B.C. Budget aims to fix real estate woes

There’s a new budget in BC and it includes some changes aimed at the real estate market.

For the first time the government has decided to start collecting data on foreign buyers and are offering a break on property transfer taxes for new construction under $750k.

The changes will see buyers save up to $13,000 from B.C.’s property transfer tax if they purchase a newly built home, condo or townhouse valued under $750,000, as long as they are Canadian residents who live in the home for at least a year. The tax break starts today.

It’s designed to boost the supply of new home construction and give people a helping hand to enter the market, said Finance Minister Mike de Jong. But it won’t cool the market enough for those who say they can’t afford to live in the Lower Mainland.

“If by cool you mean actually reduce the value of people’s major asset, their home, clearly we were not interested in taking that step,” said de Jong.

The tax break will be offset by a one-per-cent increase to the property transfer tax, to three per cent, on luxury homes that sell for more than $2 million.

Critics say the budget amounts to half-measures from a government that’s stuck between not wanting to intervene directly in the housing market and needing to look responsive to public frustration.

Read the full article over at the Vancouver Sun.

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ChinaOne Swallows Dicks
Guest
ChinaOne Swallows Dicks

Wow, the recent spike in turd posts is surely indicative of something (aside from a shortage of ridlin)

trackback

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ChinaOne
Guest
ChinaOne

Why u mad at ChinaOne? I no joker. I speak truth. My cousin speak truth too.

Here example Canada man. Your news people ban all coverage of migrant crisis in europeland. You get that news. Today EU ship save 900 migrant from drowning. I see on China sites. You use Twitter.

I go now. Call my Dad it’s morning in Shanhai. I think you guy joker. I have lots of money. My cosin in have lots of money. What have you?

poopy
Guest
poopy

Powerful Political Forces are Aligning Behind Minimum Income

http://nerdinvest.blogspot.ca/2016/02/powerful-political-forces-are-aligning.html

FEDup
Guest
FEDup

Was in Nordstrom today mid day. Empty. Stick a fork in this already.

Shut It Down Already
Guest
Shut It Down Already

Everybody does their shopping on a Thursday morning.

FEDup
Guest
FEDup

Who said morning ?

Shut It Down Already
Guest
Shut It Down Already

You did. They’d have to go shopping in the morning to be there at midday.

Whistler or bust?
Guest
Whistler or bust?

Sorry Pope. I’m outta here. Its been nice knowing everyone but this blog is toast. Yet another thing HAM has ruined. I’ll check back in a few months.

Diadora
Guest
Diadora

Its sad that there are too many jokers like ChinaOne that flood this site with BS to mess up the real discussion about Real Estates in Vancouver. I am not surprise if these jokers are Real Estate agents trying to mess up this site. Please ban ChinaOne and others similar jokers to keep this site respectable.

paulb
Member

New
203
Sold
135
TI:8196

http://www.paulboenisch.com

@space
Guest
@space

Bullshit.

Foreign nannies are to get your relatives into Canada. But in sure you already knew that.

Just like TFW are for labour shortages.

space889
Member
space889

Really??? A lot of Philippine nannies are hired by their local relatives?? Seriously?? I’ve only seen Philippine nannies hired by local Caucasians.

space889
Member
space889

Why is Yunak on the list as well?

Shut It Down Already
Guest
Shut It Down Already

What list is that then?

space889
Member
space889

The IP Ban vote.

Shut It Down Already
Guest
Shut It Down Already

Oh, I see it now. The mobile site is completely broken again. Not only does it not let you switch back to the desktop version but therre’s a stupid ad towards the bottom which expands to cover the entire screen.

Shut It Down Already
Guest
Shut It Down Already

And now there’s a massive “Add Comment” speech bubble, too.

ChinaOne
Guest
ChinaOne

We like trudeua too. He not cancel TFW program. We like bringing nannies and other people here. Sorry ur wage go down. But we get rent money so to bad.

space889
Member
space889

Foreign nannies are still mostly for the benefits of locals well off families since they can’t afford a local born nanny who’s willing to work 27/6 or 7 with no OT pay and takes crap.

ChinaOne
Guest
ChinaOne

You gov is making you guy dumb. my couzin build new home point grey. My couzin dad in Shenzen pay money to Indian builder here. builder want money sent from China to India only. Builder say Canada is for sucker. Builder live Canada but big bank account India. My cousin dad happy he got money out and builder happy too. What problem?

