ever had a bad experience. There were two separate occasions where there was an issue with hotel quality and here are the responses we got:
1- Manager: “How can I make this right”; and
2) Profuse apologies with a free upgrade to a two bedroom condo with 25% discount from the one bedroom price and an event ticket thrown in for good measure.
Best vacation value on the planet with superlatively great attitude towards visitors. I’ll never stop spending money there.
For us, our American neighbours got it right – every single time.

#125 Joe Bloggs on 03.29.16 at 9:16 am

“See what happens when the foreigners start to retreat? It gets ugly.
Remember that.”

– LOL!!! First you say there is no HAM, then … you post this… Make up your mind Garth you are getting pathetic …

Foreign buyers – best guess – make up about 5% of trades in YVR. Certainly enough of a catalyst to impact the market, negatively as well as positively. If you fear one, the other should terrify you. — Garth

#126 Herb on 03.29.16 at 9:19 am

#122 proud papa

“Trudeau’s contribution was not to build Canada but to destroy it, and I had to come in and save it.”
-Brian Mulroney

well, Mulroney was known as “lyi’n Brian” in his time, and not just by Liberals.

I know him personally, which I will assume you do not. History will ultimately applaud him for the guts to do hard things like implement the GST (a deficit-buster, as it turned out) and launch free trade, without which we would be poorer. — Garth

#127 Sc on 03.29.16 at 9:28 am

It’s amazing how smug Garth is even when he is forced to admit he is wrong ( about foreign money in this case).

Actually, I’m not. — Garth

#128 Herb on 03.29.16 at 9:29 am

#118 mishuko,

is beating up on strawmen the only fun to be had in that separate Right Wing reality?

#129 Knucklehead on 03.29.16 at 10:02 am

This idiot condo developer takes shots are housing bears is his new report, you’ve got to read this junk
http://fortressrealdevelopments.com/news/the-market-manuscript-spring-2016/

#130 Smoking Man on 03.29.16 at 10:12 am

#115 pBrasseur on 03.29.16 at 7:21 am
Trudeau-Notley legacy in the making:

http://business.financialpost.com/fp-comment/the-tax-climate-refugee-murray-edwards

Not only millions lost in taxes but also lost are future investments. Way to go lefties!

Any doubt this country is screwed?
……………………

It’s a beautiful thing. Those clueless irbanites who put broken ideology before there wallets will no doubt get stuck with the bill. The smart money already hedged.

#131 Forget about owning a house. Shoe boxes for all middle class on 03.29.16 at 10:52 am

DELETED

#132 Centre Wing on 03.29.16 at 11:09 am

Garth, you should get back into politics. I’d vote for ya.

#133 Bitter Much? (former sockeye sam) on 03.29.16 at 11:14 am

#101
Looks like me calling myself racist. Who’s the ignorant one. Your using my handle to call myself racist. Learn how to use the site. Or do you need instructions? What a MAROON!!!!

#134 Herb on 03.29.16 at 11:20 am

“I know him personally, which I will assume you do not.” – Garth, at #126

Your assumption that I did not know Mulroney personally is quite correct. However, I was working in Ottawa 1985-89, had a chance to observe the government, and did not create the “Lyi’n Brian” tag this morning.

The Schreiber saga, from start to finish, does not indicate integrity to me.

#135 Joe2.0 on 03.29.16 at 11:25 am

DELETED

#136 PeterfromCalgary on 03.29.16 at 11:31 am

Well here is a guy in San Francisco who found a creative solution to high housing costs. I suspect we might hear similar stories from Vancouver and the GTA.

https://www.washingtonpost.com/news/morning-mix/wp/2016/03/29/man-moves-to-san-francisco-pays-400-a-month-to-sleep-in-wooden-box-inside-friends-living-room/

#137 Panhead on 03.29.16 at 11:50 am

#111 family beagle on 03.29.16 at 3:29 am
Wait until they discover the Okanagan. Shanghai to YLW twice daily. Don’t worry, hipsters, we’ll always have Williams Lake. Though last Feb, I met a nice Korean couple at the general store in Seventy Mile. I was impressed, “Wow! How did you end up here??”
Hitting the gold rush trail in winter… that’s pioneer spirit.

