India, China trade places and Brazil gains ground as top sources of permanent residents to Metro Vancouver

[CBC - January 11, 2020] Julia Moioli and her husband were in search of adventure, access to nature and a better future when they moved to Metro Vancouver from São Paulo, Brazil, last August. Moioli, 24, says jobs were plentiful in São Paulo, but political turmoil after Brazil's national elections in 2018 left the young couple feeling uneasy. "It's very complicated with politics in Brazil right now and doesn't seem to get any better," said Moioli, who now studies tourism at Capilano University. [...]

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2020 may be the year when the ‘largest, broadest and fastest’ wave of debt crashes over the global economy. You have been warned

[South China Morning Post -December 30, 2019] The World Bank has provided a chilling analysis of the latest tidal wave of borrowing, which had reached US$55 trillion by 2018. Even though interest rates are low now, they provide no sure-fire protection against debt crises. Which will be the biggest international crisis of 2020: a North  Korean  missile  crisis, the re-election of Donald Trump, a post-Brexit slump, a stock market crash or a climate crunch? Any or all of these are possible [...]

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Armed with new data, B.C. set for crackdown on tax evasion in Vancouver property market

[Globe and Mail - December 11, 2019] Government policies aimed at reducing speculation in Vancouver’s property market have worked to curb foreign buying and speculative demand. That was merely part one, says high-profile immigration lawyer and analyst, Richard Kurland, who’s been studying the impact of those policies. “Part 1 was putting the machine together,” Mr. Kurland says. “Part 2 is using the machine to go after tax evaders in the Vancouver property market. At the end of the day, we are [...]

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Dirty money: it’s a Canadian thing

[Macleans - June 12, 2019] Canada’s housing markets are rife with shadowy buyers and greasy cash. B.C. was just the beginning. On paper, Peter Zhang and his wife, Judy Wang, were models for the type of newcomers Canada wanted to attract with its immigrant investor program. Before it was scrapped in 2014, the program’s aim was simple: lure the world’s wealthy to Canada’s shores with the promise of a passport. In return they would bring their business savvy, invest in the [...]

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Canada’s Housing Market Is Breaking Some Alarming Records Right Now

[MSN - March 11, 2019] It's quiet out there. Maybe too quiet. Canada's residential real estate market has slowed considerably over the past year, a fact the industry chalks up to a tough new mortgage stress test and rising interest rates. This is having an impact on the broader economy. Canada's GDP growth slowed to a snail's pace of 0.4 per cent annualized in the fourth quarter of 2018, dragged down in part by falling residential investment, which has slid 7.5 per [...]

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Who owns these multimillion-dollar properties in Vancouver? With this new registry, the public could soon find out

[Star Vancouver - March 10, 2019] VANCOUVER—Perched on the top of a glass tower in Vancouver’s Coal Harbour neighbourhood, the 6,459-square-foot condo is a glittering glass mansion in the sky, featuring two-storey-high windows with stunning views of the North Shore mountains, four bedrooms, three bathrooms, and a walk-in closet as big as some studio apartments. Penthouse 1, at the top of the Fairmont Pacific Rim on Cordova St., is worth $28-million, making it the third most expensive condo in Vancouver. Who [...]

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Canadian borrowers will feel this week’s U.S. interest rate hike

[CBC News - September 24, 2018] The world's biggest central bank is expected to raise rates this week — and then keep raising them. With two eyes on the future, U.S. Federal Reserve chair Jerome Powell is expected to raise interest rates this week — and then keep raising them to keep inflation under control. (Yuri Gripas/Reuters) Markets are so certain that U.S. Federal Reserve chair Jerome Powell will raise rates this week that a failure to hike would likely have worse consequences for [...]

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B.C. casinos claim revenue down because of new anti-money laundering rules

[Source: Vancouver Sun - August 30, 2018] B.C.’s new anti-money laundering rules have negatively affected revenues at the River Rock and Parq casinos. According to financial results released in August, Great Canadian Gaming Corporation saw a fall in B.C. revenues in the first six months of 2018 due in part to declines in money earned at gaming tables at the River Rock Casino in Richmond. The company said that was primarily attributable to a new requirement requiring casinos to complete disclosures [...]

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B.C. the ‘bright light’ for Canada’s economy

[Source: Journal of Commerce, October 20, 2017] Economic indicators are looking good for British Columbia, Canada and the world. At a provincial level, the economy is in great shape, Central 1 deputy chief economist Bryan Yu said at the recent CanaData West conference in Vancouver. "British Columbia is doing phenomenal regarding the economy and the outlook going forward is positive," Yu said. The province's economy is showing strong job growth and consumer demand as well as positive indicators for wages, population and [...]

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Bank of Canada announces rate – March 1, 2017

[Source: Repmag.ca, March 1, 2017] OTTAWA - The Bank of Canada is holding its trend-setting interest rate at 0.5 per cent but it's keeping a watchful eye on "significant uncertainties'' that it warns could alter the economy's improving trajectory. The central bank's scheduled rate announcement Wednesday arrived as Canada tries to assess the direction of U.S. economic policy under President Donald Trump and the potential fallout from any changes he may bring. The bank has said some U.S. proposals, which include tax [...]

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