Discover and read the best of Twitter Threads about #VANRE

Most recents (24)

What does a truck load of cocaine and Canadian real estate have in common? 🤔

How money launderers pay for it!

Due to capital controls restricting how much people can transfer out of countries, money launderers use a technique to evade warning flags - smurfing.

#VanRe #ToRe
2/ Smurfing is a technique pioneered by drug dealers, where large payments are broken into payments small enough to not trigger a warning.

For example, since anything above $10,000 is flagged in the US, drug dealers will get several people to make payments $9,999 or less.
3/ Now a few people caught this on my weekend laundering thread - if capital controls are US$50k/year, how do you make a $700k down payment on a $2 million home?

You smurf it! Get some friends (or hire people 😉) to send your money to several accounts in 🇨🇦, in different names.
Read 7 tweets
Want to know how money laundering priced you out of a home? 🙋‍♂️

One thing I hear often is launderers aren’t buying enough homes to influence prices. Not true.

It only seems that way if you don’t understand how asset prices are created.

Thread 🧵 👇

#VanRe #ToRe
2/ Prices aren’t just a function of input and output like people learned in Econ 101. It’s often influenced by a marginal buyer.

The marginal buyer is the one paying the most, that actually gets an asset. Competition between marginal buyers is what drives prices higher.
3/ usually a marginal buyer is trying to get the best value for their money, while still buying.

In regular market, two people go back and forth. Self-interest helps contain prices from rising too quickly.
Read 11 tweets
This may be selection bias on our part, but for #vanre we do not see the same Armageddon scenarios as outlined in this piece.

Based on Macdonald Property Management's ( sample of over 2,000+ rental properties that we manage in BC, we see the following:
In contrast, the commercial landscape is much more challenged:
Read 9 tweets
VSB reports to BC Gov so it's "complicated" but wherever you stand on Broadway & Birch being 16 floors or 28 floors, you must advocate for @CityofVancouver to be responsible in ensuring that adequate amenities exist.

Let me try a @j_mcelroy type breakdown for 🏫. #vanpoli #vanre
Let's take the scenario of a young couple living at the future Broadway & Birch with a young child that is about to enter Kindergarten.

The point of this?

To ensure that everyone knows that @CityofVancouver & @VSB39 & @bcedplan need to START planning together & plan better.
L'Ecole Bilinque is just a 10 min walk away. It's a French Immersion School that has 40 Kindergarten spots which are hard to get - kids from any part of Vancouver enter a draw (better term than "lottery") to get them. Consider chances low.
Read 13 tweets
Back at the #cullencommission today. Beginning where we left off with banks. Prof. Stephen Schneider says B.C. bank branches have been particularly vulnerable to money laundering related to the illegal pot trade and capital flight from China.…
Livestream is here if you want to follow along:
Globe and Mail getting lots of props this morning for their reporting.

Schneider is talking about the Vancouver model, and how drug money was used to fund private mortgages, helping fuel the out-of-control real estate market.
Read 28 tweets
Update: All @CityofVancouver boards and commissions suspended until further notice. No council-appointed rezoning open houses, advisory meetings or workshops until further notice. #vanpoli #coronavirus
MORE: All Park Board permits for special events cancelled until May 30. No more bookings for memorial services at Mountain View Cemetery hall; burials and internments continue. #vanpoli #coronavirus
MORE: Public access to @CityofVancouver Services Centre, Revenue Services, Engineering Services at Crossroads by appointment only. Videoconferencing and more phone and email services to come. #vanpoli #coronavirus
Read 4 tweets
I think the biggest regret when we look back at this era of city building will be all the knock-on effects of forcing condos onto main streets.
Health and air quality for sure, but mostly forcing new homebuyers to compete for the same real estate as established businesses sucks for both of them
So condos displace locally loved businesses because it's the only place we allow them to be built. The condos are expensive for the same reason. So locals all hate condos and elect anti condo politicians
Read 18 tweets
My unpopular take on Canada’s massive immigration.

Raising immigration targets as much as Canada has, all at once, doesn’t solve the problem people think it does.

It actually compounds existing issues. Here’s a progressive’s rant on high immigration.

<thread> ⤵️

#VanRe #ToRe
An aging population is one of Canada’s biggest issues.

As Canada ages, we have fewer people of prime earning age, more dependents, and a dwindling tax base to support dependents.

Basically, we need more young people to pay our bills. So we import them to cover the loss.
Sure, they’ll create their own dependents, but immigrants tend to have more kids in general. Right?

