It’s another Friday in the land of sunshine and roses! let’s do our regular end of the week news round up and open topic discussion thread for the weekend.
It’s Friday Free-for-all time !
Here are a few recent links to kick off the chat:
So what are you seeing out there? post your news links, thoughts and anecdotes in the comments below and have a great weekend!
In the meantime in our little city, the slaughtering of innocents continues by those who can afford lots of HP but are retarded to handle it properly.
One cyclist was killed and five more were injured Sunday when a car collided with a pack of riders on a busy road in Richmond, B.C.
that’s not a busy road. on the weekend it is an almost completely deserted country road which is why cyclists use it.
you can almost hear the cash being sucked out of old hong kong flying accross the pacific and landing in new hong kong.
Foreign buyers bounce back in Richmond after tax
4.4 per cent of Richmond’s home sales in September involved foreigners
http://www.richmond-news.com/news/foreign-buyers-bounce-back-in-richmond-after-tax-1.2466051
title for first link: China Steps In To Bar 2 Newly Elected Hong Kong Legislators From Office
But, what we SEE is that is that 95.6 per cent of Richmond’s home sales in September involved locals.
Not a surprise. The locals of Richmond are buying multiple detached homes. Most are Canadians now or at least Permanent Residents. But money is definitely coming from overseas as he is here only occasionally. But his wife and kid live here.
That’s abouthe 8 sales, lol, better watch out. SFH in Richmond is at 18 MOI. That indicates a lot more.
“Toronto real estate investors deny they’re driving up the market”, CBC News
http://www.cbc.ca/news/business/toronto-real-estate-investment-market-prices-1.3834959
“Domestic investors make up 25% of real estate agent client base, survey suggests”
“Vancouver Real Estate Stalls For Second Month”, Bettr Dwelling
https://betterdwelling.com/city/vancouver/vancouver-real-estate-stalls-for-second-month/
“Vancouver real estate continued it’s slow slide for a second month in a row. Composite demand is now closer to a balanced territory.”
CNN going all out in the final hours trying to put Hillary over the top.
Trump supporters are all gun-toting, jew-hating, white-supremacist, paranoid nazis from what I’ve learned today.
Also desperately playing up all polls favouring her and ignoring those that don’t.
This election has been a real eye opener.
This sort of biased crap should stay on late night TV shows, but nope, CNN sees fit to play it.
https://www.youtube.com/watch?v=gmmBi4V7X1M
Way to go, Clinton News Network!
CNN has been a sham for a long time.
Don’t worry, you can watch the soon to be created Trump TV network for all your unbiased news after the election.
Not just CNN but every mainstream media outlet including Canadian ones. A few months ago CBC had a round table on The National of reporters who were discussing if they should be more critical of Trump since he was very close to Hillary in the polls. They thought it was their job to influence people so they voted for the candidate they thought was best. Everytime you hear about people cutting cable TV or a newspapers going bankrupt you know why. They have no credibility. They are basically an infomercial with various interests pulling the strings.
MSM is now corrupt. Especially in Canada.
Only avenue left for democracy is forums like this one and Twitter. If Clinton wins, it’s game for for the FREE Internet.
Globalization will Be forced upon us so the descendants of the 1% can live off the struggles of the 99%. Only a revolution will end the reign then.
Twitter has banned or shadowbanned 10’s of thousands of people who simple support Trump. Twitter and Faceplant have become the biggest shit stains on the internet. Go http://www.gab.ai
Read the new wikileaks on CNN. Terrible. You think their anchors will get fired? They won’t even acknowledge it I bet.
Our media is just as bad. Turn off the garbage.
I’m glad to see so many people waking up to these frauds.
IBD/TIPP poll has trump up by two. Most accurate polls of the past elections.
Will early voting save Clinton?
heil hilter, bro. I kill your grandfathers, and I will kill you sons too. thanks
Go http://WWW.Gab.AI for the last place online that values free speech. Even Oracle would be welcomed.
http://www.bloomberg.com/news/articles/2016-11-06/hong-kong-s-shock-home-curbs-seen-slashing-volumes-by-up-to-70 “In a televised conference including the city’s top-ranking officials, the government announced plans Friday to raise the stamp duty to 15 percent for all residential purchases — except for first-time buyers who are permanent residents. Until now, the highest levy for residents was 8.5 percent, while foreigners already paid a 15 percent stamp duty. The changes mean foreign buyers will now pay an effective 30 percent stamp duty. “The magnitude of the stamp duty increase is a little surprising,” said Alan Jin, an analyst at Mizuho Securities Asia Ltd., estimating that transaction volumes will fall by 30 percent.” They are taxing chinese main-landers at 30% of the purchase price! Hey, YVR, this is for you! The 15% tax of Christy and the happy band of BC libs sound like a good deal for student investors, astronaut families and the… Read more »
We copied Hong Kong on the 15% tax so I would expect the 30% tax as the next step. Caveat emptor.
