Vancouver's Real Estate Market

[Digitalis]

The 1% are those that have off shore tax havens and pay single digit % on taxes. Who wont share that wealth in the country it's made in.

Everyone else is the middle class, the people that actually spend money locally and hire people are NOT the 1%.

[Gerbs]

I thought the 1% are just people's total taxable income that are > than the 1% of Canada which is like somewhere around $230k?

[Jmac]

Originally Posted by SiRV

Without belabouring the point of what the definition of upper middle class means, maybe we can change the conversation to the idea of 'fairness'. I don't know what your stance is on the Trudeau taxes are, so I won't make any assumptions. Since I'm curious what your take is on it, please let me know your thoughts.

I was a pharmacist working in a health authority making approximately $45/hour and change before I went back to school, for the record. Is it really fair that a pharmacist working for a health authority can retire by the age of 58-65 and earn 70% of their highest 5 years of income for the rest of their/spouse's life, INDEXED TO INFLATION (for the next 30-40 years)? Not to mention paid sick calls, paid vacation time, paid benefits, paid union protection, paid insurance etc.?

A lot of my friends that work as health authority pharmacists are cracking over 100k already, with hardly any extra overtime, all the while collecting one of the sweetest retirement nest eggs in the world.

Private sector business owners (doctors et al.) get none of that luxury, instead we were provided with the ability to incorporate, to somewhat try to replicate what government employees are privy to by investing with our corporation in stocks, real estate, etc. All of which are entirely up to the gods of economics and bull/bear cycles.

Sure, in the grand scheme of things, neither system is fair for the greater good of the people (homeless population, school teachers, single parents, etc.). But, is there one that seems fairer than the other? And if so, why?

Well, as I said during the lead up to the election, the 1.5% tax break is hardly for "middle-income" Canadians, as the people who see the most benefit from it are those who make between $90k and $200k and you have to make at least $45k to save anything (with a roughly $50k median income, that means half the population will see $0 to $75 in tax savings).

He also eliminated the general spousal tax allowance (which allowed an individual to transfer up to $50k in taxable income to a spouse to be declared at a lower tax rate; now only certain demographics can use it) and reduced the maximum to the tax free savings accounts.

The new tax bracket starts at $200k, so once you've made over ~$215k/year, you're now paying more (unless you used to take advantage of the aforementioned policies, then it may be a lower income where you're paying more).

All-in-all, it's a money shuffle from high-income earners to not-quite-as-high income earners, so I don't really believe that to be fair, no.

[!LittleDragon]

Originally Posted by SiRV

^The govt should go after CEO's, CFO's, COO's who work in large corporations like Telus, Bell, Rogers, Shaw as well, those are the guys that are nickel and diming the Canadian community, yet making hundreds of millions in QUARTERLY profits hand over fist, and yet, the people JT chooses to ding are the upper middle class - effectively making them, middle class. If he really thinks that all doctors are upper class, he's a complete idiot.

As much as people hate those in the C suite, I don't think they want the government to go after then. Put emotions aside and think about it. Anyone that has a retirement fund will own shares in these companies. You want those companies to do well to pad your own retirement and for that to happen, you want a good CEO in charge of those companies. The insane compensation that they receive is so they will stay with the company and not jump ship to another company that will pay them more.

For example, as ironic as it seems... people hate big tobacco but have a look at any retirement fund. Many of them have big positions in Altria and Vector Group. They should want big tobacco to do well.

If someone buys enough shares in Telus, sooner or later they won't be complaining about the company because the dividends will be paying the Telus bill... It's like getting the services for free.

[SiRV]

Originally Posted by !LittleDragon

As much as people hate those in the C suite, I don't think they want the government to go after then. Put emotions aside and think about it. Anyone that has a retirement fund will own shares in these companies. You want those companies to do well to pad your own retirement and for that to happen, you want a good CEO in charge of those companies. The insane compensation that they receive is so they will stay with the company and not jump ship to another company that will pay them more

I can agree that people don't want these companies to fail because their pensions depend on it, that is it. Full stop.

