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jimtan
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What must the governments do to stop speculation?

Tue Apr 18, 2017 2:02 pm

Last year, before Christy did her about face, I started this thread. 

viewtopic.php?f=8&t=129542

Yes, governments must intervene to maintain orderly markets. Just remember the financial disaster of 2008/9.

Just reported,

"Canada Puts Housing Speculators on Notice as Toronto Prices Soar"

https://www.bloomberg.com/news/articles ... rices-soar

Yes, they're considering a vacancy tax too. 

In the long term, governments must boost supply with investments in public housing (and transit) and change zoning regulations. In the short term, governments can target various activities.

We know that Ottawa is investing big to catch tax and residency cheats.

https://www.thestar.com/news/canada/201 ... veals.html

What other unhealthy activities can and should be curtailed?
 
tdma800
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Re: What must the governments do to stop speculation?

Tue Apr 18, 2017 2:06 pm

^--- mostly irrelevant foreign sites about drool and envy

This is Vancouver. This time, we're going to the moon!
 
jimtan
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 7:10 am

These are the kind of unethical activities that the government needs to target. Victoria needs to cover these loopholes.

"Vancouver Pre Sale Condo Ponzi Scheme

As the focus shifts from the single family market to condos the crunch to enter the market has never been more fierce. Bidding wars are ravaging anything that resembles four walls and a roof. To make matters worse, record supply under construction is being largely sold offshore. Similar to a Ponzi scheme, pre sale condos are sold to offshore investors who generally buy multiple units at a time and later assign or “flip” to local buyers at an inflated cost.

This was exposed last summer by Kathy Tomlinson but in recent months has become even more glaring. Since the introduction of the foreign buyers tax, which has deflated the luxury house market, the attention has shifted to pre sale condos. Pre sale condos are exempt from the 15% foreign buyers tax, and have no doubt become a very attractive investment. Further, once assigned to a local buyer at a higher cost, it’s easy to avoid capital gains tax as nothing ever registers in land titles office..."

http://vancitycondoguide.com/vancouver- ... zi-scheme/

Strictly speaking, this is a squeeze play. Not a ponzi scheme. The effect is the same. To squeeze buyers of every last drop of blood.
 
tdma800
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 7:14 am

^---- unlicenced website, unlicenced operator

reduce whining about people buying things that you can't afford. it isnt healthy. 

in other words, to the moon!
 
reallyreal2
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 7:29 am

Sounds like off shore buyers enjoy gambling. Clearly not an "investment".

I wonder if they will be crying when the lose like that other guy. LOL. His children must be proud of their father... loses life savings and cries in public because of it. I am certain apple wont fall far from tree LOL
 
tdma800
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 7:30 am

Lots of people whining about others investing in things that they can't afford but with envy
 
jimtan
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:11 pm

This is the Kathy Tomlinson article

"Vancouver developers shutting out regular buyers with insider condo sales"


http://www.theglobeandmail.com/news/bri ... e30498453/
 
jimtan
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:12 pm

A quote

"Major condo developers in Vancouver are shutting out average buyers by selling their most affordable new units privately – to clients of select realtors and “family and friends” – before their advertised sale dates, The Globe and Mail has learned.

The typical sales contracts also allow those insiders to legally flip the units under construction (known as presale) before closing as long as the developer gets a cut from that transaction. Like shadow flipping with houses, flips of presale condos have been controversial in Vancouver. When supply is scarce and prices are escalating, flipping leaves buyers who want units to live in feeling ripped off or shut out..."
 
tdma800
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:16 pm

^--- irrelevant envy piece
 
jimtan
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:17 pm

facts bother you?
 
tdma800
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:18 pm

http://www.bchousingaffordability.ca/

Its different this time. to the moon!
 
jimtan
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:18 pm

"Mike Yeung would like to sell his small condo and buy a new one, but said he has encountered nothing but frustration. He said he worries some developers and realtors are withholding inventory from the public to drive up prices and profits."
 
tdma800
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:22 pm

^---envy and drool
 
jimtan
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:24 pm

"Michelle Ly said she recently tried to buy into several developments.

“Everything in the one-bedroom or one-bedroom-and-den range was gone well before the official presale started,” she said.

“It’s super misleading and it wastes my time. My realtor and I would spend weeks trying to get information out of the developer, signing up for all the newsletters and touching base with their marketing people every other week. I felt bad for people waiting in line for days.”
 
tdma800
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Re: What must the governments do to stop speculation?

Wed Apr 19, 2017 3:28 pm

lots of envy out there
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