Reminds me of a time one late fall day when I pulled into a lookout on the western edge of the Chilcotin plateau. Started BSing with 2 older couples riding together in a rented Taurus with British accents. They had flown over to “see the grizzly bears” in Bella Coola and then were heading to Churchill Man to see the polar bears. They picked up their rented the car in Van and were driving up to Bella Coola. After a friendly chat I wished them well and told them to be careful on the hill. They just looked at me with blank faces and said … “what hill?” If any of you have been there you know what I mean …

#138 jim tadder on 03.29.16 at 12:28 pm

Canada due for debt crisis and recession, economist argues Credit growth has to stop at some point, and then economy shrinks, argues Steve Keen

An economist writing for Forbes magazine has tapped Canada as one of seven countries in the world that are due for a debt crisis and an ensuing recession in the next one to three years.

“When it arrives, these countries — many of which appeared to avoid the worst of the crisis in 2008 — will join the world’s long list of walking wounded economies,” Keen says.
The trigger will be too much credit, with companies and individuals discouraged from borrowing because their debt is too high and banks then balk at lending, said Steve Keen, head of the school of economics, politics and history at Kingston University London.

“Timing precisely when these countries will have their recessions is not possible, because it depends on when the private sector’s willingness to borrow from the banks — and the banking sector’s willingness to lend — stops,” he writes.
http://www.cbc.ca/news/business/canada-debt-crisis-forbes-1.3510581

#139 Best Place on Meth on 03.29.16 at 12:31 pm

Even a dog is capable of feeling shame, but you Garth, a treacherous traitor like these vermin feel nothing.

I think we’re all done here. — Garth

#140 Blacksheep on 03.29.16 at 12:54 pm

Betamax #110,

“I’ve been waiting for a correction in Vancouver for a decade now, but it’s not going to happen until money stops flowing in so readily from elsewhere.”

“Sure, cheap credit is underpinning the bubble and allowing Van locals to maintain and even further the upward spiral of pricing, but that’s not going to change drastically in the near future.”

“Welcome to the boomtown. Don’t know when the bust will hit, but I’ve given up calling it.”
——————————————–
Your very succinct assessment, bears repeating.

For anyone waiting on a RE correction in Van (waited 5 years myself), this is all you need to know.

#141 Boom! on 03.29.16 at 1:03 pm

The comments today represent a new ‘low’ in my opinion.

Whatever happened to the good financial advise that was once shared here for all to read?

Some wise person once said, ‘you don’t get ahead by tearing others down.’

#142 For those about to flop... on 03.29.16 at 1:03 pm

#138 Best Place on Meth on 03.29.16 at 12:31 pm
Even a dog is capable of feeling shame, but you Garth, a treacherous traitor like these vermin feel nothing.

I think we’re all done here. — Garth

//////////////////////////////

Wow how quickly this beautiful blog descended into a cesspit of hate.

Some of the people on here would be better visiting Craigslist rants and raves section where stuff like this is spewed daily.

In my time on the blog I’ve had a few deletions ,had a few disagreements,but I believe you should state your point once, twice if you are not sure the other person got it and then move on.

Garth and I disagree on how much foreign investment is going on the Westside, whether voting or paying taxes is more important and a few other things but you have to agree to disagree and get on with life,it’s o.k to have an opinion it it’s not a matter of live and death.

Some of you guys want to destroy the blog…not gonna happen, I think the boss only printed some of these comments to show the feelings of some of the public and because it tied in with the poster up top.

I am a immigrant myself,just because my skin is white,makes no difference I face the same challenges as all the other people of different ethnicities that come here.

