JonboyE

Unlikely in Vancouver. Though there will be street parties.

Interest rates will likely have an affect on family home prices in the suburbs. These tend to be more highly mortgaged and often young families are on a budget. If interest rates go up significantly there will be some families who are unable to afford to renew their mortgages. Even then, because of the way mortgages work in Canada - payments stay the same over the term of the mortgage regardless of interest rates - the negative affect is spread over 5 years.

JuneSpring

Vancouver is now a critical money laundering hub

Vancouver is “emerging as a critical money laundering hub” for international criminals, due to a convergence of factors including drug money, international connections, an active port, and a hot real estate market, experts say.

International criminals looking to “wash” ill-gotten gains in Vancouver remain a persistent problem, said Kim Marsh, a Vancouver-based financial crime specialist with decades of experience in law enforcement and private investigations.

Thursday in Vancouver, Marsh will make a presentation to a group of anti-money laundering professionals, detailing his role in a complex 2013 investigation that came to be known as “the Libyan Caper,” a story illustrating the global nature and massive scope of money laundering.

In Vancouver, one can’t look at money laundering without considering property investment, Marsh said. And a more active market means more opportunity for funds to be washed.

Vancouver a 'critical' money laundering hub for transnational criminals, experts say

scilly

and very accurate!

In fact, NO politician can do anything about foreign buyers with being called "racist"

JuneSpring

Money laundering fears

“Real estate in Vancouver is certainly more susceptible to money laundering than any other sector,” Duhaime said.

In 2002, Canada introduced the Proceeds of Crime and Terrorist Financing Act, which requires real estate agents and others to report suspicious activity to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac). Under the regulations, any large cash transactions involving amounts of $10,000 or more, whether suspicious or not, must be reported.

Duhaime, who heads Duhaime Law, said that reporting is simply not being done.

“During 2010 to 2013, there were 5.6 million real estate transactions in British Columbia,” Duhaime said. “We know from realtors in the luxury real estate market that there are numerous sales that are completed in all cash. Yet during that same period of time, real estate agents and developers in British Columbia reported very few large cash transactions to Fintrac.”

https://www.biv.com/article/2015/4/p...ndering-fears/

JuneSpring

Isn't that what they count on?

In Vancouver, race undercuts discussions on affordability:

"Mr. Wong, an architect who has campaigned on behalf of impoverished Chinese immigrants, said it was vital to have a frank discussion about the impact of rich immigrants on greater Vancouver, where average detached house prices top $1.2-million. “Every time people want to talk about this, they get labelled a racist, especially if they are non-Asian,” said Wong. “That’s nonsense. We’ve got to talk about it. The politicians are gutless because they are afraid they are going to lose the so-called ethnic vote.”

JuneSpring

Makes sense.

JuneSpring

Ah interesting - Thanks.

scilly

guess what?

you got it wrong again!


WHO says it is money laundering, corrupt homes, investment chests, etc etc ????


It has been "suggested" by some that this is happening

There is no proof ...... and to be saying so is slandering an immigrant group by another immigrant

Just remember ........... we are ALL immigrants here, no matter how long we have been in Canada.

The only "native" Canadians are the First Nations ......... and they lost much of their land and their culture hundreds of years ago to "immigrants" from Britain adn France who thought they knew better than the people living here.


You should not only be paying attention to what is being said today, but also what has been said and done in the past .......

and you should also be paying attention to WHO is saying these things.

You almost always find that attacks on current city policies and actions are coming from past political opponents, who did no better themselves when they were in office ............ and probably even lined their pockets even more than the person(s) they are accusing!

Study the political history of this city, this province and this country ...... and study also the political leaning of the papers and the columnists that you are citing with such gay abandon.

ExKiwilass

agree with scilly.

the irony is, by emigrating here and looking to buy a property, junespring is contributing to the unaffordability problem -i.e. immigrants coming to vancouver competing with locals for homes.

there is little true reliable data on 'foreign' ownership, so anything in the media is really just speculation.

all of us on this thread are immigrants - and we're all competing for housing. imo this is really about that competition - and some immigrants have a lot more $$$ than others which creates jealousy.

scilly

That's an interesting article, albeit a year old.

Yes, we older folk are going to make a profit when we sell our houses ............. we have owned our house since 1972, and the value has risen very high.

But many of us bought houses when our salaries were low, and many many of us do not have good pensions.

The guy across the street sold his house for $2.4 million, sale was closed this past week. He bought that house in 1974, raised 4 daughters in it, and is now in his 80s ......... he worked for the POST OFFICE, so he does have a pension in addition to OAS and CPP, but not that high a one. He has bought a townhouse in a suburb, is now living close to his daughters, and has a better financial backing for what remains of his life.

Does any one seriously begrudge that guy the fact that his investment in a house 40 years ago allows him a better life now??

The buyer of the property is the one who is going to make a killing by developing the site ......... it's a double lot, so he can knock down the old house (built 1918) and either build one absolute monster or 2 big ones. If he builds 2, each will cost about $700,000 to build, and each will be sold for probably well over $2.5 mill ............. so the buyer will make a big profit!

No point in us selling at the moment ......... we enjoy the house, it is not too large for us, and what or where would we buy?

So, it will probably be worth even more over the next few years.

The odds are that we will not buy a new place, not even a condo ......... the financial advice currently being given to seniors is NOT to buy into a condo, with the high strata fees and potential for high assessment(s) for special repairs at some point in the future

The advice is to RENT a large apartment, then you know exactly how much money you have to spend on accommodation and how much is going into improving your pension status

scilly

When we came here in 1968, the immigrant "problem" in the eyes of many Vancouverites was ...........


the Portuguese and Italian families who had moved here in the 1950s and early 1960s

they were buying houses and taking jobs

Then it was the turn of another nationality

Now it is the Asian immigrants that are the "problem"


In the Cariboo and Chilcotin regions of BC ......... it is the Germans who are accused of coming in and buying property that they do not then live on.

Now, as with every story, there are 2 sides .....

..... yes, much property (houses and ranches) in those regions have been bought over the last 20 years by Germans, and yes, many of them use the property as "holiday homes", so they are only there for 2 or 3 weeks a year. And, yes, they have paid higher prices for those properties than locals would, so prices have been driven up beyond what locals can afford.

But on the other hand, many Germans have bought properties and businesses and live there year round, running the businesses and starting new ones.

I can tell you many stories form that area!

scilly

This is the TRUTH about the house that Robertson is selling ..........

Gregor Robertson Puts Vancouver House Up For Sale (PHOTOS, VIDEO)


a wee bit different from the spin put on it by the other article, isn't it?

scilly

Robertson sold his previous home in 2013 ........

Mayor Gregor Robertson's home sells for $1.95 million

July 13 2013

JuneSpring

You could start with reading the articles above.

Aviator

The 'first nations' may have been here a long time, but they immigrated too, most likely from Asia, which is not much different to today. Quite probably forcing their culture on whoever lived here before them.

Now folks are claiming even miniscule parts 'native' to get the benefits that come along with it.