That was a good assumption for Canada in the 1980s, but not today. Increasingly, immigrants find Canada super expensive - who can afford a bunch of kids?
Read 11 tweets
Holborn Group has been working on their Hudson's Bay parkade redevelopment for some time. Scale of what they're imagining is breathtaking: I know "world class" is thrown around a lot; this is truly global scale #Vancouver #vanpoli #vanre #vancre 1/7 THREAD…
This concept by Beijing-based MAD Architects for downtown's Bay parkade would be Metro #Vancouver's tallest tower, close to 900 ft. Note: this concept made in 2016 is likely outdated, but it's refreshing to know this was actually contemplated. #vanpoli #vanre #vancre 2/7
This concept has an incredible range of uses:
- hotel
- residential
- indoor & outdoor shopping mall, including department store
- roof garden & pool
- observation deck

Scope/uses worthy of central location & next to two SkyTrain stations.

3/7 #Vancouver #vanre #vancre #vanpoli
Read 7 tweets
Happening now: students parroting the message of ex-Chrétien chief of staff Eddie Goldenberg await Meng Wanzhou’s arrival at the Law Courts. Are they paid to be here? #cdnpoli #bcpoli #humanrights
Meanwhile, on the Nelson Street side of the Law Courts, a protest against China’s mass-jailing of Uyghur Muslims in Xinjiang. #cdnpoli #bcpoli #HumanRights
Meanwhile, Uyghur protesters against China’s jailing of millions of Muslims in Xinjiang were outside Huawei CFO Meng Wanzhou’s Shaughnessy mansion this morning. (Via @inamitchellfilm) #HumanRights #cdnpoli #uspoli #vanRE
Read 24 tweets
1. I’m on hols but I’m seeing a lot of talk here about racism and #VanRe. I’ll keep it brief. Of course, it makes zero difference whether the frn $ buying YVR homes is Chinese, American or from outer space /2
2. To suggest otherwise is racist, IMO. But to understand the causes of the inflows, and maybe mitigate them, it is VITAL to understand that these flows overwhelmingly come from greater China.
3. BC confirmed this with first set of frn buyer stats in mid-2016. 90% were mainland Chinese. And for comparison: zero were Americans
Read 10 tweets
I’ve been asked for my perspective on this Joanna Chiu op-ed on a few occasions now, so I’ll share my own thread here with some thoughts. Firstly, the racism in #vanre discussions is real and I encounter it regularly on social media and to some extent day-to-day.
The problem is hugely complex and to distill it down to “zoning” is akin to trying to watch a 3D IMAX movie on an an old black and white cathode ray tube TV. Zoning alone isn’t the problem (and in fact, is also part of the solution) 2/
In Vancouver, what sets it apart, and what has been documented time and again by journalists like
@ianjamesyoung70 @KathyTGlobe @Goldiein604
and others is that a massive, difficult to measure flow of global wealth finds itself into the #vanre market 3/
Read 33 tweets
Here's "who besides yimbys," a housing struggle thread for #vanre #vanpoli #bcpoli
Woodsquat, an autonomous direct action that took place over 92 days in fall 2002:
There are now 200 units of non-market housing on that site. There are also too many units of market condos, and the Woodward's also contributed to the brute force gentrification of the Downtown Eastside:…
Read 17 tweets
EXCLUSIVE: Sources say RCMP opened file on Liberal MP whose firm facilitated real estate deals in B.C.… #cndpoli #bcpoli #vanre "transnational money-laundering"
In the story, you see pictures of the MP from Richmond standing with, shaking hands, and attending events sponsored by some men that are targets in RCMP investigations into an alleged transnational cartel linked to fentanyl, weapons trafficking, corruption, money laundering,
poaching and wildlife trafficking in BC, prostitution, illegal casinos, criminality in @BCLC casinos, and with connections to officials in China, according to allegations in documents and from law enforcement sources.
Read 13 tweets
Long Thread. Version 2 of the War on Capital highlights a major failure of leadership on the part of our political leaders, academic leaders, and the media which has resulted in a dizzying array of anti-capital measures. #bcpoli #vanpoli #vanre 1/
The spark which has set off a barrage of anti-capital measures is housing. Nowhere is the collective failure of leadership more evident than on this file. 2/
This failure has placed the prosperity of everyone in British Columbia at risk. BC is akin to a supertanker which takes time to turn but once it does is difficult to stop. Unfortunately, we are turning/have turned the supertanker straight for the rocks. 3/
Read 19 tweets
Subscribers: Urban Forum - YIMBY movement pushes a hardline pro-development approach to housing - Trauss instructed the mostly millennial audience to... fight for more supply.… v.@globeandmail #vanre #AHV #Yimbys #vanpoli 1/
"Trauss – who is funded by private interests, including tech..companies and property developers...lives in San Francisco...she attended a Vancouver city council hearing the day before her talk, to support 21 luxury rental townhouse Shaughnessy." #4575Granville 2/
"“You have a job now,” she instructed her audience, urging them to get organized and get out and support the Shaughnessy proposal...We all need to make sure we get involved in the decision-making process – because otherwise we are not going to get the outcomes that we need." 3/
Read 15 tweets
Exclusive: Liberal MP involved in second bare trust deal with client named in ‘transnational money laundering’ probe… #cndpoli #vancouvermodel #vip #vanre #bcpoli
2 The industrialist from China, who we have not been able to reach, is one of about 40 'whale' VIP gamblers that were identified by BCLC investigators (using surveillance) as taking suspected drug cash loans from a Mainland China based fentanyl trafficking cartel in Vancouver BC.
3 RCMP identified these VIPs as Macau style whales, that were recruited in China to gamble at 100k per hand baccarat, mostly at the BCLC's Richmond casino. I will get to the importance of Richmond lawyers a little further down in the thread. How it works is this.
Read 16 tweets
Going into the wayback machine for some peak-of-the-market comments from members of the Vancouver housing industrial complex on money laundering in #VanRE

