Vancouver's Real Estate Market

[bcrdukes]

It's possible some of them go beyond working retail.

Purely anecdotal, but there's a kid here in Mississauga that owns and runs a bubble tea shop which seems to be successful (open for interpretation.) He seems to have built of an interesting group of staff that are not Chinese, so there is some social benefit of job creation for the community. I've loosely followed his venture over the past three years by way of simply shopping at the T&T here. He started out with a sweet Lamborghini but now drives a Lexus NX hahaha (tough life, right?) I once asked him what happened to the Lambo and he said, "hahaha gotta keep it real." (whatever that means.) And by no means is he slacking off. He's at the shop at least six days a week and seems to run a tight ship.

Then again, is this a unique and rare example? Hard to say for sure. Is there any reason or greater benefit for them to go back to China given the situation there? I think that will shift with different generations of rich Asian kids and the economic and political landscape in Asia.

[meme405]

Originally Posted by westopher

I mean, pick a number. 2 million? 3 million? I’m saying it shouldn’t apply to someone who can’t downsize any further. We come up with numbers all the time for things.

We actually already have the number. Just use the Property Tax Grant Thresholds.

Full grant amount

The grant threshold for 2025 is $2,175,000. You may be able to claim the full grant amount if your property has an assessed or partitioned value of $2,175,000 or less.

Reduced grant amount

If you meet all requirements but your property’s assessed or partitioned value is above $2,175,000, you may qualify for a reduced grant amount.

The grant is reduced by $5 for each $1,000 of assessed value over $2,175,000.

No grant amount

The regular grant amount is $0 if the residential or partitioned value is over $2,289,000 ($2,329,000 in the northern and rural area).

The additional grant amount is $0 if the residential or partitioned value is over $2,344,000 ($2,384,000 in the northern and rural area).

All you guys are proposing when you talk about a "net worth tax" is basically increasing the Property tax rate basically. So if that's all you want, then there's no need for a net worth tax, just increase the property taxes on primary residences.

With that said, there better be a property tax credit for those whose property values dive after you introduce something like this. Cause I bought my fuckin place at basically the peak in 2021, so if you guys are going to cut down my property value based on a bunch of boomers who bought 40 years ago and are now sitting on a gold mine they essentially paid nothing for, then I want some protection.

[supafamous]

Originally Posted by meme405

With that said, there better be a property tax credit for those whose property values dive after you introduce something like this. Cause I bought my fuckin place at basically the peak in 2021, so if you guys are going to cut down my property value based on a bunch of boomers who bought 40 years ago and are now sitting on a gold mine they essentially paid nothing for, then I want some protection.

Sorry mate, we gotta go after those lazy seniors who couldn't be bothered to get a well paying job over their 40 year career but who landed on a gold mine through no doing of their own. These people have been stealing money from the rest of us for long enough and if you gotta go under in order for us to do it then just know that we've applied justice to these people.

We're starting an agency, it'll work just like ICE. You can apply for a job with them after you lose your home. It'll be great, even Superman will apply for a job with us.

FWIW, BC spends about $900m/yr on the homeowner grants, a grant introduced in 1957. It's a total bullshit giveaway but is also so small an amount per person that almost no one would notice if it went away. (Edit: People with really small property tax bills would notice it a lot as it could cover half their taxes so let's at least lower the threshold to under $1m and phase it out over 10 years).

https://www.cbc.ca/news/canada/briti...itic-1.7073604

[JDMDreams]

Isn't this good? How much tax did we milk from them from their Balenciaga shirt. Luxury tax on the Lambo?

Isn't this better than suck deep and fake college. With 10 man meats in one 1 bed condo? Then they have their fake job at fast food that they pay the same same owner for to sign their papers? Then their 50 cousins come milk our benefits?

Originally Posted by 6793026

I don't know if they are immigrating but their kids are sure still here for school.

Was standing in front of 4 university kids at TNT shopping for groceries and clearly they are house mates. Not shaming them. They were wearing Balenciaga t shirts (500-800), jeans (coiuldn't tell), Dior shoes (\$1000) Girls were the same in Balenciaga crocs (750) + dior bag (3k) YSL bags (2k)...

Just a reminder i'm not in that demographics, I'm just not coming from that standard of wealth - i always wonder where they go after school? DO they stay, do they possibly stand here for another 15 yrs "experiencing life" working a retail job while driving a lambo to work (yes my friend saw that once).

It's crazy to see their normal clothes being $5k

[JDMDreams]

https://www.cbc.ca/news/canada/calga...2025-1.7608107

$7,080 to insure a Honda Civic? Welcome to Alberta auto insurance in 2025

Lol wut, and you can't get hail coverage now.


Still reading into the native thing it would be a shame if hobz loses his Mansion to the natives

[68style]

I’m confused why that article keeps droning on about tickets. Tickets help insurance providers in AB, they charge out the nose for them if you get even 1. It’s like a 30% hike. People fight points from tickets tooth and nail here to try and avoid that.

In fact, if you get a cell phone ticket here you instantly lose physical coverage for your car lol.

They started banning hail coverage if you live in the NE only.

[Manic!]

Originally Posted by JDMDreams

https://www.cbc.ca/news/canada/calga...2025-1.7608107

$7,080 to insure a Honda Civic? Welcome to Alberta auto insurance in 2025

Lol wut, and you can't get hail coverage now.


Still reading into the native thing it would be a shame if hobz loses his Mansion to the natives

And the BC cons wanted private insurance in here.

[EvoFire]

Private insurance is no go. I've never complained about ICBC and if anything I believe ICBC is probably the best thing that could happen to us.

