Since foreign buyers only represent 5-10% of all sales and about 10% of all value, something interesting may be upon us.

Extrapolating further the theory that foreign buyers take out from the market but don’t put back in, you can say that the people selling to foreigners are most likely locals who are buying back in.

However when foreigners don’t buy (because of absurd taxes on them) then those locals also don’t buy back in to the market which could potentially lead to up to 20% less (10% foreign, 10% local) dollar value exchanging hands in the market.

So what does this do to home prices ? Reduce them obviously, by how much ? I’m willing to guess 10-20%, a guess as good as any.

Thoughts ?

Owners paid $523,000 for this in 1994.

They’re going to turn everything into condos and homes. Forget our parks, schools, firehalls, etc. We don’t need services. Just houses.

foreign tax will do more to cool the “i buy three, my husband gonna buy three” type of activity in the presale condo market. someone with deep pockets will buy this pt grey property without batting an eyelash.

Last sale for this was $4.2 million in Aug 2007

Baby Trudeau’s plan to jumpstart the economy is to bring in 100’s of 1000’s more students, temporary foreign workers and tourists from china.

That’s it. That’s the whole economic plan.

This is yet another stream of degeneration in the long term transition of becoming the retrograde 3rd world banana state. Tragic to see it happen to one of the most progressive countries that Canada used to be.

The other problem with the capital gains exemption is that it disproportionately benefits the wealthy. Poor people are more likely to rent, so they never get the benefit. Plus the more wealthy you are the more house you can buy, so even among owners the greatest benefit goes to those with the greatest wealth.

So in addition to fueling house prices, this policy also contributes to growing wealth inequality.

Chinese Envoy should fuck-off and be deported within hours. What kind of shit is this??? Are those ruffians flexing muscles here? This is an unprecedented insult. Ministry of foreign affairs should act asap.

So This envoy guy thinks it’s OK for them to stick their noses in our business but if we say or do anything about China then watch out…

Why is this fucking locust telling us how to run our housing market?

Every time one of these shitbags open their mouth to complain, the tax should automatically go up another 5%.

How do you say Mind your business in Chinese.

These folks can just buy back into the same building they were developing. Sure it’ll be a bit smaller but it’ll also have that new condo smell.

You mean Vancouver will be a City of China. I thought it was when the politicians sold out a few years ago. The official name for this city is Chincouver.

US won’t let that nonsense to happen due to strategic and security reasons.

The calm before the shitt storm.