Wednesday, May 22, 2019

Lotuslandian Real Estate Correction: Nevermind The Soft Landing...

...Bring On The Developer Party-Friendly Disaster Scenarios!

Courtesy, of course, those fine folks at Postmedia;

After all, how else are you going to bamboozle the citizenry into voting against their own self interest down the road if you don't start the boozlement right this instant.

Or some such thing.



North Van's Grumps said...

Will this story really, really hurt the casino Launderers (BC Liberals, more so for doing diddly squat) who bought into the real estate market thereby driving up the prices for the locals?

Hugh said...

It's phony delusional bubble equity money to begin with, so it's not really a loss.

JS MacDuff said...

What a BS story. The loss was of potential earnings, not real earnings. Real estate people whining about not having people out bid other people for one day house sales. Next they will be demanding that the BC government cover the "losses" that they never incurred, plus a raise in real estate fees to protect the people! Will people really believe this bullshit?

Chuckstraight said...

Kind of like the lost jobs that never existed.

Anonymous said...

Ross, Post Media and the Corus group continue to distort reality. Every residential property owner received a property assessment based on the market value of their home as at July 2018. All properties are levied property taxes on this constant relationship. Local governments will adjust their tax rates to reflect the swings in property assessments. When the assessments increase, the tax rates will decrease to generate the required budgetary revenues. When the assessments decline, the tax rates will increase to generate the same revenue. There may be some swings in specific sections of the the community, but the general relationships remain the same. Property owners will not be forced out of their homes because of fluctuating assessments. If those over 55 of age have financial challenges, they can also defer their property. This an arrangement where the Province of BC will pay their taxes at modest uncompounded interest rate. RG

e.a.f. said...

Saw it, had a good laugh. Saw the "protest" against Eby in his riding, another good laugh. Ah, the poverty they were discussing, the tragedy. Its hard to feel sorry for them when there is a whole other segment of working people who can't even purchase a condo, house, etc.

the loss is a paper loss so it doesn't count, in my opinion. Housing is supposed to be for living in, not gambling. Gambling needs to be done with disposable income. Want to gamble go to a casino. The logic these people are attempting to peddle with their friends at Post Media, demonstrates, to me, how desperate some of them are to get rid of Eby. I find it interesting he's the A.G. and he's the one looking into the laundering of money and he's the one they're targeting. What was that line about protesting too much???

As A. 11:05 p.m. writes, it can all be deferred. When you mention it to some, they respond, well I don't want it to come out of the estate I want to leave the money to my kids. Like some other kids are living in dumps and they want them to stay there so they can leave their kids a larger estate. get a grip. Not many care about your estate size.

Anonymous said...

o/t: Bob Mackin has an addition to the never ending Basi/Virk saga - TAXES!
...apparently the CRA thinks $6mm is a taxable benefit, and the boys think otherwise.

Which reminds of the $1B that BC received for the 'sale' of BC Rail. Did the CRA ever rule on whether or not BC owed Ottawa tax money for that? It was at one time a very live issue, but I never read how it was settled.

RossK said...

Holy Doodles!

Thanks Anon-Above.