Discover and read the best of Twitter Threads about #VanRE

Most recents (24)

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: woodsquat.wordpress.com/about/
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: thetyee.ca/News/2015/02/2…
Read 17 tweets
EXCLUSIVE: Sources say RCMP opened file on Liberal MP whose firm facilitated real estate deals in B.C. globalnews.ca/news/5476467/e… #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. theglobeandmail.com/real-estate/va… 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 units...in 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 globalnews.ca/news/5383423/l… #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?

dustanwoodhouse.ca/money-launderi…
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 theglobeandmail.com/real-estate/va…
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 globalnews.ca/news/5277136/a… #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. cbc.ca/news/canada/br…
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 globalnews.ca/news/5215614/m…
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

vancouversun.com/business/local…
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
WHAT LIES BENEATH IN THE #VANRE MARKET?

(Warning: This will be a long thread, grab a cuppa coffee)

Most people are familiar with Warren Buffet's saying "Only when the tide goes out do you discover who's been swimming naked."

I believe it may be EXACTLY what lies beneath the
2/ level of the tide that could be the final nail in the #Vanre mkt once the full effect of foreign owners (FLIPPERS) selling their West Side SFD's kicks in. Considering that we are already 35% off the peak mkt highs, that in itself is an ominous thought.

Now, I've always
3/ suspected (no proof) that MANY #Vanre home owners have dipped into the "equity lottery winnings" that they have realized in the past 10 years to fund who knows what.

So when I saw an article yesterday from @BetterDwelling about Cdn Helocs,

betterdwelling.com/canadians-used…
Read 16 tweets
TEXTBOOK DELUSIONAL WEST SIDE SELLER/REALTOR

2028 29th Ave W, Quilchena (beside Shaughnessy), West Side #Vanre

Built in 1966. Current owner purchased in 1985 for $319,000

July 1, 2017 assessed value was $4.066M

Peak market value maybe $4.5Mish

Listed Aug/18 for...
2/ $4.68M

Re-listed Oct/18 for $4.068

2019 Assessment came in at $3.302M

Re-listed Jan 15, 2019 for $3.999M

Market value today is probably $3M tops

Didn't sell at $3.999M so naturally they re-listed today for...

$3.999M 🤦‍♀️

Unless there is #gold buried in the basement
3/ this place will not sell for $4M

Owners of this place are going to look back and regret their actions big time in about 12 months when they capitulate, sell for $2.4M, and realize they blew $1M in equity.