No reason why we can’t one up them, a 45% tax would be a great idea.
I’ve been in Tokyo for the past two weeks (heading back today). This morning we were watching a show on abandoned houses. You see it all through the suburbs and the places where there used to be vacation and retirement communities. My brother in law just sold an apartment building because the carrying costs were getting too high. Places built during the bubble used such shoddy materials that they are now falling apart and the costs of tearing them down and rebuilding are not justified by the rents. Some of my friends are investing in residential rentals, as you can get a 5 or 6% if you buy in cash and you can get a mortgage at 1%, but other friends warn them that prices will only go lower in the long run, making RE a poor investment. Rents are… Read more »
“Some of my friends are investing in residential rentals, as you can get a 5 or 6% if you buy in cash and you can get a mortgage at 1%, but other friends warn them that prices will only go lower in the long run, making RE a poor investment. ” This is exactly why bubbles inflate and then over correct. Recency bias. Everyone expects what has recently happened to keep going forever. In this case Japan RE may be a good investment now based on the yield even if it does go lower but still nobody wants to buy. People were lining up for it just over 20 years ago at triple the price, higher rates and lower rents. The big difference is instead of everyone knowing someone who got rich buying RE, everyone knows many people who went… Read more »
Exactly.
(By the way, it would be nice if there were a like button on the mobile site and if the input was not glacial for mobile comments over twenty words long.)
This inability to vote the posts on tables is more than frustrating.
Especially in places with almost zero immigration and negative population growth.
As much as I wish this was a comparable for Vancouver, I think you are totally offtrack.
Just immigration would paint a different picture for long-term valuations in Vancouver. Not saying that prices won’t go down in the next year or two. But if you add that our immigrants are a funny mix of millionaires students and investor wives, you get a totally different picture.
I would argue that Japan has set such draconian restrictions to immigration exactly because they have realized quite early that they sit right next to a massive country with the potential to swamp their island forever. If they opened the gates, they would lose the country. They are outnumbered. Canada should take that as a lesson in forward-looking political planning.
Yes but Japan is an island with much higher population density and was the worlds second largest economy.
If all you have is immigration in Vancouver that is not much. Vancouver had high immigration in the 80s and prices crashed 45% and in the 90s when prices crashed 30% (while interest rates went down). Both starting points were no where near the levels of today. Las Vegas had a population growth of over 2 times that of Vancouver when their bubble collapsed and prices went down 70%. You can grasp at straws all you want but bubbles always pop.
Immigration to BC and Vancouver is at historic lows, barely nudging 1%. The past ten years have seen the lowest rates since the end of the gold rush in the 1800s. If immigration were the determining factor for YVR prices they too would be at historic lows.
As for Japan’s immigration policies, they have been more liberal in the past 20 years than at any time in the preceding 1000 years.
It may be that the number of immIgrants is not huge. But the composition DOES matter: if 8 out of 10’immigrants are coming with millions to store away in brick and mortar investments, we have a problem.
I just don’t understand why you guys don’t admit the obvious. Take a drive around the city snd tell me who is driving the big tanks made in germany. Do you think those are all local workers?
Right, governments should have educated balls and ban Chinese in any form having anything to do with BC, except maybe visiting as organized tourist group, for the next 30 years or until situation gets stabilized. They are totally different beast and no past experience is applicable in dealing with this shitload of volume and numbers by all means.
You would allow chinese tourist groups into our country?
Have you not seen what they do to buffets?
You are stuck in the past. 9 out of 10 immigrants coming NOW are poor. The Federal investor immigrant program is now shutdown and the Quebec one is restricted to those settling in Quebec.
Wrong. Most are wealthy. Try getting a visa if you are poor. Try paying $60,000/yr for school.
Try getting a corrupt overseas immigration official to accept ur application supporting documents without a huge bribe.
LMAO.
Lets leave it at that.
tokyo s central wards are growing–rural japan is shrinking
There is a difference. The Japanese hate the Chinese and will never let them in so no HAM. The feeling is mutual with the Chinese.
