Cash grab culprits

It's not the foreign investors who are driving up real estate prices - it's the realtors and they're laughing all the way to the bank.

10 Comments

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You're misinformed

Jul 26, 2016 at 12:38am

I'd like you to explain exactly how realtors drive up prices. There's so much misinformation going around by people who know absolutely nothing about the industry.

Realtors are the problem

Jul 26, 2016 at 12:38am

Watched a realtor tell a bald-faced lie to a prospective buyer just last weekend in an attempt to drive up the price on a property. And the listing for the property is full of lies. Unbelievable. I've considered filing a complaint with the RE Board but I'm sure they'd do nothing.

asdfghjk

Jul 26, 2016 at 1:55am

Can't sell if no one will buy, and it's the sellers who are really laughing all the way to the bank.

Follow the Money

Jul 26, 2016 at 3:20am

Yes I think you are correct - they can bribe the politicians directly with Canadian cash, no laundering needed.

Don't forget

Jul 26, 2016 at 6:52am

The greedy WHITE baby boomers who COULD have sold their homes to locals for a fair market price but instead chased out and fucked over everybody in the process.

Two sides in this dance folks...

Greed

Jul 26, 2016 at 8:16am

Fundamental reason for this. At this late in the end game people still want to believe that they matter more than the environment or their fellow human. Good luck kids the past generations are a bunch of bastards.

ugh

Jul 26, 2016 at 9:23am

It's amazing how simple minded some people are. The realtors have zero to do with the prices in the market. They have absolutely no influence on what the market is willing to pay .

IMO doing anything to stop the market from following its natural corse is a major mistake. Id go as far as saying that if the market softens and the values drop those that own just paid a "tax" in the form of losing equity in their home in order to subsidize new home buyers, or people who have no business/right of owning in the first place.

@You're misinformed

Jul 26, 2016 at 10:04am

>I'd like you to explain exactly how realtors drive up prices.

* Failure to file FINTRAC reports, allowing money laundering
* Failure to police corrupt realtors by the real estate association (busted)
* Assignment flipping
* Listing directly in China
* Generally turning a blind eye to money laundering methods, even when obvious
* Participating in sales with no inspection or conditions, where it isn't a teardown (unethical)
* Encouraging people to stretch their finances to unmanageable levels of debt
* Downplaying the risks of the current market to new buyers
* Fake "Investors from China" at condo openings (busted) and in helicopter rides over whiterock (busted). In both cases, they were local employees of real estate firms posing as Chinese investors. The purpose being to created anxiety about "missing out".
* Generally promoting fear, anxiety, and ethnic tension as a way to heat up the market.
* Fake lineups at condo pre-sale openings
* Lobbying local and provincial government to promote local real estate on an international stage
* Lobbying local and prov government to provide "homeowners grants" are really just a direct subsidy to the RE industy
* Participating in schemes to avoid taxes such as GST and transfer tax, via shell companies
* Personally participating in speculation (nearly universal)
* Double-ending, where they act as the buyer and seller
* Paying Cameron Muir's salary.

@You're misinformed

Jul 26, 2016 at 11:58am

Missed
* Lobbying government to provide the "first time home buyer's program", another direct subsidy to the real estate and development industry

?

Jul 26, 2016 at 3:16pm

Both groups are equally guilty. And of course the government which just couldn't resist that money either.

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