Preview: They didn't age well.

Has anyone heard from Dustan lately?…
But wait, there's more from Dustan, the Bob Rennie fan boi:
I'm wonder if he and @benmyers29 should team up an be a full service shop for RE bulls
Read 3 tweets
Good survey of the state of #VanRE by G&M. Still in the early innings as sellers are still in denial waiting for the market to turn. Remember, price follows volume.
h/t @paranoid_bear…
An avocado toast eating, Mandarin speaking, former landscaper, #VanRE broker says prices in West Van have fallen by a third since the peak in 2016
3/ Meanwhile, early signs of distress are starting to show up with the folks that handle foreclosures
Read 4 tweets
BC #publicinquiry EXCLUSIVE : Kwok Chung Tam, the alleged ‘heavyweight’ Big Circle Boys opioid trafficker and Richmond casino loan shark, could be poster child for BC inquiry into #vanre real estate money laundering… #bcpoli @jonmccomb980 @BC1 @globalnews
2. Kwok Chung TAM, aka Guocong TAN, (on his authentic PRC passport) has been successfully fighting deportation for over 25 years. And according to recent court filings, Tam is believed to be residing in a luxury Richmond condo.
3. “The Asian crime cartel was so powerful that police said it could stockpile heroin and dictate the street price of the drug in North America,” Tam’s investigative file with the Canada Border Services Agency (CBSA) said.
Read 30 tweets
1. The German report today will be interesting, it won't name names, I doubt it will give an idea of the believed ML scale or known Big Circle Boys or linked tycoons involved in #vanre development ... but if it quotes from police officers similarly to this in the car laundering,
2. 'Noted one police investigator quoted in the report: The well-known gangster “wouldn’t be able to get a liquor or casino licence, but he can own a car dealership.” ... then it will have observations from the same expert officers, who know that the same high-level gangsters
3. own guns shops, gyms, resource companies (oil, jade, water) and most importantly real estate development firms, some large and apparently legit, some just doing mini condos and land assembly plays ... bare trusts, numbered cos, etc.
Read 11 tweets
With all the recent discussions about Money Laundering in Canada, I thought it would be a good time to bring up the fact that Bill Majcher, the former head of BC's Integrated Market Enforcement Team, now works on behalf of the Chinese. Keep reading, it gets better. #VANRE
In 2003, Majcher was the lead investigator at the Martin Chambers trial, when he had an affair with the Judge Ursula Ungaro. At first, Majcher denied the affair, but Ungaro later admitted to it, and then he did too.…
In 2005, Majcher was suspended and removed as head of the IMTF for running for political office without taking the required leave, and "other unspecified issues". Majcher also attempted to ink a movie deal (while a cop) with a convicted felon, who he put behind bars for 15 months
Read 9 tweets
Exclusive: Former B.C. casino supervisor blows whistle on how Macau-style money laundering exploded ... journal records document arrival of Big Circle Boys in Richmond casino #Vanre #bcpoli…
2. “We are all concerned for our safety, and we feel we need to document these activities for our own well-being,” an Aug. 1, 1998 entry in Labine’s journal reads
3. “We are aware that there is more than one gang operating the tables,” an August 1998 journal note says. “We have been wondering where they manage to find these massive amounts of twenty-dollar bills … the well, it never seems to dry up."
Read 21 tweets
“But it’s believable to me that if there’s an impact it would be at the higher end (of the market),”

Let's say 700 homes change hands per year in West Side #Vanre. Avg say $3M per home. That's roughly $2B per year.

Say half that is mortgaged, so…
2/ $1B per year COMPLETELY controls the West Side mkt.

Last week I tweeted about ONE woman from China 10 years ago looking to buy 4 to 5 homes on the West Side. If she's looking to spend $20M, all you would need would be 49 more of her to completely buy up every
3/ property that hits the mkt on the West Side.

Is that so inconceivable?

50 wealthy Chinese investors could come in a corner the West Side #Vanre mkt.

Now throw in the local money launderers as in the #VancouverSun article and you need even less than 50 Chinese buyers.
Read 11 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!