They only want to go to Japan on a troop transport.
Man, you guys all just guess stuff. Sure there’s friction, as with any neighbors, but China is Japan’s largest trading partner, tourist locations are filled with Chinese, where Japanese shopkeepers go out of their way to speak Chinese, and there is almost as much bilingual signage in Chinese as English. More notably, Chinese are the largest foreign buyer of Japanese residential real estate.
Yet, no mass migration like to Vancouver.
I will add you to the flat earth club. Give your head a good shake.
Cut the crap, they hate each other.
Making money off each other doesn’t change that.
https://www.yahoo.com/news/pew-poll-japanese-chinese-see-other-130357414.html
The issue is whether the Chinese cab buy here, and the answer is yes they can. But go ahead take Yahoo News over a guy who lived in Japanese for 5 years, has a Japanese family, and who I see writing you from Japan.
Japan has massive illegal Chinese immigration
i see lotsa chinese clerks in the stores–i been talking to many–they don t wanna go home
shopping spree in shibuya is fun–madeinjapan–carries weight
the best and most popular areas in tokyo are not falling in price–rising–shibuya–aoyama–meguro
3607 – 2008 Rosser Avenue Burnaby (New Solo development at Brentwood Mall) for me just signifies the delusion of our current market. In summary you have to pay $2m – TWO FUCKING MILLION DOLLARS! – to live in a tower overlooking a mall to the north and the #1 highway to the south. Just look at the grey skies and the bland view of big-box stores and highways. All this for only: Downpayment: $400,000 (loose change of course) Opportunity cost of the downpayment @ 3% ($1000/month) Mortgage on $1,600,000 ($7,000/month @ 2.25%) Taxes: $420/month Strata: $800/month ROTFL! So to live in this urban paradise i need to spend $110, 640 / year of after tax dollars with interested rates at the lowest in history? I’m sure there are people with this kind of spending power, but really, you choose to… Read more »
I know its crazy eh.
Foreign money. Currently stashed and being made away overseas (hidden from CRA) by recent Permanent Residents and Canadians.
Explain it otherwise. And don’t give me the crap about low interest rates(do the mortgage math) or CMHC (wouldn’t even qualify)
Imagine that. Money is still flowing in from China yet prices are crashing. On pace for a 40% decline within a year. I hope those Chinese like to lose money.
Where are prices crashing?
Show me property with multiple sales that shows a crash.
LMAO
“Show me property with multiple sales that shows a crash.”
Show me a property with “multiple sale” over the past 6 months that does not show a crash.
Show me any property with multiple sales over the last 6 months period.
Show me the truth coming out of Oracle’s piehole just once.
Here’s where I’m LMAO….
https://anonmgur.com/up/f8700f91fcc301e5811c6bbbc5e63271.png
Oracle. You are hopeless. How can you not see you sorely lacking in credibility your posts are? Absolutely astonishing.
Chines will be the last to figure it out. Like lemmings over the cliff.
Just an asking price. I doubt it sells anywhere close to that. In 3 years places like this will be $500K.
So a $2 million dollar place is going to be worth $400,000 in 2 years?
LMAO
What’s your predictive track record so far? Your crystal ball needs new batteries.
In Burnaby? Perhaps. That place doesn’t even have a downtown….
I almost agree. Burnaby is a confusing mess of unplanned sprawl. Perhaps closer to $750 than $500, but $2m is bonkers.
or rent it for $3000/month or less, all in.
To be fair, 2015 BC Assessment for this unit is 1,153,000 so it is likely a seller dreaming of a huge win, not a likely sale. At 1.153M, that is $647 a square foot for a multi-level penthouse level. Give the large dollars involved, the agent did a very poor job staging and photographing the place.
Not saying I would buy it though.
Why are REBGV Detached October 2016 sales numbers so much higher than Zolo? On average Vancouver, Burnaby, Richmond and West Van REBGV sales numbers are 46% higher than Zolo for October 2016 . Yet, if you compare October 2015 sales , REBGV sales are only slightly higher (3% higher).
Take Burnaby as an example.
Burnaby October 2016
REBGV Detached Sales: 44
Zolo Detached sales: 32
REBGEV sales are 38% higher than Zolo
Burnaby October 2015
REBGV Detached Sales: 128
Zolo Detached sales: 128
No difference
Zolo values are for Sep 30 to Oct 28, so not exactly for the month of October.