I can not agree that their compensation is relevant to their expertise and experience, or smarts. Some of these guys can be total dumb fucks (see: Carly Fiorina et al.). It does not take a genius to figure out how to raise profits for a company. The method is simple and can be summarized in these examples:
- "lets bundle shit together and sell the package as expensive as possible"
- "lets raise the rates on our most loyal customers by a couple bucks without warning every so often"
- "lets use the excuse that exchange rates are really bad for Canadians, so we need to increase the rates"(<-- yes that actually happened)... Too bad they don't lower the costs when our exchange rate is doing well in comparison to the American Dollar though.
- "Lets charge $120/month for 6 gigs of data"<-- this can be purchased for 10 bucks in Indonesia with just as good signal quality as we have here. A quick look over at our neighbors down south show: https://www.virginmobileusa.com/plans.html#terms ... unlimited data for $50 bucks

If these CEO's are smart at anything, they were smart to team up together. The telecoms here are a giant mafia. They've basically banded together in a group called the CRTC. Thats why all the prices you see for cable/internet/phone services are more or less identical, regardless of the provider. Remember how the government was considering placing a tax on Netflix? I wonder where that idea came from...

The reason they pay themselves so much is because they can, and so, they will. They've tricked the government into protecting their own jobs with propaganda and to keep their salaries inflated. With these inflated salaries, they buy out our politicians to protect their careers, and their ridiculous salaries.

SO yes, these guys need to be hunted down, and taxed.


EDIT:
Sorry, totally Off-topic now from the title of this thread.

[lowside67]

Originally Posted by SiRV

Some of these guys can be total dumb fucks (see: Carly Fiorina et al.). It does not take a genius to figure out how to raise profits for a company.

If you think it is so simple to be a successful CEO of a publicly traded company with thousands of employees, then why aren't you one? That's like saying it's easy to be an electrician because all they need to do is deal with three wires and connect them in various ways. Or it's simple to beat Michael Phelps at the Olympics - all you have to do is swim faster.

-Mark

[Tapioca]

Back to the topic.

Had a chat with a couple of realtors over the weekend. Detached is taking longer to move, but the condo market is still fierce. Friends of ours recently bought a townhouse on Burke Mountain and got it below asking. Properties priced around 750-800k or below still seem to be moving, albeit at a slower pace.

It looks like Selina Robinson, new Minister of Housing, is taking some shots from trolls on Twitter (should view the whole thread):

Twitter

[Great68]

What the fuck is wrong with politicians these days. I can't believe they're so unprofessional to be having arguments on fucking Twitter with fucking spelling mistakes and all.

[Liquid_o2]

Whatever. She's been on the job for how long? Screw that guy. Policy can't change overnight.

[Mr.HappySilp]

Originally Posted by Great68

What the fuck is wrong with politicians these days. I can't believe they're so unprofessional to be having arguments on fucking Twitter with fucking spelling mistakes and all.

just look at Trump and his twitter and he is the president of US

[Tapioca]

Originally Posted by Great68

What the fuck is wrong with politicians these days. I can't believe they're so unprofessional to be having arguments on fucking Twitter with fucking spelling mistakes and all.

Social media is a necessary evil for any public figure these days. Most social media accounts are managed professionally, but it looks like she's actually behind this one herself. I guess the trolling got to her - it probably would for most people. The spelling errors were probably due to the 140 character limit.

On the other hand, we get the politicians we get because it's a shitty gig that commands no respect.

Originally Posted by Liquid_o2

Whatever. She's been on the job for how long? Screw that guy. Policy can't change overnight.

Lots of NDP supporters actually own homes worth millions. It was foolish for the angry horde to think they were going to have change overnight.

[noclue]

The housing minister has mortgages on 2 properties, she ain't going to sink the market folks.

[Liquid_o2]

Nobody should be "sinking" the market. That isn't going to help anyone. And a political suicide move. It should be stabilized so that people don't have to worry about whether they should buy now or in 6 months.

[meme405]

Originally Posted by Tapioca

The spelling errors were probably due to the 140 character limit.

Her post is 110 Characters. To Fix all the errors would make it 118 characters. So no, she's just fucking retarded.

I disagree that Twitter is a necessary evil to be a politician, and I'm pretty sure most politicians would benefit not having one, or would at least not benefit from using it in any other capacity rather than professionally.

[SumAznGuy]

I only see 1 gleaming spelling mistake. St instead of at. wld obviously is short for would.

[TouringTeg]

Originally Posted by Tapioca

Back to the topic.

Had a chat with a couple of realtors over the weekend. Detached is taking longer to move, but the condo market is still fierce. Friends of ours recently bought a townhouse on Burke Mountain and got it below asking. Properties priced around 750-800k or below still seem to be moving, albeit at a slower pace.

[/url]

Same over here in Victoria. The market is calming down and becoming more balanced if not a buyers market.