You think the foreigners should not be here because you are better than them,well you guys certainly aren’t covering yourselves in glory…

M41BC

#143 rainclouds on 03.29.16 at 1:08 pm

#137 the hill

Oh yeah. Govt wouldn’t touch it in the 50’s. Some dude got on his bulldozer and punched a road in.

He would probably be charged these days..

#144 TurnerNation on 03.29.16 at 1:14 pm

FED spoke today. I read it as NO HIKES anytime soon. All smoke and mirrors.

Markets are still pricing in two increases in 2016. — Garth

#145 Damifino on 03.29.16 at 1:15 pm

#140 Blacksheep

“For anyone waiting on a RE correction in Van (waited 5 years myself), this is all you need to know.”

I gave up on waiting for a correction too. I sold out long ago and sent a huge lump of unproductive equity back into the workforce.

That money was behaving like a slacker kid living in the basement… costing me money and paying zero room and board. I’d finally had enough.

Now it’s out working for a living and paying its own way. Mine too. About time.

#146 family beagle on 03.29.16 at 1:20 pm

#137 Panhead on 03.29.16 at 11:50 am
“They had flown over to “see the grizzly bears” in Bella Coola and then were heading to Churchill Man to see the polar bears. They picked up their rented the car in Van and were driving…”

Funny. Someone should publish tales from locals encountering foreigners in the hinterland. I’ve extracted a few that went inadvertently “off-road”.

#147 BillyBob on 03.29.16 at 1:28 pm

“This isn’t Asia. You do not call anyone an insect or scum. It diminishes us all. — Garth”

This is how ‘Asians’ speak when referring to the Chinese. Are Asians ‘of diminished capacity’ because they don’t share your intolerance of honesty? In most Asian countries a majority of landlords won’t rent to Chinese nationals, and won’t rent from Chinese nationals.

Canada has it all wrong. You are being invaded, it isn’t by accident, it is methodical. Asian people don’t have the same fear of people calling them racist in the newspapers. The barriers to Chinese ownership and travel are being restricted the more it’s obvious that emigration from the PRC is a net negative.

Canadians will look back one day and say “Shiite, we gave it all away because we were too afraid to say anything for fear of being embarrassed by our political masters.”

====================================

This is the most prescient comment of the comments lately, period. I am dispassionate about foreign money into Canada, technically, my own money is now considered “foreign”. I have been living outside of the bubble for many years and I’m the process of relocating from one interesting area (Middle East) to another (Asia). I have no interest in buying some crappy wooden house in a cold, damp boring place like Canada. Or paying tax to facilitate the current government’s idiocy. It’s a country that needs to grow up – quickly. No other citizens from anywhere else plaster their flag all over their luggage, for pete’s sake.

But Dominik’s comments are absolutely spot-on about the Chinese mentality towards race. They couldn’t care less what anyone else says or thinks. They will do whatever they want until something (i.e. their own government cracking down on corruption) stops them. Canada? Pfft. A feeble, apathetic nation ripe for the plucking, in comparison.

I understand why our gracious host bends over backwards to avoid references to race – no point in feeding the ignorant or bigoted. But it’s odd, the disconnect between usually careful analysis of facts, and the dismissiveness of cultural traits’ influence on economics.

So I sit outside of the borders and quietly watch the implosion. Oh, it so isn’t different in Canada. The corruption is just slightly more subtle.

#148 Schengen on 03.29.16 at 1:47 pm

Who’s for free movement of people between the USA and Canada?

Lets set up a Schengen zone for USA and Canada!

But, they won’t allow it. It’ll kill the Vancouver RE market as hordes leave south. Maybe time for a movement to change things especially with the Boomers retiring.

#149 DUI on Money Road on 03.29.16 at 1:50 pm

#2 Love my Kia on 03.28.16 at 6:16 pm
————————————————-
Hey Kia, take a look at Kia Rio death stats:

http://www.iihs.org/iihs/topics/driver-death-rates

149 deaths per million registered car years for model year 2008-2011. (for mini cars)

The Nissan Versa is also a death machine at 130 per. (for small cars)

#150 Lorne on 03.29.16 at 1:53 pm

#109 Dominik Fung on 03.29.16 at 1:40 am
In most Asian countries a majority of landlords won’t rent to Chinese nationals, and won’t rent from Chinese nationals.