Lurker
Guest
Lurker

Then how does the Indian builder buy materials here dummy?

Shut It Down Already
Guest
Shut It Down Already

The impressions are getting worse. Time to find a new fake persona?

Vanco
Guest
Vanco

There is subsized housing for low income. Oh, your income is too high. How about condoes? Burnaby, coquitlam? No, because you have a right to a SFH because you were raised here? But so do other 1 million born here. Oh you are special because you post on VCI?

Best place on meth
Member
Best place on meth

“because you have a right to a SFH because you were raised here”

Nobody ever said that, except you. Over and over and over.

I can’t believe you’re not on the list.

space889
Member
space889

Uhm…weren’t you one of the big complainers about locals born here can’t afford to buy a house here?? And calling politicians as sell out traitor scums for failing to ensure you can buy a SFH, in Van West no less?

Best place on meth
Member
Best place on meth

Correction, you’ve been added.

bestplaceonearth
Guest
bestplaceonearth

they belongs to a big union. they are entitled to everything! the saving of PTT isn’t pleased them either. Let make it free housing for all VCI posters.

space889
Member
space889

We only get one choice?

ChinaOne
Guest
ChinaOne

My parent come back from Shanghai for 6 months in March. They get medicine and healthcare. Then we go shopping and eat at reataurant. Buy new car and buy 2 more house.

We like import export and union pay. We like Christy Clark and we like Garth Turner.

One day we have Mandarin as main language in Vancouva. I hope I hope Then my parent stay here longer than 6 months.

We need lower pay for worker. We looking for blonde white fork to work in home to wash dish and my car clean bathroom and polish my shoe.

elvince
Guest
elvince

“We looking for blonde white fork to work in home to wash dish and my car clean bathroom and polish my shoe”

Well, she isn’t blonde, but Miss Clark should be available soon enough.

patriotz
Member

http://www.pressreader.com/canada/the-globe-and-mail-metro-ontario-edition/20160218/281552289920262/TextView

“but a bursting of the housing bubble would change (BC’s) economic fortunes pretty quickly “

No Money Down
Member
No Money Down

Can’t happen here…can it?

Hong Kong Property Slump Worries Investors

“Hong Kong home sales slumped to the lowest in at least a quarter-century last month, Centaline Property Agency Ltd. estimated, adding to evidence that prices have further to fall.”

“In a city that saw demand propel property prices to a record last year, the estimate that transactions reached a 25 year-low in Hong Kong shows how quickly sentiment has turned.”

September peak to January slump, with prices off by 10%.

http://www.bloomberg.com/news/articles/2016-02-01/hong-kong-property-sentiment-turns-as-sales-slump-to-25-year-low

bullwhip29
Guest
bullwhip29

Simply put, the housing mkt in Cda is “too big to fail”. In Vancouver, where RE is the only game in town, the situation is downright scary. I’m sure measures bordering on the ludicrous, insane and even criminal will be considered to keep the punchbowl topped up for as long as possible (at the expense of future generations)

Hyper-mega-Bull
Member
Hyper-mega-Bull

helicopter printing press is getting traction!

Cash for life: guaranteed annual income gaining steam in Canada

https://ca.news.yahoo.com/blogs/dailybrew/cash-for-life-guaranteed-annual-income-gaining-205504354.html

space889
Member
space889

If they make it $40K per person tax free minimum income then HELLO EARLY RETIREMENT!!

southseacompany
Member
southseacompany

“No “God-given right” to live in Vancouver — says MLA who can’t afford it”, The Hamilton Spectator

http://www.thespec.com/news-story/6310563-no-god-given-right-to-live-in-vancouver-says-mla-who-can-t-afford-it/

“Chilliwack-Hope MLA Laurie Throness says he can’t afford to live in Vancouver on a base salary of $102,878 but “there’s nothing wrong with that.”