Maybe REBGV is fudging the numbers now? The Zolo numbers seem closer to the truth.
Psychopath serial killer real estate agent murders 7 people:
http://www.cbc.ca/news/world/south-carolina-woman-chained-in-container-1.3838382
Ron Owen, said Kohlhepp was very private, but when they did talk across the fence, he was a “big bragger.”
Read this bit:
The issue of foreign political donations draws little public attention on Canada’s West Coast, however.
That’s in contrast to the way Huntington and the NDP’s Gary Holman (Saanich North) and David Eby (Vancouver Point Grey) have been making headway in directing the spotlight onto a related problem: the way the B.C. Liberals permit corporate and union donations.
Although the federal government and most provinces ban corporate and union contributions, the B.C. Liberals in the past decade took in more than $70 million in corporate donations (while the NDP accepted $11 million from unions). More than $12 million was donated to the B.C. Liberals by the real estate sector.
Foreign donors threaten our democratic process
This might explain why politicians are selling our countries to the highest bidder.
This is a the real thing. The Vancouver Sun FINALLY does some shallow digging to find out what we all knew. This Government is selling out.
Independent B.C. MLA Vicki Huntington (Delta South) refers to B.C.’s practice, which is virtually unheard of in the rest of Canada, as “almost like legalized bribery.”
Australian indignation has been exacerbated by news that the powerful owner of a China-based real estate company has complained that wealthy Chinese donors aren’t getting the leverage they should with Australian politicians.
“(They’re) not delivering … We need to learn how to have a more efficient combination between political requests and political donations,” Huang Xiangmo, chairman of the Yuhu Group of developers, wrote in Mandarin in China’s state-run newspaper.
Locust scum should be exterminated before they turn western countries into thoroughly corrupt shitholes like china.
Get them out of here.
“(They’re) not delivering … We need to learn how to have a more efficient combination between political requests and political donations,”
That’s hilarious. I guess they are used to dealing with the Clintons.
“I guess they are used to dealing with the Clintons.
True, and one of the many reasons why the Clintons (all 3 of them) belong in prison.
“Australian indignation”
They weren’t indignant enough to vote out their sell-out “Liberal” (i.e. conservative) government in the recent federal election, so why should anyone expect anything to change?
And that goes for BC too of course, assuming the same thing happens next spring.
Yes if would just vote in a left government like China then the problem would go away.
If you keep voting the BC Libs into office, you are guaranteed the same result.
And kiss goodbye to any policy that will significantly reduce house prices.
This is not about left or right, we are way past that point.
Draw your own conclusion!
You mean the government that brought in the 15% foreign buyers tax the NDP were opposed to and called racist?
Give me a break! Do you really think the BC libs have a good housing record in the past 10 years?
They brought in that tax because the pressure was too strong even for them. They (and their developer friends) would have preferred to leave things unchanged.
Some of the most serious pressure came from David Eby. His proposal (supported by the UBC researchers) would be much MORE effective in reducing prices, as it would make the cost of carrying investment properties a lot higher for chinese mainlanders.
Do your homework, don’t be ideological.
Voting Eby into office is the best bet we have to bring some legislation that explicitly targets lower prices.
Christy Clark does not want lower prices: she has stated so much multiple times.
I don’t do politics normally, but in this case the choice is obvious.
If the BC Libs get back into power they might repeal the 15% tax anyways.
Your claims are false. The position of the BC NDP was and is that the tax is inadequate.
My money says the vandal is either BPOM or Oracle
“When the vandalism first occurred, Wu said she contacted Vancouver police and provided surveillance footage, as well as a licence plate number. She was told the vandal was from Surrey and may have mental-health issues.”
There’s your answer.
“She was told the vandal was from Surrey and may have mental-health issues.”
Sounds like Oracle. Maybe Oracle is pissed at all the inventory coming online (now 40% higher than predicted) and wants the realtors to cancel listings?
71 9 Durward Avenue, Vancouver East
https://www.zolo.ca/vancouver-real-estate/719-durward-avenue
Original List $1,495,000
Reduced Oct 20: $1,439,000 (-4%)
Relisted Oct 31: $ 1,188,000 (-21%)
Assessed: $1,113,800
I bike on burnaby mountain and this house would suit me nicely – at half the cost! $1,388,600 MLS® Number: R2114534 It’s been reduced from $1.5m. I’m not expecting miracles but anyone doggedly refusing to accept that prices are declining is just being difficult. SFH’s all over N Burnaby and the surrounding area are seeing price reductions.
to all the Clinton fans here
cool, i guess this means Hillary wins and the bull market in canadian RE keeps on trucking higher, yippee. Sucks to be a renter.