Canada has it all wrong. You are being invaded, it isn’t by accident, it is methodical. Asian people don’t have the same fear of people calling them racist in the newspapers. The barriers to Chinese ownership and travel are being restricted the more it’s obvious that emigration from the PRC is a net negative.

Canadians will look back one day and say “Shiite, we gave it all away because we were too afraid to say anything for fear of being embarrassed by our political masters.”
………..
Absolutely true…..I rented a new apartment in Shanghai a few years ago. The owner, Chinese, told me he would only rent to “westerners” as he felt there was a better chance of them looking after his place.

#151 meslippery on 03.29.16 at 2:40 pm

144 TurnerNation on 03.29.16 at 1:14 pm

FED spoke today. I read it as NO HIKES anytime soon. All smoke and mirrors.

Markets are still pricing in two increases in 2016. — Garth
———————————–
Why raise rates?
Who benefits? Not most people or businesses they are in debt, as are most governments.
Wrinkles can give a million to Garth and get 6-7 %
Just leave rates low all is good no?

#152 June is off the table. on 03.29.16 at 2:41 pm

Lol. 2 hikes this year? Looks like ONE AND DONE Garth.

I doubt it. — Garth

#153 Grey Dog on 03.29.16 at 2:53 pm

I love Unionville, I’ve lived in Uville for the last 31 years, I have great neighbours, we gather all summer long at any and every event. Neighbors were born here, there, and everywhere. We all get along. My complaint is with totally unoccupied homes, untended homes, pools becoming mosquito harvest centres. Neighbours that disappear for 3 or 4 months, still maintain their homes with contract people for snow or lawn garden care, no problem, you take pride in being a considerate neighbour, you ask me to keep an eye on your place, likewise, I ask the same favour of you when I go on vacation.
I think there needs to be an infrastructure tax. Each neighbourhood feeds into the local public school, up until this year, that number; the average family salary was published in the local public school ranking page. CRA has access to this easy. We have paid income tax for years to facilitate our infrastructure.
Infrastructure tax will be paid by those that have bought a house but PAY NO INCOME TAX, it is based the neighbourhood average of income tax CRA receives. Bill Morneau are you listening?

#154 @Lorne on 03.29.16 at 2:58 pm

In BC excluding Immigration, there will be a net increase of only 100,000 people in the province over the next 30 years!! (Source BC Stats)

I’m assuming more people (locals born and raised but priced out) than that will leave for greener pastures south of the border over that time.

Thus, all population growth in BC will be immigration and mostly from Asian countries. As we live in a democracy, it will be the peoples choice in the future whether they want to change the province from a British character to an Asian character. 1 person = 1 vote.

#155 Billy Bob on 03.29.16 at 2:59 pm

Well TOTALLY disagree with this post.
Its simple..Globalization is poverty for the middle class.
A can of worms has been opened and large corporation LOVE it..Passive worker that demand no rights…Better yet they don’t even know they have any…
Wages going nowhere or sliding…Hell a foreigner will be happy to take that job.
All your cell calls are made on Chinnese equipment.
They manage it all and Telus would love to bring them over to cut cost and drive up their share price.
Ive got consultants calling from the Philippines and asking me to discount my Contracts.
Most have NO CLUE whats happening.
I do as Im immersed in it…

As for RE in Van ect why don’t you cut out the foreign buyers and see what happens to prices? There only a small % buying you say???
We would have a far better balanced market..
It only take a few to sway prices especially when they dont care what it costs…

#156 @Lorne on 03.29.16 at 3:02 pm

And oh, go buy yourself a new car ASAP if you need one. Most people are as there are record sales. Had to wait 2 weeks to pick mine up.