Best place on meth
Member
Best place on meth
What he’s saying is that people who have lived their entire lives in Vancouver have no right to continue doing so, but foreigners have the god given right to buy up the entire city and force longtime residents to move far away. This is the mentality of the BC Libs, they’ve sold out future generations in order to protect their boomer brethren. This guy is one sick fuck, and a bible-thumper no less. “Laurie has been involved in helping those who have represented our community in government. He began as Executive Assistant to former local MLA Harvey Schroeder, then Minister of Agriculture and Food in the Social Credit government. In 1994, Laurie accepted a position to work for Reform MP Chuck Strahl through his first term in Ottawa. Laurie then joined the Opposition Leader’s office, providing policy research and advice… Read more »
ostritch
Member
ostritch

It’s not only that they are long-time residents. It’s that they work, pay taxes and actually live here. That’s what’s so odd. Even odder when you think of all the money that’s gone into making this a great live/work city??!

space889
Member
space889

So basically every Canadian citizens have the right to live anywhere they want. But some people have more right than others based on where they were born? So a seller has to sell to a local Vancouverite even if a Burnaby or *gasp* Surrey boy can offer more $$$ for the place?

Royce McCutcheon
Member
Royce McCutcheon

I feel like I am taking crazy pills when I read that nonsense.

I – any of us here – has the right to expect that a government will not execute policies that blatantly favor one group over another, particularly when it comes to what is likely the single-biggest financial asset most will ever hold.

This person – and far too many others – carry themselves as if the market is governed by free market principles. Their arguments only make sense if this is their belief. Yet they ignore the many types of government interference that exist and are designed to drive prices UP.

space889
Member
space889

So, would you be able to afford Vancouver West if it is say $2M instead of $5M? If you can’t at $2M then I don’t really think it matters what the gov’t do regarding foreign money.

Also, gov’t are elected by favoring one group over another. No gov’t will be elected on the platform of treating everyone equal since they will simply piss of everyone.

Royce McCutcheon
Member
Royce McCutcheon
I might still think many are underestimating local drivers of pricing, but having lived on the West side, Richmond, and elsewhere in this region over the past decade, foreign money is not exclusively linked to properties over $2M. Further, if you acknowledge that foreign money contributes to prices to any significant degree, the possibility of knock on effects to prices in other areas are a given. As to your last point, governance that very actively alienates a large group, even as it supports a majority, will have problems. This is particularly true where that alienated group has flexibility, means, and is expected to be of greater importance to the region in the future. I won’t claim to know what/when things will change, but an increasingly bright light is being shone on this situation and it is becoming harder for those… Read more »
ostritch
Member
ostritch

Foreign money loves SFH and condo pre-sales. Land. Land. Land. Or New. New. New.

space889
Member
space889

Under $1M condo / TH are usually bought for investment purposes by foreigners. Given the much bigger market, it’s unlikely to be as great as the $3M+ market which is 80% dominated by Chinese. I bet the local speculators is a much bigger influence in this market than foreign owners.

Frankly, for condos, we aren’t exactly running into any major limits on sky & air, so if foreigners want to pay top $$$ for condos, I say build, build, build and sell it to them. Generate the construction jobs and related jobs, management and maintenance jobs, and top up city coffers while not using services.

Urbain
Member
Urbain

Including the willful blindness to laundered money coming into the market. Sometimes non-interference is in fact interference.

Royce McCutcheon
Member
Royce McCutcheon

Willful blindness might be kind of a charitable description to be honest. Even if loopholes or obvious avenues for abuse were not introduced intentionally, the lack of effort to repair these often longstanding features perhaps speaks to something a bit stronger than blindness/ignorance.

patriotz
Member

Pope, I think the RET moment has arrived. Time to get rid of the images at the very least.

Shut It Down Already
Guest
Shut It Down Already

It arrived a long time ago.

southseacompany
Member
southseacompany

“Fed policymakers discussed changing interest rate path: Minutes”, BNN w. video

http://www.bnn.ca/News/2016/2/17/Fed-policymakers-discussed-changing-interest-rate-path-Minutes.aspx

“Federal Reserve policymakers worried last month that tighter global financial conditions could hit the U.S. economy and considered changing their planned path of interest rate hikes in 2016.”

wwwww
Guest
wwwww

‘Stand Up To China’ campaign pits Vancouver activism against Beijing’s oil ambitions

http://www.scmp.com/comment/blogs/article/1913809/stand-china-campaign-pits-vancouver-activism-against-beijings-oil

BPOE boyfriend
Member
BPOE boyfriend

Wwww= KKK anothed freakin bitter losa

Best place on meth
Member
Best place on meth

“Dogwood was aware of the potential for the “Stand Up To China” campaign to be perceived as racist in tone, Nagata said, and about five people had got in touch to express this concern.”