Everything attached in our hood that is decent still selling within 10 days. SFH now off the market waiting for spring I assume. No one has lowered their price.
Most family I know waiting till after xmas to list. …they hope for early spring recovery of prices and want July possession date. Goooood luck I say…wishfull thinking
Really? What neighbourhood is that?
He’d rather not say.
All detached in my ‘hood is selling for way over asking with bidding wars and no subjects within 5 days. See how easy it is to lie?
I have a question. Why does Ozzy J. so badly get his stats – – on the down side. There are 2 main things he goes on about which I believe are completely ridiculous. 1.) Leading up the month end, he goes on about sales being down 70% (when they are not down so much). His flaw is he is running sales states based on “Sale Date” for which there is a big lag. If you don’t track the sales every week and keep your own list, you can’t run a report based on “posting” date. Thus, you can’t really see where the numbers are at by pulling based on sale date. He has done this 2 months in a row and spewed completely inaccurate data. Why? It’s uber bearish. 2.) He goes on about average being better than benchmark.… Read more »
I think he uses “sold dates” instead of “processed sales”.
Benchmark is bullshit, the cartel can make it mean anything they want it to mean and we’ve now seen how it’s prone to error and/or manipulation.
All that’s needed is average and median, we can figure out ourselves where the market is headed based on that.
Yes. You’ve done a great job of reading the market these last 10 years.
Market is headed down, moron.
Why are Zolo detached sales numbers down 70%?
From Zolo:
Numbers are based on firm contract dates, not when the transaction is reported or when the contract closes.
A contract is firm when both the home seller and buyer agree to the transaction, however this may not be reported in a timely fashion. Therefore, transaction reported dates are when the Realtor submits the sale to their local board. A contract is closed when the transaction actually occurs and the buyers move into the house. Normally, contracts close about 6-8 weeks after a contract is firm, which means the data you’re seeing is reported in real-time.
“A ‘tale of two cities’ as Toronto, Vancouver await fallout from mortgage rules”, CBC News
http://www.cbc.ca/news/canada/toronto/vancouver-toronto-housing-markets-1.3835744
“Over the course of two days, real-estate sales figures for the month of October suggested a continuing boom in Toronto with a correction fully underway in Vancouver. Does the West Coast slowdown suggest a coming correction for Canada’s largest city?”
Do NOT engage Oracle in any debate or reply to her posts. It is the same message over and over (immigrants are taking over and rents are going up) after the 10,000th post this is simple spam and not worth engaging in any conversation. She probably has a mental issue.
EVERYONE hear repeats the same message incessantly, the difference with Oracles is his message doesn’t fit the politically correct social justice warriors mindset, which is Vancouver’s defacto meme. Oracle for Premier!!
“EVERYONE hear (sic) repeats the same message incessantly…” no not EVERYONE. There a several posters here who are stuck on one meme but I personally get much out of most of the posts here. I appreciate the open discourse and with that we have to take to good with the bad.
Ozzy Jurock on CKNW today.
In his opinion the average price is the most relevant to what the market is doing today.
October average prices down 5% year over year.
October average prices down 17% since April 2016.
He sees more declines to come and higher rates with the new mortgage rules. This is from a RE pumper!
Lets do the math on renting vs owning a $1 million place over the past 6 months.
Mortgage payment on $900K mortgage = $4000 month
Transaction fees and property taxes = $4000 per month
Capital loss of 17% = $28,333 per month
Opportunity cost on $100K down payment at 2.5% per year = $208 per month
Equivalent rent = $2200 per month
Principal paid = $2200 per month
Net loss for buyer = $32,141 per month or $192,846 in 6 months
Loss if you wanted sell after commission = $37,141 per month or $222,846 total
Who cares? What does the math look like over a year? 5? 10?
Double it. Then multiply by 5 and then 10.
The average being down x% doesn’t imply every property, or one of your choosing, is down by x%. Sales mix is also a factor. You’d also need more than 10% down, but most house buyers aren’t first timers.
“The average being down x% doesn’t imply every property, or one of your choosing, is down by x%. ”
According to Ozzy Jurock year over year 5% down and 17% since April. Sometimes the truth is hard to take.
I wasn’t arguing about the number, but your interpretation of it.
