OT: Vancouver People

[jstewismybastardson]

espn did the 30 for 30 on Terry Fox ... they should have picked up this new docu on Steve Fonyo as a counterpoint ... sounds good

Steve Fonyo on his ups and (considerable) downs, 30 years after famed one-legged cross-Canada run

But Fonyo was always running in Fox’s shadow. His progress and personality — even his husky frame — were unflatteringly compared to Fox.

Fonyo’s father once bitterly said, “Steve made one big mistake — he didn’t die.”

 

[jstewismybastardson]

anyone see mattola lately?

 

[dash]

Vancouver foreign ownership research prompts cries of racism in hot housing market

 

[Bloody Brian Burke]

Vancouver foreign ownership research prompts cries of racism in hot housing market

"He found 66 per cent of owners had non-anglicized Chinese names, which he said implies they're new arrivals."

That is indeed racist.

What wouldn't be racist, however, is simply finding out where the homebuyers actually call home, and that would actually give you an answer. His exercise is just stupid - it's like going to Woodbridge, ON, and doing a survey on Italian names and concluding that there must be a fuck ton of residents of Rome and Milan buying homes there.

 

[jstewismybastardson]

"He found 66 per cent of owners had non-anglicized Chinese names, which he said implies they're new arrivals."

That is indeed racist.

What wouldn't be racist, however, is simply finding out where the homebuyers actually call home, and that would actually give you an answer. His exercise is just stupid - it's like going to Woodbridge, ON, and doing a survey on Italian names and concluding that there must be a fuck ton of residents of Rome and Milan buying homes there.

how the hell do you do the bold "simply"? unless youre saying find out what country these home buyers are citizens of which i dont know is possible from public documents.

while i agree that just going by non-anglicized names on land title searches doesnt mean the buyer is a foreigner , bringing cries of racism into the discussion seems to be just another "look the other way" tactic being purported by those with the most to lose

The banks are complicit (surprised?) in whats going on here In Vancouver, a Supreme Court case showed that one lender, Canadian Imperial Bank of Commerce, had assisted such transactions. The case arose when a CIBC financial adviser allowed a wealthy Chinese client to route two deposits of $50,000 through her private accounts to buy a home, leading to the dismissal of the banker for “commingling” her own funds with her client’s.

meanwhile the dopes in government are just looking the other way while foreigners are evading taxes

 

[jstewismybastardson]

Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income.

And 18 per cent of the 172 homes purchased were not mortgaged by banks. That means roughly $100 million in questionable cash was poured into Vancouver’s west side from August 2014 to February 2015, much of it from China. Total value of all homes sold in the study period was $525 million.

wake up cra ... look at the substance of these transactions ... banks are giving out mortgages to students/homemakers who declare zero income ??? ... CAMAN!!!

 

[Bloody Brian Burke]

how the hell do you do the bold "simply"? unless youre saying find out what country these home buyers are citizens of which i dont know is possible from public documents.

while i agree that just going by non-anglicized names on land title searches doesnt mean the buyer is a foreigner , bringing cries of racism into the discussion seems to be just another "look the other way" tactic being purported by those with the most to lose

The banks are complicit (surprised?) in whats going on here In Vancouver, a Supreme Court case showed that one lender, Canadian Imperial Bank of Commerce, had assisted such transactions. The case arose when a CIBC financial adviser allowed a wealthy Chinese client to route two deposits of $50,000 through her private accounts to buy a home, leading to the dismissal of the banker for “commingling” her own funds with her client’s.

meanwhile the dopes in government are just looking the other way while foreigners are evading taxes

Never meant that the procedure would be simple. If studies were simple everybody would be doing them. Hell, maybe that's the problem.

But it is pretty racist to deduce that because the last name isn't "anglicized" they're more likely to be "new arrivals". The 2011 census had 52% of Vancouverites as visible minorities, including 30% Chinese. It's not unrealistic that 3 neighbourhoods would be 2/3's Chinese.

And as far as a "look the other way" tactic is concerned, I would argue that by bringing such a BS statistic into the fray is racializing the study more than it is people crying racism. The report likely held water without throwing filler like that in there.

 

[Bloody Brian Burke]

Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income.

