“You Have No Idea How Angry I Am” – “A generation of people has been screwed. It’s so obvious. Everyone I work with is so angry. A select group of people have profited from this”; “I am very angry at the system.”

“A Vancouver accountant told The Globe that she and her colleagues see questionable real-estate transactions all the time, which they believe have contributed to skyrocketing prices. “This has become a huge mess. You have no idea how angry I am,” says Corina Ciortan. “A generation of people has been screwed. It’s so obvious. Everyone I work with is so angry because there is a select group of people who have profited from this.”

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One of the Vancouver homes Mr. Gu flipped sat vacant for three years, in a city where many people can’t find a place to live.

Ottawa says it is studying the issue, and B.C. has brought in a tax on foreigners who buy residential real estate in Vancouver. But those who see firsthand how real estate is traded like stocks and bonds say this isn’t nearly enough. “We have governments that are not doing their job,” argues Mr. Lazos, who acquired his inside knowledge while working for Jun Gang Gu, also known as Kenny Gu, a former civil servant originally from Nanjing, near Shanghai.
Mr. Gu came to Canada in 2009 under Ottawa’s now-defunct immigrant-investor program, which gave permanent residency to applicants who agreed to lend a significant amount of money to the federal government. He started out here as a developer, but the documents show that his business evolved to buying homes – using other people’s money– and then flipping them. His deals are financed with investor money from China and mortgages issued to those investors by Canadian banks.


In addition to holes in the tax system, speculators like Mr. Gu also rely heavily on Canadian financial institutions to give their clients multimillion-dollar loans. “They are using this money temporarily – to make more money – instead of using their own money,” Mr. Lazos says. “Then prices go up. We are making the bank richer and the Canadians poorer.”

Mr. Lazos says that his whistle-blowing will be worth it only if it jolts Ottawa and B.C. into action. And his reasons, at least in part, lie close to home: “I hate the fact that for my daughter and my grandchildren, there is no way they can own a house in this city.”

– from ‘Out of the Shadows’, Kathy Tomlinson, G&M, 10 Sep 2016

18 responses to ““You Have No Idea How Angry I Am” – “A generation of people has been screwed. It’s so obvious. Everyone I work with is so angry. A select group of people have profited from this”; “I am very angry at the system.”

  1. Many Youtube videos talk about the world economy topic of how the global banking elites like the Rothschilds, Morgans, Rockefellers, and all the other levels of elites control the national central banks behind the scenes, or have family members join governments along with their friends. They manipulate and control the banking of wars, monetary policies, and economy. They pump and dump the housing bubble, medical bubble, education bubble, and every other bubble like a ponzie scheme. The people at the head of the line get all the goods and the ones at the end of the line get screwed and holding the bill. The world elite bankers pull the government strings and make money out of thin air with manipulating economic activity.

  2. “I hate the fact that for my daughter and my grandchildren, there is no way they can own a house in this city.”

    And, of course, everyone else who wants to live and contribute to the city. Not just your particular offspring. I assume.

    • Yvrhousing. I hope the bank bails in your savings after the Chinese sell their Vancouver property. Canada head taxed our ancestors and they tax our people again in the form of a 15 percent tax. I hope karma bites you white people in when we Chinese get our money out in time. When banks bail in the money, you guys will pay for our people’s gain.

      • That be racist, that be. There are many ways to read comments, not just the way you read mine.

      • What is there to be angry about? Why is it a problem if a million Chinese were to buy real estate in Abbotsford? Canada is not a place for Xenophobic attitudes to be fostered. We should freely be open to the world to buy and price control is just bad sportsmanship. Accept the market forces that will make Vancouver the new Monaco. There should not be some economic zones that foreigners could buy or the restriction on allowing foreigners to rent like they do in many Asian countries.

  3. Gu is just “one drop in the ocean”.
    I had posted in the past a few examples of “Canadian citizens/PRs” now languishing in Chinese jails, because they misappropriated hundreds of millions from Chinese investors. Unless a “Mr Lazos” appears to expose them,, we shall never know if these money are parked in Canadian real estate markets.

    I can accept that we do not have smart people going into politics, bur CRA definitely has a message for you little people out there. So listen up, and act wisely if not accordingly. 😛

    • The only way is to take it into the street through peaceful demonstration. Chinese and other immigrants are not the problem, they are just the escape goats of the corrupt system. People!! get up (instead of just writing angry comments that only few people read) and write to your government and demand an action. We pay these idiots (politicians) we have to demand that they work for us. Lets organize and stand for our rights or else we will be soon living in the boonies.