Really? LOL
Pick 2 points in time whenever a correction happens. My gawd. Haha.
Time to leave this IQ deprived blog.
+1 for the leaving part. Oh, yeah…. that too is bullshit. Just shows how much credibility you have LOL.
The penalty for lying a 4th time about leaving the blog should be a firing squad.
Fuck off for real this time.
Cause he doesn’t want any more restrictions brought in. He is playing the dumb bears. I can’t Believe you can’t see they that.
What matters is same repeat house sale prices.
Lol. So the restrictions aren’t doing anything, but he is putting his reputation in the line and lying becuase he doesn’t want more restrictions. Good one Oracle. You’re so funny.
Buddy knows the FVREB president. Indian guy. He said that this was a direction the industry is taking to prevent more changes.
Let me know when rents decrease or prices crash 😉
Then why is RE cartel reporting a 24% year over year benchmark increase?
Dude, I don’t own and am trying to get you guys to see the light.
But for some reason, you refuse to.
Just remember this comment when August rolls around and rents keep rising and prices stay stable until then.
FYI, info is restricted these days in Canada. Did you know a boat carrying 2200 people landed with migrants in Italy today?? Not to be released by media here.
“Did you know a boat carrying 2200 people landed with migrants in Italy today”
False.
Your cousin’s arrived?
Another 15%% by March is very real. .no big deal to average homeowners. .Devastating to anyone who bought last yr or to builder’s.
The question is: is it even possible that prices go down in Vancouvr over the next 20 years? Or have become just another city in the sinosphere, where greedy mainlanders hoarde housing units as safe deposit boxes?
It boggles my mind hiw the BC libs let this happen.
Stop whining.
Indeed. By far the majority of sales are to greeedy locals.
Who’s you’re new friend?
He comes across as a fucking retard.
Drive him back to the airport ASAP, ok?
“It boggles my mind hiw the BC libs let this happen.”
That should be “made this happen”, not “let this happen”. In any case it’s not particularly mind boggling. Making 70% of voters feel rich is a pretty attractive strategy.
“While Juwai.com’s August 2016 data illustrated an initial shift in interest in Canadian real estate following the implementation of a 15 per cent property transfer tax on foreign buyers of Metro Vancouver real estate, September 2016 data reflected month-over-month gains across Canada’s four largest markets, with buying inquiries up 200 per cent in Vancouver,” stated a Sotheby’s news release that highlighted how the two companies will be working together to match Chinese buyers with luxury properties in Canada.
“The reality is that global exposure is now paramount for Canadian real estate: it is what attracts the most qualified buyers, and the highest price for our clients’ homes. China is an important market for us,” said Sotheby’s president and CEO Brad Henderson.
Notably, across Metro Vancouver, foreigners are now, on average, investing less in each transaction. For instance, in Richmond, prior to the tax, foreign money accounted for 96 per cent of all transactions involving foreigners. Since the tax, foreign money accounted for 59 per cent of all transactions involving foreigners. In other words, foreign money accounts for a smaller share of what may be a joint purchase.
That quote (from the news report) makes a faulty conclusion. What the data says is that foreign buyers now have on average 59% share of ownership as recorded on the transfer. There is no information on where the money came from – the local partner could be getting money from offshore as well as the offshore buyer.
Foreign buyers bounce back in Richmond after tax
http://www.richmond-news.com/news/foreign-buyers-bounce-back-in-richmond-after-tax-1.2466051
I wonder how many transactions get around the tax as well. Do you seriously trust the BC liberals to scare off foreign residential investors. Christy does not want that, she said as much.
Christy would sell the whole province if she could
Gordon Campbell started the sell off.
Goes back further. Hint: Faaantasy Garden World!
Faye Leung! Zalm bam thank-you Ma’am!
Yup.
Foreign buyers were 25% of the Richmond market prior to the tax and now they’re at 4%.
A headline doesn’t get more misleading than that.
“Over the past three years, detached home prices in Richmond have risen 80.3 per cent, which is more than any other municipality in the region, according to REBGV. ”
Richmond is BC’s Mosul, and until the locusts stronghold doesn’t get “defeated and liberated” housing issue and overall livability across the region will remain problematic.
Based on the analysis of the ministry of finance publication (which is full of errors – including a headline which refers to September 31), it appears that many of the foreign buyer transactions are actually for completions of new-builds. These are properties where the buyer may be very much in the money – even with the tax – and thus they complete anyway. Somebody does need to check their excel formulas before they publish the stats. . . . .
