Dominic Darmanin

Cell: 604-788-1476 |



Let's start with the Don'ts:

-Don't over think it: There's lots of work involved in downsizing. Getting rid of years of “stuff” you've accumulated, selling and buying, moving, making new friends in a new neighbourhood, adapting to a smaller house, a townhouse or a condo in the sky ~ all this takes time, but you will get through it all.

-Don't take it personally: This can be a difficult “don't” to deal with. You may have spent decades in a n...

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On May 27th of this year I wrote about Shadow Banking and the possible implications to the Vancouver and Canadian real estate market in general. On June 17, 2017 Sam Cooper of the Vancouver Sun wrote wrote a more in-depth exposé (well worth reading in full).


To refresh, shadow lenders include “include mortgage investment corporations, hedge funds and private lenders such as realtors, crowdfunding companies, real estate lawyers and mortgage brokers.” These are non-banking...

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Bare Trusts – cont...

2nd Instalment:

Tax Treatment of Bare Trusts

A bare trust is generally disregarded for the purposes of the Act.  This treatment allows title to be transferred in certain situations without triggering a taxable event.  However, a taxable event can arise when beneficial ownership of the bare trust property changes, even if there is no change in legal title.

Subsection 104(1) of the Income Tax Act was amended in 2001 to exclude trusts that may reasonably be considered...

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A Canadian citizen who works full time overseas wants to buy a property in British Columbia but the new foreign buyers tax applies. What options might be available to deal with this tax? This series of articles discusses Bare Trusts and how they may help.

1st Instalment:

Bare Trusts What Are They and How Are They Used?

Arrangements involving bare trusts are often used in a number of different commercial transactions.  This article explains what a bare trust is and lists its common uses....

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Interest Rates and Housing ~ You're Not Going To Believe This!

The Bank of Canada (BoC) claims that strong economic indictors necessitate increasing its benchmark interest rate for the first time in seven years. This is to ward of the spectre of inflation which the BoC considers to be one of its top priorities. For the BoC determining what “inflation” is rests on the Consumer Price Index or CPI. But what goes into the CPI isn't necessarily reflective of the actual expenses of Canadians....

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I write a lot about China because our future is inextricably tied to the policy decisions of its government and the investment decisions of its citizens. Kenneth Rogoff is an economics professor at Harvard and had previously been the chief economist and research director at the International Monetary Fund from 2001-2003; he stated that he could see China exporting a recession to every other country with its soaring debt. Put simply, “China has fueled its explosive growth via a massive credit...

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Compared to many other major cities in the world the Vancouver downtown condo market is still relatively affordable. According to a study by the National Bank, the price-to-income ratio of condos in Vancouver compared to 17 other major cities world wide ranks us 14th in terms of affordability.

National Bank studied the average prices of 90-square-metre (970-square-foot) condos in 18 large markets worldwide, as well as the average family income in these cities, to demonstrate relative affordability....

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The Tangled Web The Chinese Are Weaving:


This week I was going to write about the Toronto housing market where the average price of homes has fallen 12% from its peak since the introduction of the 15% foreign buyers tax. We saw a similar reaction in the Vancouver housing market back in August of last year. However, the gyrations of the housing market in Vancouver and Toronto in particular, are to a significant extent, merely a reaction to the financial machinations of the Chinese government...

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“Ghost Collateral” ~ Pretty Spooky Stuff!

Here's another contrived financial illusion out of China that can best be described as nothing more than a massive Ponzi scheme. Essentially, multiple prospective borrowers use the same asset as collateral to qualify for a bank loan and when that asset is physically inspected it simply may not exist at all.


This gets even more complicated because if a banker did go out to inspect a pile of iron or copper that may have been put up as collateral,...

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Government Duplicity ~ Makes Your Head Spin...


This is a follow up to the May 6, 2017 “Duplicity of the B.C. Provincial Government -Anyone Surprised!” Although this “program” has been widely reported by the mass media, the implications and importance hasn't sunk in to the public consciousness yet – maybe it never will! To clarify, by “Provincial Government” I'm not singling out any one particular political party here, they're all the same in my book,...