During an auto industry briefing today, it was said that there would be a 5-10% “Pricing adjustment” next quarter on new cars in Canada due to our low dollar. Thats like up to $3000.

Most people know its already coming ….thats why record sales.

#157 michael on 03.29.16 at 3:04 pm

A speech by Federal Reserve Chair to a New York investment audience on Tuesday buoyed stocks as Janet Yellen said the central bank is still planning raise rates eventually — but not for a while.

The Fed chair told the Economic Club of New York that given the risks to the global economy, the central bank will “proceed cautiously” in raising rates.

Well what a shocker Garth. I mean who would have thought that Yellen would once again signal she wont be raising rates for awhile. Rates cant rise Garth because the entire global economy would collapse without easy credit. The economy needs its fix..and increasingly more and more of a fix.
Thats why you were wrong last year when you said the Fed would increase rates in spring 2015, then summer 2015 and finally they did a token 0.25 in December. You will be wrong again as this year we will be lucky if they raise rates once.
The Fed has backed itself in a corner because of years of easy credit..money printing and so on. These are not the brightest bulbs in the world..they will lead to an economic depression..

#158 waiting on the westcoast on 03.29.16 at 3:13 pm

#142 For those about to flop

…”I am a immigrant myself,just because my skin is white,makes no difference I face the same challenges as all the other people of different ethnicities that come here.

You think the foreigners should not be here because you are better than them,well you guys certainly aren’t covering yourselves in glory…”

+1 – so true! If people don’t want their neighborhood to change, they should get out of a port city.

Kerrisdale used to be farmland… Maybe we should confiscate all of those homes and return it to productive farmland…

Or go a little earlier and have it return to the hunting grounds of the Squamish and Kwantlen tribes.

#159 Nemesis on 03.29.16 at 3:16 pm

“Oh, it so isn’t different in Canada. The corruption is just slightly more subtle.” – Captain BillyBob

#Subtle?…

[G&M] – Pricey meetings with premier helping fuel B.C. Liberal fundraising machine

…”Bob Rennie, chair of fundraising for the B.C. Liberals, estimated that between now and the election next May, the party might organize 20 or more of the type of small, intimate gatherings at which people can pay big money to get special access to Ms. Clark. Far from having a difficult time raising money for his friend, Mr. Rennie confirmed that he has helped raise nearly $5-million since he took over as her chief party fundraiser four years ago.

That has allowed the Liberals to retire their debt from the last election – estimated to be more than $3-million – and begin building a formidable war chest for next year’s campaign.”…

http://www.theglobeandmail.com/news/national/pricey-meetings-with-clark-helping-fuel-bc-liberal-fundraising-machine/article29413577/

#160 @michael on 03.29.16 at 3:17 pm

That my take on the rate hikes. Maybe one more by the USA and thats it for a long time…They waited too long to raise and in turn pumped up asset bubbles.

if they raise now, they will decimate the housing market, they will decimated the stock market, they will decimate the bond market.

The rich don’t want that.

Whats the end game then? Think they tried to inflate their way out but money was pocketed by a few.

Wonder how they will now try to inflate their way out?

#161 Top Real Estate Agent on 03.29.16 at 3:24 pm

#129 Knucklehead on 03.29.16 at 10:02 am

Thanks for the share Knucklehead, love this report. The real estate market will not crash in Toronto, but maybe Vancouver. Big fan of page 41 where he talks about foreign interest in Toronto condos http://fortressrealdevelopments.com/news/the-market-manuscript-spring-2016/

#162 Dups on 03.29.16 at 3:36 pm

Media should get the facts right:

The new immigrants do not just land and buy a house in Canada the next day or even the next year, they rent until they get on their feet. (education, job experience, learning the laws, system, etc..)

It takes them at least 5 to 10 years before they get integrated as full Canadians.

The real estate horniness comes from the locals themselves. The real estate is the only thing what they makes the locals feel superior over the new immigrants; and that is why I think the real estate keeps pumping up every year.