#vanre #richmondre #westvanre #vanpoli #bcpoli #northvanre #yyjre
Read 3 tweets
Canada’s defence minister Harjit Sajjan (left) and Prime Minister Justin Trudeau, honouring the People’s Republic of China coat of arms at a Lunar New Year banquet in Vancouver’s Chinatown on Feb. 10. #vanRE #vanpoli #bcpoli #cdnpoli
That’s the PM of Canada (centre) and defence minister of Canada (left) in a Vancouver Chinatown banquet hall, facing the Chairman Mao portrait at Beijing’s Forbidden City on a video screen during a Lunar New Year celebration attended by the PRC consul and supporters last night.
To complete the trilogy, Justin Trudeau and Harjit Sajjan and the flag of the People's Republic of China at Floata last night. #cdnpoli #bcpoli #vanpoli #vanRE
Read 4 tweets
BOUGHT TO FLIP IN SOUTH GRANVILLE, BUT COULDN'T GET OUT IN TIME. NOW THERE IS SERIOUS #FONGO: 1749 62nd Ave W, South Granville, #vanre. Property was purchased in Mar/05 for $620,000, again in May/14 for $1.99M and sold to the current owner for $3.2M in May/17. Listed Oct/17
2/ to flip it, for $3.398M. Did not sell. 2019 Assessment came in at $$2.8M, and the assessment from the year before was $3.25M. Just re-listed today, Feb 6, 2019 for $2.98M, $200,000 less than they paid. But, that does not take into account transaction costs and the fact
3/ it is still listed almost $500,000 OVER TODAY'S mkt value of $2.52M. In the end I can easily see this turn into a +$1 million dollar flipping loss.
#vanre #northvanre #westvanre #richmondre #burnabyre #bcre #tore #cdnre #torontore #victoriare
Read 3 tweets
Exclusive: River Rock Casino in B.C. ‘knowingly accepted’ millions from banned loan shark and E-Pirate target Paul King Jin, audit alleges globalnews.ca/news/4905610/r… #bcpoli #vanre #cndpoli
1. This story highlights at the least, gross failure, incompetence, or worse, for Canada's anti-money laundering system. The 2012 Fintrac report says that Jin was an "extreme risk" to Canada's financial system, and it was known he was providing cash to Chinese VIP gamblers.
2. But Jin's activity continued in BCLC casinos unabated. He continued to provide cash and chips to Chinese high-rollers that BC officials knew, or should have known, were connected to transnational organized crime. Canada's gov't knew from 2012, based on the Fintrac reporting.
Read 8 tweets
I tweeted yesterday that of the 230 West Side #vanre sales that have taken place since Aug '18, only about 5% of those (that were not either new builds or mega mansions $10MM plus) sold ABOVE their July 1, 2017 assessed value. And yet, of the 17 new West Side listings...
2/ posted today, 11 (65%) are listed ABOVE their July 1 2017 assessed value, and the rest are all listed ABOVE their 2019 Assessment (July 1, 2018) Seems logical 🤦‍♀️And many of these "new listings" are really re-listings that are still way overpriced. Most of these homes...
3/ (except for a few that are 2-3 years old), are older homes. Older homes on the West Side are selling (if at all) for about 10% BELOW recent assessed values. And many recent assessed values are down 20% from the previous year. That should give you an idea...
Read 4 tweets
Saturday #JustCity installment and thought it’d be helpful to fact check “poor doors”. Something is wrong about it, just not what you think. Follow me for a sec. #vanpoli #vanre /1
As many point out, poor doors are actually the entry to a separate building. Its a vertical subdivision w 2 air space parcels: one containing a strata condo development, the other a rental bldg. Each bldg has its own separate components & systems to run the building functions /2
And are paid and maintained separately. This is critical because strata fees cover the common area maintenance for the condo bldg, while the NP operator of the rental bldg covers these expenses w the rents being collected. NPs can’t can’t afford to share in condo bldg expenses /3
Read 11 tweets
160 years of rampant land speculation and untethered state-led profiteering has finally paid off!

COME BACK WITH ME to 1858, when the BC real estate crisis began... #BCHist #vanre #bcpoli 1/
Meet Edward Bulwer-Lytton, colonial secretary, and James Douglas, the first governor of colonial BC.

BC as a colony was about 5 minutes old when these two kicked off the Great Land Grab of 1858 That Never Really Stopped. 2/
In 1858 BC was broke af. Douglas’ rash proclamation of sovereignty over all the gold turned out to be unlawful even by colonial standards (oops) and forced the creation of the colony before any cash flow existed. 3/
Read 13 tweets
1/ Dear #vanpoli & #vanre folks who are using "historical racism" as a reason to abolish zoning in certain parts of town: Please don't. It's wrong. It's white saviourism where you're using people of colour (PoC) as pawns for your own agenda. Thread on why. translate.googleusercontent.com/translate_c?ac…
2/ By advocating for liberalization of zoning using historical racism as a reason, you are essentially trying to position it as a form of reconciliation. But is it actually reconciliation?
3/ 1st Q on whether this is reconciliation: Who's going to benefit most from this & how? Is it folks who're historically discriminated against? Will the result be more equitable? Is there fair redress/actions involved that affected ppl recognize or has agreed on? No in this case.
Read 13 tweets
That you regard any affordability solution that is not related to supply as a mystery is kinda telling
What else can be done ‘except zoning reform’? Really? Fine. These are not my recommendations but here’s a list of possibilities 1. You could crack down harder on foreign money. Crank the FBT to 30%, 50%, 100% whatever
2. Or you could just ban foreign buying completely
Read 14 tweets

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