[Great68]

My next door neighbour just sold his place 3 weeks ago for 620k, that's 110k over 2016 assessment but 30k less than ask.
(He listed at 690k in June, but dropped to 650k in July)
I think that initial price was overzealous pricing on his part to be honest, 1950's indoor cigarette smoker house that needs LOTS of work.
I don't think Victoria's market ever got crazy enough that anyone would have ever bought his house at 690k, even last year.

[SiRV]

Originally Posted by lowside67

If you think it is so simple to be a successful CEO of a publicly traded company with thousands of employees, then why aren't you one? That's like saying it's easy to be an electrician because all they need to do is deal with three wires and connect them in various ways. Or it's simple to beat Michael Phelps at the Olympics - all you have to do is swim faster.

-Mark

Equifax hired a music major as chief security officer and she has just retired - MarketWatch

Maybe you can explain to me how a music Major became in charge of data security. Unfortunately, I am not privileged enough to have family members to set me up for those lofty jobs.

[Harvey Specter]

Originally Posted by Great68

My next door neighbour just sold his place 3 weeks ago for 620k, that's 110k over 2016 assessment but 30k less than ask.
(He listed at 690k in June, but dropped to 650k in July)
I think that initial price was overzealous pricing on his part to be honest, 1950's indoor cigarette smoker house that needs LOTS of work.
I don't think Victoria's market ever got crazy enough that anyone would have ever bought his house at 690k, even last year.

In Vancouver, older homes that were purchased by builders and flippers at the peak which I would say was last June are losing anywhere from $50k-$100k. However, some properties in good areas or have good lot size are still selling at ask or a bit over.

There is deals to be had but imo prices are still too high and I would wait until next year. A lot of sellers and realtors haven't woken up to the new reality which is no one is going to pay $1.8m+ for a tear down in south Vancouver.

[vantrip]

Has anyone renewed their mortgage lately? I got offered 3.04% 5yr fixed, seems a bit high to me

[Drow]

^ take it. Its a good rate in todays market

[winson604]

Originally Posted by vantrip

Has anyone renewed their mortgage lately? I got offered 3.04% 5yr fixed, seems a bit high to me

Take that deal in a heart beat imo

[IMASA]

Didn't want to start a new thread for this, but...

https://globalnews.ca/news/3760374/h...and-title/amp/

Hong Kong woman wants her ex out of B.C. home. The problem? His name is on the title

A Hong Kong woman who says she bought a house in Richmond, B.C. and put it in her boyfriend’s name to dodge B.C.’s 15 per cent foreign buyers’ tax, is suing the now ex-boyfriend to get the house back.

The woman says she’s living a relationship nightmare trying to move her ex-boyfriend out of the home she claims she paid for, documents filed in B.C. Supreme Court claim.

The only problem: his name is on the land title and the mortgage.

Jennie Wu and Johnny Chu began dating in the fall of 2016. Chu, a flight attendant, met Wu in the business section of a flight between Hong Kong and Vancouver.

Wu, a Hong Kong businesswoman, claimed she frequently travels to Vancouver for work and wanted to own a home in the region so that she had a place to live while in town.

But Wu, who lives in Hong Kong, didn’t want to pay B.C.’s 15 per cent foreign buyers tax, court documents said.

Chu is from Richmond, and Wu claims he helped her buy a home in the city by putting the land title and mortgage under his name.

Online real estate listings described a property at the same address as a two-storey home with a triple garage, five bathrooms and four bedrooms.

But Wu claimed that, despite never being named in the paperwork, she paid for the home and all associated costs — including this year’s property taxes — with her own cash.

According to Wu’s suit, Chu has lived in the home since she allegedly bought it.

The hitch? The couple broke up in August, and Wu claimed Chu is still living in the home and refuses to leave or transfer the property back to her, court documents said.

Despite the dispute, Wu claims she still stays in the house while visiting Canada, though the pair does not sleep together, but in separate beds.

Wu is suing Chu in BC Supreme Court and wants exclusive possession of the home and compensation for unlawful occupation of the property.

None of the allegations have been proven in court.

[meme405]

Originally Posted by IMASA

Didn't want to start a new thread for this, but...

https://globalnews.ca/news/3760374/h...and-title/amp/

Someone who doesn't want to pay taxes, utilizing the system taxes pay for, to argue how her stupid decision to dodge taxes is causing her headache.

The irony is rich.

[Jmac]

Perfect, admitting to tax fraud. Can we get the 15% and throw her in prison now?