When the immigrants come in the country, the locals have to show their muscle by buying what the immigrants can not have right away “the house”.
This is very obvious in the big cities where there is high immigrant population such as: Toronto, Vancouver, Montreal.

The media has had this all wrong from the beginning. The immigration does fuel the housing market indirectly, but it is not the immigrants that are buying the houses, it is the locals.

I am a first generation immigrant and I can relate to this first hand. We bought after 15 years of being here. Went to school, got several jobs, learned the laws of the land etc.
The immigrants one day become the new Canadians and the vicious circle continues…wash, rinse, repeat…

#163 Doug in London on 03.29.16 at 4:02 pm

@John, post #87:
Why would any investor in their right mind park their money in a GROSSLY overpriced place like Vancouver? A real investor parks their money in assets that are under or fairly priced. Speaking of which, if there is a flood of houses on the market in California and Arizona now that the Canadians have stopped buying, why aren’t those investors flooding in (especially ones with all that HAM) and parking their money there instead where they can get a better deal?

#164 conan on 03.29.16 at 4:05 pm

The US raised rates for the first time in a decade in December 2015. Then the markets sold off…………. boom!

Today, the Fed pressed the pause button. Maybe in the summer, if this and that ,and numerous other things happen.

Fragile planet with a f’d economy.

Markets did not sell off because of the Fed, and have rebounded nicely. No meaningful correlation. — Garth

#165 @DouginLondon on 03.29.16 at 4:11 pm

HAM can’t bring their entire extended family into the USA. They can in Canada.

Furthernore, social benefits like medical care and cheap university huge plus in Canada. Can spend 6 months overseas. Plus can earn money overseas without reporting to CRA.

List goes on and on. Don’t try above in the USA.

What a sad place this blog is today. Loser city. — Garth

#166 jess on 03.29.16 at 4:45 pm

Russia considering sanctions against UK over tax evasion support (29 Mar 2016)
Russia considering sanctions against UK for facilitating tax evasion through Caribbean territories (29 Mar 2016)

Drug cartels laundering money via China, HK following Israeli fraudster’s lead

http://www.caribbeannewsnow.com/topstory-Russia-considering-sanctions-against-UK-for-facilitating-tax-evasion-through-Caribbean-territories-29810.html

Sunday, March 27, 2016
CAYMAN GANG OF FOUR SEND DEATH THREATS TO VICTIMS AND JOURNALISTS
http://rijock.blogspot.ca/2016/03/cayman-gang-of-four-send-death-threats.html#comment-form
=========================
So double ooh
Minnesota man develops hand gun that looks like a cell phone.

#167 Best Place on Meth on 03.29.16 at 4:59 pm

DELETED

#168 Frank on 03.29.16 at 5:19 pm

ROFL. 2 days after ‘never say never’ on higher rates the Fed says ‘yeah we’re slowing down’. Near ZIRP is going to last us into the next recession.

Not what the Fed said. Two rate hikes still expected in 2016. — Garth

#169 common sense on 03.29.16 at 5:30 pm

Garth:

2 are due but Janet is a Shrew so no rate hike can do.

NIRP before a hike..still….

More excuses than a drunken sailor….

#170 45north on 03.29.16 at 5:57 pm

Grey Dog: I love Unionville,

My complaint is with totally unoccupied homes, untended homes, pools becoming mosquito harvest centres.

I think there needs to be an infrastructure tax.

no mosquitoes today (March 29 ). There is a property tax and occupied or not the owner gets the bill.

#171 jess on 03.29.16 at 6:05 pm

http://www.labornotes.org/2016/03/central-states-retirees-wave-organized-wrath

,…. A 1982 consent decree, designed to rid the Fund of corruption, turned over management of much of its assets to Wall Street firms such as Goldman Sachs. These firms collected more than a quarter-billion dollars in fees just in 2009-2013.
…..
There are 1,400 multi-employer pension plans, with about 10 million participants.

