Seize assets. Prosecute. Pay whistleblowers.


Those are just a few recommendations Marc Cohodes has to save Vancouver’s economy.

Cohodes is a high profile short-seller and fraud-hunter who earned his reputation finding hidden problems and inflated profits on Wall Street.

Lately, though, he’s turned his attention to B.C.

Cohodes admits he’s friends with B.C. Attorney General David Eby, who last September hired former deputy commissioner of the RCMP Peter German to conduct an investigation into the province’s money laundering problem.

Reports of criminal activity started surfacing a decade ago.

 

While this week’s report by the B.C. government – bluntly titled Dirty Money — links money laundering to B.C.’s opioid overdose and real estate crises, it doesn’t explain why the previous government, under BC Liberal leader Christy Clark, wasn’t able to stop it.

“I think [Eby] should prosecute and investigative people who fueled this, people who profited from it on the backs of hardworking B.C.-ers,” he said.

 

But Cohodes goes even further with a proposed fix:

“I think the B.C. government needs to seize assets, sell the assets at an auction, split half the money with the Chinese government, split half the money with B.C. and give the whistleblower or finder, say, 10 per cent.”

 

“You have to do drastic things and drastic measures need to be taken so asset seizure is one place to really start.”

Cohodes takes issue with the finding in Dirty Money that only $100 million has been illegally funneled through B.C. casinos.

“The numbers in my mind are in the tens of billions of dollars and I think the reasons those numbers don’t come out is because the government doesn’t want to scare the hell out of people,” he said.

He’s recommended to Eby that authorities reward whistleblowers who tip off the government to drug trades or luxury home and car ownership.

While he says the problem can be fixed, it won’t stop Vancouver’s real estate bubble from bursting. In his view, the market is already essentially frozen.

“The sooner it resets and resets severely, where hard working B.C.-ers who are born here and want to live here, want to own a place, the better everyone is,” Cohodes says.

“Real estate collapsing is a long term plus, but short term it’s gonna be a b****.”

His final recommendation is that people stand behind Eby to brace the blow.

The attorney general, he believes, is a shining example of what needs to be done to crack down on money laundering.

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It is an onerous task to move after being in one home for decades. What to keep and move to the next place? What to throw out? What to beg the kids to finally take to their own place?!

 

Sometimes you need guidance - ideas or even some muscle! There are many companies to help you do either or both.

I will be posting a series of short videos with my friend Linda Chu of OUT OF CHAOS, who has been helping people in the Vancouver area for over 15 years.

 

I have been helping my Buyers and Sellers, on a smaller scale as well. It is a big moment in life - to change homes, to change neighbourhoods!

 

It is good to get all the help you can.

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B.C. one of only three regions expecting price declines, finds nationwide survey of recreation specialist realtors.

Although the average price of a recreational property in Canada is expected to increase 5.8 per cent this year, the same can’t be said of B.C. vacation homes, which are forecast to fall in price by nearly three per cent.

Learn more...

 

 

http://www.vancourier.com/real-estate/speculation-tax-reducing-price-of-b-c-s-recreational-homes-survey-1.23326699

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Residential sales forecast to slow further this year but recover next year.

Home sales across Greater Vancouver may be soft so far this year compared with the past couple of years, but that won’t be enough to bring average prices down, according to a forecast by the British Columbia Real Estate Association (BCREA).

Read on...

 

http://www.vancourier.com/real-estate/greater-vancouver-home-prices-predicted-to-keep-climbing-at-slower-rate-1.23322169
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The majority of homes with an Empty Homes Tax exemption declared were due to the property changing hands or to redevelopment or renovation, according to a press release issued by the City of Vancouver May 25.


 

“Of the 5,200 properties declared exempt from the tax, the majority of those in Downtown Vancouver and the neighbourhoods surrounding False Creek — Kitsilano, Fairview, Mount Pleasant, Strathcona and Grandview-Woodland — claimed an exemption due to transfer of the property during the year,” the release states.

 

 
Learn more...

