19 months since the peak of house prices in Vancouver

b5Baxter posted the following comment, an update to prices for the end of November 2013:

REBGV stats are out.
We are now into month 19 since real estate peaked in Vancouver.

We are down 3.54% in nominal terms since the peak and 5.83% in real (inflation adjusted) terms.

If you bought a house in Vancouver in November 2009 (4 years ago) you would have been better off putting your money in savings account (before transaction costs).

In fact if you bought a house back in April 2007 (over 6 years ago) you would have been better off putting your money in a savings account.

So Vancouver Home Prices are basically back where they were in 2007 compared to a savings account.

 

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patriotz
6 years ago

@83:

“London approves a tax on foreign investor ownership.”

London is asking the UK government to impose a tax. They don’t have the power to impose one themselves.

As I pointed out, what they are asking for is that the foreign investors pay the same taxes as local investors.

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tedeastside
tedeastside
6 years ago

New York City is 20 million people, Vancouver is 2 million people… but realtors talk like vancouver’s population will exceed NY’s in 10 years, so you gotta buy now

RealityCheck
RealityCheck
6 years ago

Dunbar:

The language in fantasy land will be Mandarin. Even the UK leader says so!

http://mobile.bloomberg.com/news/2013-12-05/cameron-tells-british-children-to-learn-mandarin-not-french.html

RealityCheck
RealityCheck
6 years ago

Son of Ponzi:

Nice article! However, there is a corr of GT followers here who would jump into a volcano if the cult leader said so.

Meanwhile the cult leader has many HAM as clients. See the connection ?

Its hilarious that some people still believe locals with 75K incomes are buying million dollar condos with the help of CMHC.

They should teach more math at school rather than grammar. In believable. !

yvr2zrh
6 years ago

#70 – – Regarding the withholding of tax on rent to non-resident landlord. As someone who has been the non-resident on several occasions – I can confirm with you that this tax is definitely withheld and as a tenant – You need to ensure you know if your landlord is a non-resident. I am not certain but I expect that a tenant that fails to withhold the tax on the payment to non-resident is liable for the tax in the event the landlord does not pay the tax – – – so – – watch out for this. On the London capital gains tax – I was shocked to hear that foreigners are exempt from UK Capital gains tax on real estate. Really this has to be changed and if Canada did not tax it – we would have even… Read more »

Aggregator
Aggregator
6 years ago

@Son of Ponzi

Ya 80% sold out to presale realtors and brokers who are now trying to flip units to the public. It's the same ol' marketing scheme used again and again.

In other news: Landcor GV Q3 data is in. (actual title transactions)

Q3 sales 13,187 vs 10,428 in 2012, an increase of 26.4% y/y.
2013 YTD sales 30,986 vs 2012 YTD 32,080, down 3.4% (as of Q3)

Q3 dollar volume $33.85B vs $7.09B, an increase of 33.8% y/y.
2013 YTD dollar volume $21.73B vs 2012 YTD dollar volume $22.05, down 1.45%. (as of Q3)

Charts:

Detached Median Price

Condo Median Price

Attached Median Price

Son of Ponzi
Son of Ponzi
6 years ago

River Green.
80% sold out.
All of them locals, I’m sure

http://www.richmondreview.com/business/234497791.html

Kurdt
Kurdt
6 years ago

London approves a tax on foreign investor ownership.

http://www.businessweek.com/news/2013-12-04/london-assembly-votes-in-favor-of-foreign-property-investor-tax

Maybe we too should be taking a page out of the mother country’s book!

Son of Ponzi
Son of Ponzi
6 years ago

To those people who still think that locals making 52 k are driving RE in Vancouver:

http://www.richmond-news.com/jaw-dropping-luxury-for-gob-smacking-price-1.719950

bestplaceonearth
bestplaceonearth
6 years ago

b5renter,
it’s ok to rent – dont have to use stupid number to justify your losing position.

VMD,
will your parents invite you to their place this x’mas? they must be angry for listening to their daughter, sold the place, and become renters. are you still using charts to convince them? do something else more constructive, like VREAA, she quit her blog!

rest of the bears, are we crashed yet !

Dunbar
Dunbar
6 years ago

…..If Lower mainland does become 10, 15, 20 million people,
I guarantee you that English will not be the official language here…..

What is the official language in fantasy land?

RealityCheck
RealityCheck
6 years ago

#51 Son Of Ponzi,

If Lower mainland does become 10, 15, 20 million people,
I guarantee you that English will not be the official language here.

Son of Ponzi
Son of Ponzi
6 years ago

Anyone know of a blog/website that tracks new buildings that are kept empty?

RealityCheck
RealityCheck
6 years ago

#64 Softy

We have a high rate of immigration because

1) Corps control Gov policy

2) The masses are too dumb to realize #1

Son of Ponzi
Son of Ponzi
6 years ago

Camcelled//Expired: 54

paulb
6 years ago

New Listings 117
Price Changes 60
Sold Listings 129
TI:14351

http://www.paulboenisch.com

Son of Ponzi
Son of Ponzi
6 years ago

#69
you ever dealt with Asian business man?

Dunbar
Dunbar
6 years ago

I thought under Canadian law a contract isn’t enforceable unless there’s a exchange of something (goods or services). If the Realtard really didn’t provide anything, is the contract enforceable?

Dunbar
Dunbar
6 years ago

It’s a bit of a conundrum, isn’t it? If suburbanites had to pay the full cost of their roads, they’d have to move even further out so that they’d have to drive even more (and have to pay even more for roads), etc. etc. etc. It’s clear building the roads, no matter who pays for them, is not the answer. The answer is better transit and let the people who use it pay for it – because it’ll still be cheaper than building all those roads. The trouble with improving transit is that the people using it all think somebody else should be paying for it.

Son of Ponzi
Son of Ponzi
6 years ago

# 69.
many investors keep them empty, and then live there for 6 months.
Or pretend to live there, and then sell.

Johnny-boy
Johnny-boy
6 years ago

patriotz- do you really think anyone pays it?

Also off-shore landlords or their agents are liable for taxes on the rental income and if the don’t submit a tax return, the agent is supposed to send in 20% of the rent to the CRA. However the CRA probably never enforce sit and no one ever pays it

patriotz
6 years ago

@66:

Note what they are talking about is not a penalty tax, but the same tax that domestic investors pay. Right now foreign investors in the UK don’t pay any capital gains tax at all.

Foreign investors in Canadian RE are liable for capitals gains tax.

Blah!
Blah!
6 years ago

@#67 Not earning six figures and yet you dream of owning a home?! In Vancouver!

You silly person you!

Many Franks
6 years ago

@space889: That wasn’t me who suggested you couldn’t have kids or own a vehicle unless you moved to the ‘burbs; I’m in Vancouver and have both. And I do OK but I’m not earning 6 digits like many of my anonymous and obscenely wealthy brethren, either.