      • The entire world economy is corrupt for the benefit of the top elite few. Youtube has many videos on the manipulation of the “pump and dump” system. The national central banks secretly controlled by the banking elites, keep interest low to reel in as many fishes as possible and then raise the interest rates and other costs to destroy the market to crash prices to the bottom and buy it all back at cheap prices to then sell again at high prices on the rise. You the cows will alternate between being milked and then drained again and again.

    • Dan, another pictograph for your collection. Have a nice day.

    • Greed has the same face. They all are “fù dào liú yóu” 富到流油
      Liberal translation means “rich till oozing lard”.

  4. 4428 Slocan: the Ugly. A porno flick of a house with cars at the front and Skytrain penetrating from the rear. A repellent house in a repellent location – not coveted. The antithesis of staged – fascinating to see the chaos inside – a mess.

    It’s still $518K over last assessed. Its redeeming feature is the zoning. Spend a decade or two or three getting together with your neighbours and sell it on.

    The pipsqueak property just north of it at 4410 Slocan is one of a kind – almost hovering over the Skytrain track – a vestige of a lot – only 1,646 sq/ft. Last assessed at $528K, this neighbour could make out like a bandit with redevelopment.

  5. 3016 Rupert: a horrendous location – a 24/7 bone-rattling cacophony – nice view out the back though.

    Love the “Cantina” part – owners are obviously Italian.

    Listed at $680K over last assessed for this staged hell on a hill. $1.75M for this? No worries about foreign money bidding up this trophy.

  6. 3568 Falaise – most apropos descriptive: “contempt design”. At $3M – almost double last assessed – a Hannibal Lecter price.

  7. Sydney’s penthouse bought 18 months ago for A$10.5 million is now asking for A$13 million.
    http://tinyurl.com/jvc5233

  8. Don’t just fume about it. Contact your MP, MLA, PM and let them know exactly how you feel about this. Don’t waste a minute, do it now.

  9. It’s not crashing

  10. 阿伯茨福德市现在是房地产的热点,它对外国买家无需15%转移税,请联系专攻该市资深房地产经纪,电话6043001788
    NO 15% TAX IN ABBOTSFORD FOR FOREIGN BUYERS

    Abbotsford is one of the fastest growing city in Canada in Fraser valley region of British Columbia about 50 km from Vancouver with approx 133,000 people as of 2011 census. Abbotsford city comprises majority of English population of 86,660 about 65% followed by Punjabi 24,660 about 18.71% and various other mixed ethnicities.

    Abbotsford connects well with Vancouver via road and through railway from city of Mission 15 mins drive from Abbotsford. Rail called West coast express connects to Vancouver. About 62% people living here work here. Most of the remaining 38% commute to Mission, Chilliwack or Vancouver and its suburbs Surrey and Langley. More than 25% of Abbotsford’s workforce commutes to Abbotsford from other municipalities.

    Abbotsford has about 95 churches, 3 Sikh temples and a Hindu temple. Abbotsford has the oldest Gurudwara built in 1911 in north America and now it’s a national historic site aged over 100 years old.

    Abbotsford is big on agriculture, surrounded by berry farms and one of the major employer here. Abbotsford supplies blueberry, strawberry and raspberry all over the world. There are few lumber mills, manufacturing accommodate large population for employment.
    The city has international airport with easy check-ins, short lineups and affordable parking. There are flights going to all over Canada from Abbotsford international airport. The city has impressive sports facilities 4 huge ice rinks with phenomenal sports grounds with skateboard rinks.

    There are 46 modern well equipped schools with high education standards with diverse educational programs. Good transportation facilities available for students. Abbotsford has a university offer many courses from bachelor to master’s degree programs and lot of trade programs. Ufv is one of the preferred university by international students.

    Abbotsford has three major zones East Abbotsford, West Abbotsford and Central Abbotsford.
    Central Abbotsford comprises mix type of accommodation with lot of condos and apartments with lot of single-family homes. There are churches, schools, Sevenoak mall and a beautiful Mill lake park with paved trail goes around two kilometers in the center of town.

    The town is next to US border called Sumas-Huntingdon border. You can see mount baker which is 47 km from Abbotsford in US. Mt baker is an active volcano and a famous ski resort. People around the world visit Mt baker for skiing and other sports activities.

    • What is there to be angry about? Why is it a problem if a million Chinese were to buy real estate in Abbotsford? Canada is not a place for Xenophobic attitudes to be fostered. We should freely be open to the world to buy and price control is just bad sportsmanship. Accept the market forces that will make Vancouver the new Monaco. There should not be some economic zones that foreigners could buy or the restriction on allowing foreigners to rent like they do in many Asian countries.

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