This is the first time current retiree benefits can be cut since the passage of the Employee Retirement Income Savings Act (ERISA) in 1974.

The legislation is the latest in a decades long attack on defined-benefit pensions, which are plans that guarantee workers a definite pension figure when they retire.

#172 KEN on 03.29.16 at 6:05 pm

DELETED

#173 Bytor the Snow Dog on 03.29.16 at 6:22 pm

proud papa @ 122 sez:

“Trudeau’s contribution was not to build Canada but to destroy it, and I had to come in and save it.”
-Brian Mulroney

BWAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

HAHAHAHAHAHAHA- SNORT SNORT!

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

You got a million of em!

#174 Firebird on 03.29.16 at 8:05 pm

The word “hate”. I first saw The Great Raveen show in High School in the late 60 ‘ s. Again in the mid 90 ‘ s. The one word he detested and said should never be spoken is the word “hate”. To this day it really irks me when I hear the word. There are other ways to show or tell displeasure than using such a hurtful and damaging word.

#175 Westsider on 03.29.16 at 8:28 pm

How do we know the buyers are from offshore, I just asked the people who bought our house and gave us notice. Just talked to the new buyers of the house to the left of us. They are from mainland China. The house on the right is owned by absentee Asians, and across the street a nice Asian man is building a new house. His wife lives and works in Shanghai, but he and his lovely daughter live here. Of, course, this is just anecdotal, there is no data to back this up. We are another family of long time Vancouverites, that have lived and contributed to the community, coached soccer and softball, volunteered, but it is over. We’ve had a nice time here, but it’s time to move on. Bye, Bye Vancouver!!!Good Luck!!!!

#176 Rexx Rock on 03.29.16 at 9:06 pm

I don’t know if this is true or not but I heard it from a friend in Vancouver .He knows a young good looking highly educated white couple willing to give up their first born child for a condo on the west side of Vancouver.Amazing ,whats next organ donor for a down payment on a condo.

#177 triplenet on 03.29.16 at 9:52 pm

#120 Proud Papa

I prefer:
Do not ask what your Country can do for you – but what you do for you Country.

JFK – but he wasn’t the first to say it. Guess who did? Go way back in time.
Latin will help.
It’s not an exam.

#178 stephen on 03.30.16 at 1:50 am

Is there any data proving that Canadians are buying less in the US which is causing the price decrease or is this all assumptions?

#179 Ace Goodheart on 03.30.16 at 8:49 am

RE: #145 Damifino: “That money was behaving like a slacker kid living in the basement… costing me money and paying zero room and board. I’d finally had enough.

Now it’s out working for a living and paying its own way. Mine too. About time.”

That’s what I’m always thinking. Bought a three unit rental building in T-dot back before such monstrosities were fashionable. Have watched it gain value over the years, first in the line of 10-20K per year, most recently it jumped about 100K in six months.

Sitting on the fence wondering when to cash out. I am getting old and full time work is not something I want to do forever. I own my house outright.

As my luck would have it, they decided to build a massive “transit hub” including condo towers, an underground LRT, a Go Train station, and a UPX (Union Pearson Express) station, basically across the street from my lowly three unit rental.

So now I am thinking, might as well hold onto this thing for another five years until this transit hub is finished. Might actually be worth something.

#180 Riding the Pine on 03.30.16 at 7:10 pm

I just had to add my own situation to the conversation. 11 years in a community 20 minutes out of Vancouver. A 300k price increase in 3 years was just too tempting for our landlord (good for him), and we need to find a new home. Very little for rent in the area my kid goes to school and plays sports in, and my wife works in.

We see empty homes 6-8 months a year on our block. I personally know of 3 homes that have sold to Chinese investors in the past month – unheard of 2/3 years ago. The big problem here is one of community and social society that government at all levels has failed to recognize until it was far too late. The PC call it racism. Other free capitalism. It’s far more complicated and important than that.