And 18 per cent of the 172 homes purchased were not mortgaged by banks. That means roughly $100 million in questionable cash was poured into Vancouver’s west side from August 2014 to February 2015, much of it from China. Total value of all homes sold in the study period was $525 million.

wake up cra ... look at the substance of these transactions ... banks are giving out mortgages to students/homemakers who declare zero income ??? ... CAMAN!!!

I don't think that's a CRA issue, that looks like more of a OSFI matter.

 

[jstewismybastardson]

I don't think that's a CRA issue, that looks like more of a OSFI matter.

people are evading taxation (capital gains) because these sham transactions are set up in a student or homemakers name

 

[Bloody Brian Burke]

people are evading taxation (capital gains) because these sham transactions are set up in a student or homemakers name

In that case, yeah.

But I think capital gains taxes suck so...

 

[jstewismybastardson]

In that case, yeah.

But I think capital gains taxes suck so...

pretty sweet deal ... buy a house in your kids name ... send your kids to UBC for 6 months of studying ... principal residence status achieved during that timeline ... sell house at a gain (with no tax) as other mainland chinese are looking to move funds out of china ... artificially inflate the market and do it all over again after summer break is over

i think ive said it before on here ... only 1 thing is truly gonna make this scheme collapse (because government isnt doing a thing about it) ... an earthquake

 

[dash]

pretty sweet deal ... buy a house in your kids name ... send your kids to UBC for 6 months of studying ...

U niversity of
B eijing
C hina

 

[forty_three]

I think Chinese Smurfs is a great name for a band.

 

[jstewismybastardson]

U niversity of
B eijing
C hina

I wonder if Stanley Yan (who produced the "debated" study) would find this comment racist ???

/Ive heard a less subtle definition of the UBC acronym

 

[jstewismybastardson]

btw Stanley Yan ... any relation ???

 

[jstewismybastardson]

ok going tangent ... loved Wok with Yan growing up ... and lol

 

[dash]

I wonder if Stanley Yan (who produced the "debated" study) would find this comment racist ???

/Ive heard a less subtle definition of the UBC acronym

I keep telling youse guys, I'm not that nice (lol)

 

[Bloody Brian Burke]

pretty sweet deal ... buy a house in your kids name ... send your kids to UBC for 6 months of studying ... principal residence status achieved during that timeline ... sell house at a gain (with no tax) as other mainland chinese are looking to move funds out of china ... artificially inflate the market and do it all over again after summer break is over

i think ive said it before on here ... only 1 thing is truly gonna make this scheme collapse (because government isnt doing a thing about it) ... an earthquake

Oh the same shit is happening here and I'm about as fed up and disgusted by it as I'm sure folks out there are. Few friends are real estate agents and basically people trying to buy houses are always outdone at the last minute by "Hong Kong Money" that goes over the last bid by $100k+. Certainly doesn't lead to a healthy housing market, I just don't know if there's any way to counter it. If CRA starts amending code to address this they may very well be negatively affecting resident Canadian homeowners and I am in no way shape or form in favour of that.

 

[jstewismybastardson]

Oh the same shit is happening here and I'm about as fed up and disgusted by it as I'm sure folks out there are. Few friends are real estate agents and basically people trying to buy houses are always outdone at the last minute by "Hong Kong Money" that goes over the last bid by $100k+. Certainly doesn't lead to a healthy housing market, I just don't know if there's any way to counter it. If CRA starts amending code to address this they may very well be negatively affecting resident Canadian homeowners and I am in no way shape or form in favour of that.

there has got to be a way to address what basically amounts to parking finances in canada tax free ... without affecting canadian citizens

/ I have a friend who is chinese(mom)/croatian(dad). He's a real estate agent and I was bugging him the other day that his face and name are plastered all over burnaby bus shelters and benches. He's doing real well in this market but he said if he could do it over again he would advertise using his moms maiden name

 

[Bloody Brian Burke]

there has got to be a way to address what basically amounts to parking finances in canada tax free ... without affecting canadian citizens

/ I have a friend who is chinese(mom)/croatian(dad). He's a real estate agent and I was bugging him the other day that his face and name are plastered all over burnaby bus shelters and benches. He's doing real well in this market but he said if he could do it over again he would advertise using his moms maiden name