Alt Left Government Interventionism Crushed The Real Estate Market?
(December 02, 2016
)
Welcome to beautiful December folks but before we all get to the eggnog, mistletoe, skiing, wine, presents, over flowing parking lots, mall crush, visa bills and turkey dinner here is our final real estate report of 2016. Have you been naughty or nice? We have had a great many requests for our resident real estate guru, Mandeep Sendher, to dress up as Santa Claus again this year. It is with great happiness and not a little Ho Ho Ho that we can inform you he will indeed be making the rounds in his favourite outfit!
Our clients and industry partners know all too well that our BCHH real estate group have been both sounding the alarm and working hard to defend our clients and communities against the nearly constant barrage of media, political and special interest group ideologically driven redistribution of wealth here on Canada's west coast and across our truly supernatural province. Vancouver's very own mayor "Moonbeam," federal and provincial governments, news media, NDP, and every manner of alt left special interest group have been attacking not just the hard working real estate industry but also, builders, developers as well as home sellers and buyers across British Columbia and Canada.
The bullseye on our back is getting tiresome. We have called the unfair, unprecedented, draconian government attack on home ownership anti democratic and socialistic by any standard.
Hard-working British Columbians and Canadians striving to own a home are extremely stressed and threatened by misguided and disastrous ultra left wing policies from all three levels of our government.
This year has seen an unprecedented and unwarranted tri-level government attack on the dream of home ownership and Canada’s most diligent and hard-working citizens.
Yet any rational person can see that the only real threat and stress to home buyers is big socialist government itself. It appears we Canadians do indeed have a very short memory.
This year the B.C. government has virtually banned residential assignment sales, slapped a discriminatory tax on foreign buyers and jacked up sales taxes on higher-end homes. The City of Vancouver is moving to ban short-term rentals and joined other municipalities in raising bureaucratic barrricadesto new home construction and renovations. Moonbeam and his merry band want to ban all fossil fuels, tax homeowners and business to death, turn the city into one big drug fuelled, bike lane filled socialist love in at your expense.
As our real estate group forecast, results have been predictable and disastrous for British Columbia’s residential industry, revenue and jobs.
By October, housing sales in Metro Vancouver had plunged 70 per cent from the spring and B.C. housing starts had fallen to a 16-year low. At least 25 per cent of first-time buyers can no longer qualify for a mortgage and home owners have had their equity cut from beneath them. In a nut shell, the media, Moonbeam, NDP and
special interest group's loaded the metaphorical gun, put it to the industry's head - and she pulled the trigger.
It is a credit to home buyers’ resilience – and recognition that owning a home is about the only route to financial security – that national housing sales recently hit a record high despite every government effort to kill them.
We suggest that, instead of undermining the vital housing industry, governments should get out of the way and let Canada’s home buyers and investors make their own decisions on what they want and what they can afford.
The latest – but hardly the last – straw is Prime Minister Trudeau's federal government ludicrous stress test that kicked in this October and literally booted thousands of home buyers off the real estate ladder. A true war against the middle class.
The stress test imagined a set of catastrophic events – ultra high-magnitude earthquake, extreme economic meltdown – to see if Canada Mortgage and Housing Corp.(CMHC), the largest mortgage insurer, could survive them. Alt left politics at play for all to see.
It was not a fanciful exercise for first-time buyers and many others striving to purchase a home. Among other restrictions, the test included the provision that anyone buying with less than a 20 per cent down payment had to qualify at the highest possible mortgage rate, twice as high as what is readily available.
To no surprise, the government found that “CMHC’s capital holdings are sufficient for even the most extreme scenarios.” This is because, even with stagnant income growth, the default rate on high-ratio mortgage loans remains around 0.34 per cent, the best loan risk in the country. If you have never read, Saul Linsky's "Rules for radicals" we suggest doing so. One of it's alt left tenants is, "if there is no economic disaster to enforce big socialist government up the masses - create one." It is plain to see these policies are following that game plane to the T.
The feds toughened mortgage rules even further, including a ban on access to mortgage insurance by residential investors.
Ottawa plans to extend the mortgage stress into 2017. Perhaps they will test effects of an alien invasion or the rise of Godzilla on Vancouver. After-all the far left governments and their partners have already crippled us with
every manner of tax and policy why not pull the trigger on a Canadian wide carbon tax to blow the head off our economies, drive gas prices up by ten cents a litre, dramatically increase all forms of energy through the proverbial roof, food price increases, dramatic inflation increases, a complete lack of ability to compete with our neighbours to the south, drive the loonie into the hyper negative and so forth.
Ottawa plans to extend the mortgage stress into 2017. Perhaps they will test effects of an alien invasion or the rise of Godzilla on Vancouver. After-all the far left governments and their partners have already crippled us with
every manner of tax and policy why not pull the trigger on a Canadian wide carbon tax to blow the head off our economies, drive gas prices up by ten cents a litre, dramatically increase all forms of energy through the proverbial roof, food price increases, dramatic inflation increases, a complete lack of ability to compete with our neighbours to the south, drive the loonie into the hyper negative and so forth.Yet any rational person can see that the only real threat and stress to home buyers is big socialist government itself. It appears we Canadians do indeed have a very short memory.
This year the B.C. government has virtually banned residential assignment sales, slapped a discriminatory tax on foreign buyers and jacked up sales taxes on higher-end homes. The City of Vancouver is moving to ban short-term rentals and joined other municipalities in raising bureaucratic barrricadesto new home construction and renovations. Moonbeam and his merry band want to ban all fossil fuels, tax homeowners and business to death, turn the city into one big drug fuelled, bike lane filled socialist love in at your expense.
As our real estate group forecast, results have been predictable and disastrous for British Columbia’s residential industry, revenue and jobs.
By October, housing sales in Metro Vancouver had plunged 70 per cent from the spring and B.C. housing starts had fallen to a 16-year low. At least 25 per cent of first-time buyers can no longer qualify for a mortgage and home owners have had their equity cut from beneath them. In a nut shell, the media, Moonbeam, NDP and
special interest group's loaded the metaphorical gun, put it to the industry's head - and she pulled the trigger.It is a credit to home buyers’ resilience – and recognition that owning a home is about the only route to financial security – that national housing sales recently hit a record high despite every government effort to kill them.
We suggest that, instead of undermining the vital housing industry, governments should get out of the way and let Canada’s home buyers and investors make their own decisions on what they want and what they can afford.
Ok folks, that is our latest addition of "the truth about real estate," let us know what you think and remember if you or anyone you are considering the purchase or sale of any of our spectacular B.C. real estate don't hesitate to call or email us anytime, 604-767-6736.
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