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Panda Bonds ~ Ever Heard of Them?

It never ceases to amaze me how naive the B.C. Government is or thinks we are. Panda Bonds are issued by the B.C. Government in yuan in mainland China and of course these bonds earn interest to the bond holders. The proceeds from the bond sales are then reinvested in Asian markets at a higher interest rate which generates revenue for B.C. or supposedly you and me. I wonder why the Chinese don't just invest directly into the “Asian markets” to earn the...

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Shadow Banking Implies Ominous Final Outcome


Last we I talked about Liar Loans this week it's Shadow Banking. Both phrases imply seedy and  dubious activities in the financial markets but shadow banking potentially foreshadows financial upheaval on a massive scale. What is “Shadow Banking”?

            “According to the Bank of Canada, Canadian shadow bankers primarily engage in certain types of    ...

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What are liar loans? Basically these are loans given to home buyers, car buyers etc who, in order to qualify for a loan, it's necessary that someone deliberately lie about their income, assets, other outstanding loans, or other qualifying questions on the loan application. So either the lender or the borrow are lying or both.

Here in Canada, we've always thought that this was something that those unscrupulous Americans would do which lead to the the World Financial Crisis in 2008. However, the fact...

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Apparently both the Liberal and NDP parties agree on something; taxes are good! 
Neither party could run a government without the substantial inflow of this 
insidious property transfer tax (PTT) that in Canada only British Columbians pay.

This tax was instigated by Bill Vander Zalm and his Social Credit 
party back in 1987 - thanks a lot Bill. At the time the average Vancouver home cost 
just $150,000. The PTT was changed recently to bring in even more 
revenue to the provincial...

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Duplicity of the B.C. Provincial Government ~ Anyone Surprised!


Quick, fake a gasp.

Why does it seem like the average middle class tax paying citizen always gets shafted by the very governments that promise to offer tax relief to make our lives less burdensome? Articles in the Vancouver Sun highlight the duplicity of government and how they just can't be trusted.


According to the Vancouver Sun:

             “B.C. Liberal...

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BIG Trouble for Canada's Largest Subprime Mortgage Lender

As with most news releases it's hard to know exactly what the truth is. In this case Home Capital Group's stock plummeted 61% after reports that its top former executives failed to satisfy disclosure requirements, made “materially misleading statements” and failed to comply with other securities rules.
(reported by Bloomberg, April 20, 2017). Home Capital Group is the largest lender of subprime mortgages. These are mortgages that...
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In a recent article on ZeroHedge, Tyler Durban wrote and article (Why The Bank Of Canada Should “Cease and Desist”) and posed the question why the Bank of Canada doesn't step in and raise interest rates to cool down the Canadian housing market. After all, historically low interest rates (along with other factors) have certainly contributed greatly to this absurd feeding frenzy on Vancouver and Toronto real estate.

Economists that Mr. Durban cites claim that manipulating interest rates...

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Toronto Home Prices Are Going Insane!


We thought Vancouver homes prices were ridiculous in the first half of 2016, now the average sale price of a Greater Toronto Area home in March was $922,757, up an incredible 33 per cent from that month last year. The greatest appreciation was in East Gwillimbury, where the average price in March surged 69 per cent on a year-over-year basis to $1,125,129.Each of the 25 incorporated municipalities in the Greater Toronto Area saw double-digit annual growth...

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Some Facts About “Principal Residence” designation in Canada


Continuing on from last week's article, here are some principal residence and capital gains rules we all need to be aware of. A principal residence is:


             Generally any residential property owned and occupied by you or your spouse or common-law partner, your former spouse or common- law partner or your child at any time in the year...and it need...

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A B.C. Supreme Court has put Realtors, Notaries and Lawyers on notice to accurately and honestly report clients actual residency status. Foreign buyers have previously stated that they are Canadian residents which allowed them to avoid paying the applicable Capital Gains Tax to Revenue Canada. Apparently this requirement has not been seriously enforced even though the it is a requirement under the Tax Act. Now, with this ruling, Revenue Canada has reclaimed its right to tax non-residents on any profit...

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