 


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The City of Vancouver has proposed new policy aiming to limit land speculation along the Broadway Corridor. 

The new policy, called the Development Contribution Expectation (DCE), will require developers to plan projects that will support public amenities and affordable rental housing. The area has become subject to white-hot demand from developers since TransLink announced it would be extending the Millennium Line to Arbutus Street along Broadway. 


Read more...


http://www.vancourier.com/real-estate/city-of-vancouver-aims-to-curb-land-speculation-along-broadway-corridor-1.23314576

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Thinking of renting that basement suite? Tips for first-time landlords


"It is a great way to get on the property ladder and live in an area you want but can't otherwise afford, but it comes with a cost," he says. "If you don't do it right, it can drive you crazy, both financially and psychologically."


Read what one couple learned.....


https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/thinking-of-renting-that-basement-suite-tips-for-first-time-landlords/article4374210/

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The Metro Vancouver housing market saw fewer home buyers and more home sellers in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.


Read on...


https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-April-2018.pdf

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Developers incentivised to build more rental buildings with cities offering extra density, fee waivers or relaxed parking requirements, that several municipalities have started to offer to developers who build rental.


LEARN MORE...

 


https://www.thestar.com/vancouver/2018/04/25/vancouver-developers-turn-to-rental-as-home-ownership-climbs-out-of-reach-for-many.html

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My happy Buyers purchased 1098 West 24th, North Vancouver.


Amazing starter home or renovation project located right in the heart of the amazing neighborhood of Pemberton Heights! This 2 level, 4 bedroom, 2 bathroom, 2300 s/f home has been extremely well maintained and cared for over the years. Beautiful Custom Kitchen completed last year w/ all S/S appliances. The lower floor (daylight basement) is designed as either a 2 bedroom basement suite or could be also used as additional bedrooms and entertaining space. Enjoy this stunning private patio setting right off the lower level. 50 feet from Sowden Park, 4 blocks to Capilano Elementary (IB) and Daycare/preschool within the neighborhood. A must see home to be able to call Pemberton Heights home.

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A mixed-use, 11-storey tower is proposed for the current site of a Shell gas station at West Broadway and Arbutus in Kitsilano. If it goes ahead, it would see the closure of yet another gas station in a city where places to fill up are increasingly few and far between.

Bastion Developments has not yet submitted a rezoning or development application to the City of Vancouver, but a post on its website offers some details and a rendering of the proposed 88,391-square-foot concrete building, called “Cassis.”

READ ON.....

 

 

 

 

http://www.vancourier.com/real-estate/proposed-kits-tower-would-see-end-of-another-vancouver-gas-station-1.23272337

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Michael Geller, a contributor to the Vancouver Courier re: real estate/housing issues, always has a clear and calm view of the situation.

Six False Creek affordable housing lots still empty after three decades: Vancouver Sun front page story March 10, 2018

      
While I didn't write this story, I feel partially responsible for it.
     During the recent debate about the forthcoming North-east False Creek development, much was made of the city's promise to include significant affordable housing. This prompted me to comment that this was a noble goal, but before getting too excited about these units, what about the 6 empty social housing parcels lying fallow along the North Shore of False Creek?
     I knew about these parcels because I was given a tour of them by Concord Pacific during the 2008 municipal election. Furthermore, I was involved as an expert witness in a lawsuit over them a few years ago. Following my comments, Lori Cuthbert contacted me. I happily put her in touch with Cameron Gray, who was the City's Housing Director, and while not directly involved in the acquisition of these sites, knew why they remained undeveloped.
     I told Lori that I thought it was outrageous that these sites remained undeveloped, not as a criticism of Concord Pacific, but rather of the city, province and feds who could have come up with a strategy to see these parcels developed with affordable housing, even in the absence of deep government subsidies. Enough said.

     http://vancouversun.com/news/local-news/three-decades-ago-six-big-lots-in-vancouvers-trendy-false-creek-were-reserved-for-affordable-housing-they-remain-empty-today-will-these-600-homes-for-families-and-seniors-finally-be-built