Well of course, the corrupted, race-baiting traitors in our country are out in full force these days.

They’ll gladly sell us all into slavery for their own monetary gain.

No Money Down
Member
No Money Down

Where are the HAM?

Anecdotal, but three new-build McMansions in my Cambie neighbourhood for sale for a few months. No takers even with a gold-medallion, top 1%, celebrity realtor on the job. Listing just expired.

Just how hard is it to get money out of China?
http://tinyurl.com/hsw9uyx

BPOE boyfriend
Member
BPOE boyfriend

No money down
…about as hard as getting shit out of your ass…wait …I can see its easy

ostritch
Member
ostritch

Locals going on an insane, panic-induced condo/townhouse spending spree IMHO. That includes Chinese and Caucasian locals. Still hot money mixed in there to a lesser degree.

ostritch
Member
ostritch

Apparently money out of China is a bit tricky right now. Could continue. Could let up.

space889
Member
space889

When you got $5M+ budget, maybe you would prefer a customized solution? As opposed to a prebuild one which may not suite to your taste?

bullwhip29
Guest
bullwhip29

It is still cheaper for them to buy some random fixer upper or slightly aged property that isn’t maxed out as far as sqft is concerned and re-build.

dan
Guest
dan
…if by cool you mean actually reduce the value of peoples major asset,their home,clearly were not interested in taking that step,said de Jong……..spoken by the fucking prick that owns 8 properties in the lower mainland!No speculation here! How many other libs? Why the hell do you need that many homes if your not in the game??? Dan
space889
Member
space889

So you are pissed at him for being at least successful enough to get enough mortgage for buy 8 properties?? Seriously?? And this is not simple jealousy or envy?

If you analysis the market wrong and/or didn’t have the willingness to take the risk to invest, how is it the fault of people who did and end up with multiple properties?

dan
Guest
dan

I own my (1) house outright…for most people thats enough! You’ve obviously haven’t
got a shred of a conscience for the average young person coming up and wanting to house their families.The only thing I’m pissed @ is that “a whole lotta crooks”,have let this thing get so far out of control,albeit (the government too!),that when it finally blows,we’re all going to pay for it for along time!All this offshore money is going too get “Japaned”,anyways,along with everyone else…some things never change!!!
Dan

BPOE boyfriend
Member
BPOE boyfriend

Dan
Don’t forget to attend the bitter losa meeting next week
Owning a 1980 trailer does not count as a house…

Whistler or bust?
Guest
Whistler or bust?

Spaceshit:
6 of the first 15 comments
Race Baiting
Vote Gaming
Useless nonsense adding clutter and turning people off this blog

Solution: IP BAN

BPOE boyfriend
Member
BPOE boyfriend

Whistler Lube
Count how many down votes you have …wait inbred rednecks are bad at math…actually at everything !

Whistler or bust?
Guest
Whistler or bust?
BPOE boyfriend
Member
BPOE boyfriend

Hey Whistler
Don’t forget to attending your bitter trailed trash meeting in surrey next week…

space889
Member
space889

This data used to be collected but then BC Lib stopped, and collecting the data will more likely than not prove that foreign buyers while maybe a good percentage of buyers, but certainly not nearly as much as people think. Certainly not in the under $1M condo & TH market. Unless you count any foreign born Chinese Canadian citizens & PR as foreign too.

But then again, I doubt those inconvenient truth or facts will actually matter to people like you anyways.

space889
Member
space889

Ah, the good old classic: Do as I say, not as I DO

Shut It Down Already
Guest
Shut It Down Already

What were you saying about race-baiting and IP bans….. ?

wwwww
Guest
wwwww
Best place on meth
Member
Best place on meth

Oh look, as soon as you show up the votes go haywire.

I guess we found the real culprit, and what a shock it just happens to be the one person who wants to shut down the blog.

You’re the only one who deserves an IP ban, cheater.

BPOE boyfriend
Member
BPOE boyfriend

Stop cheating on your boy friend BPOM

Shut It Down Already
Guest
Shut It Down Already

We can add this to the growing list of things you don’t have the first clue about.

Best place on meth
Member
Best place on meth

No denial, just more cryptic bullshit from the cheater.

Shut It Down Already
Guest
Shut It Down Already

I’m not manipulating this site. I’m not a realtor. I’m not Chinese. Now fuck off.