People here don't know what they've got until they lose it, we basically have a ton of Hondas around hurdur it's shit here, and just wait until it all goes away.

Everyone shits on BCFerries, but people in Washington State who come up here for vacation and use our ferries are like this is the most amazing thing ever Seattle could never hope to have something like this. Privatize all the things they say, if BCF is ever privatized you can forget about a $60 discount sailing from Tsawwassen to Nanaimo, it'll cost you $260 a sailing.

[Jason00S2000]

Originally Posted by EvoFire

Privatize all the things they say, if BCF is ever privatized you can forget about a $60 discount sailing from Tsawwassen to Nanaimo, it'll cost you $260 a sailing.

But it WILL be nicer. That's the trade off.

[JDMDreams]

How's it that cheap it was like $140 a trip for 7 am so I was up early as fuck.

[Hondaracer]

Yea last month to go to nanaimo at non-discounted times it was like $200 for a regular vehicle. Wouldn’t really be celebrating that.. lol

[mikemhg]

Not sure why Honda was getting some pushback there, his thoughts pretty much align with his way of thinking, I'd say he's looking at it fairly, if anything his view is equal and black and white.

Is there a difference between some landed immigrant living in a $2 million dollar home while claiming an income of $15K, versus a retiree living in the same home they bought 20 years ago, and deferring their taxes? Yes and no.

The retiree has lived here for 30+ years, so theoretically they've paid their share of taxes into the pool, whether income taxes, sales taxes, and to a degree, city (property) taxes. The landed immigrant has not, whatsoever. There is a difference there.

But he's right as well, a free ride is a free ride, that person deferring is leaching off the system, they are housed in a manner in which they can't afford. It's almost akin to these people who decide to build their homes on the coast in Southern Florida and end up getting wiped out every few years due to storms. The public pays for their rebuild whether through FEMA relief, or via insurance burdens that falls on everyone else, why should the paying public pay for their continued ignorance?

The same somewhat applies to someone who is living in a place beyond their means and not contributing their fair tax burden. It's a tough one, we're in a housing crisis, logically it's asinine to have an old retiree living in a SFH by themselves, but we live in a free society, at the same time should that person be penalized because the house they purchased decades ago has leaped in price due to our stupid government policies?

On the flip side if they sell and downsize they'll carry a windfall that far exceeds their purchase price, so it's certainly not a loss on their end.

[Hondaracer]

It’s not “punishment” for someone with a net worth of 2 million to have to pay $150 to get their teeth cleaned.

The way Supafamous is whining about this is EXACTLY why we will -never- be akin to a Scandinavia etc. because we are propping up the entirely wrong people. We always have.

The young couple with a household income of 110k gets their heads pushed under water here. Zero assistance, zero support, GRIND!

[JDMDreams]

Couples with $110,000 combined income

[bcrdukes]

Given that people on RS have at the very minimum a $250K combined household income, anything less than that on this forum means you are a broke dick.

[JDMDreams]

This is Rev scene, not brokie scene

[rymack]

So my BIL lives in london. His MIL has dementia and has gone to live in something equivalent to Long term care over there. In there case they have had to sell her flat to pay for her care . I don't know the specifics but as I understand it ( and I could have this wrong ) is if you have assets you have to use those assets ( housing , savings , investments ) to pay for your care. So if she lives long enough in care that money will get eaten up for her care and there won't be anything left for the family to inherit .

Contrast that with here where my mom went into long term care 2 years ago and the government only takes payment on your income ( you don't have to sell your assets etc to contribute). So she pays 90 percent of her various pensions based on her NOA.

I see some parallels here with the stay in your house/sell so you have cash to afford the necessities etc.

[Mikoyan]

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[BIC_BAWS]

Originally Posted by JDMDreams

How's it that cheap it was like $140 a trip for 7 am so I was up early as fuck.

If you do this thing called planning, you can get a round trip for under $90 if you really wanted to. Non-peak hours ofc, first and last ferry but it can literally be $39.50 and $49.50 with vehicle

[bcrdukes]

Originally Posted by BIC_BAWS

If you do this thing called planning, you can get a round trip for under $90 if you really wanted to. Non-peak hours ofc, first and last ferry but it can literally be $39.50 and $49.50 with vehicle

JDMDreams is just flexing.

[westopher]

Damn 49.50 with a vehicle? I’m down as fuck for the early ferry at that price I’m gonna book a trip

[6793026]

i used to scuba dive a lot and taking the BCF was so expensive. Lucky most of the trips I went were all paid for by my corp job.

[BIC_BAWS]

Originally Posted by westopher

Damn 49.50 with a vehicle? I’m down as fuck for the early ferry at that price I’m gonna book a trip

Last ferry with vehicle is usually $39-$49. I just checked for Friday, Sept 12, 9PM (last) ferry from TSW to SB - $49.

The trick is booking early enough and booking only Saver.

Say you wanted to do a weekend trip (Sept 13 - 14) TSW - SB round trip.

7AM - First Ferry - $69.00
10PM - Last Ferry return - $49.00

All in $118.

I normally book more than a few months ahead of schedule, so for me to see $69 for a sailing is already expensive. If you really wanted to cost cut and if you have the flexibility (with the kid), do a Friday last ferry departure and a Sunday last ferry or Monday first ferry return. Staying off peak travel hours will reward you with dirt cheap sailings.

[westopher]

Oh last ferry can eat a dick that’s way past my bedtime. First ferry still would work though at $69 (nice.)

[Hondaracer]

Rather not go than use the last ferry? lol