Axing the property transfer tax

The Premier would like to get rid of or minimize the property transfer tax but it currently just brings in too much money.

“We really want to start knocking down the property transfer tax because it is a drag on our economy. It is one thing that we can do to try and increase affordability,” Clark said.

“Why don’t we do it in this budget? Because this year we brought in $928 million in revenue. The only way to replace that would be to raise taxes elsewhere,” she said.

Is the buying and selling of homes where our economy needs a boost?

Read the full article here.

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Van real estate buff
Van real estate buff
3 years ago

Feb 24th Daily Review video of Vancouver Real Estate housing bubble news:
https://youtu.be/7TR05NoY8Gw

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

interesting idea

bullwhip29
bullwhip29
3 years ago

Democracy Watch appeals court ruling quashing review of Christy Clark conflict decision
http://www.straight.com/news/873366/democracy-watch-appeals-court-ruling-quashing-review-christy-clark-conflict-decision

bullwhip29
bullwhip29
3 years ago
Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

push to include Chinese on the Vancouver logo is on!

“Unfortunately, the selected design does not meet either criteria,” the letter said. “It is an English-only logo that will mean even less to citizens who are non-native English speakers.”

http://globalnews.ca/news/3270610/it-is-an-insult-to-the-design-and-creative-sector-open-letter-raises-questions-about-vancouvers-new-logo/

Combat roach
Combat roach
3 years ago

A Very cunning move. It is apparent push to open up space for the inevitable discussion regarding not if but when the Chinese language will become an official language in BC.

Banned Oracle
Banned Oracle
3 years ago
Reply to  Combat roach

The region’s detached homes are all going to be one day owned by overseas millionaires who make money overseas but just live here and get educated here. Its happening now. Not worth their while or their kids to make $75,000 per year and pay taxes. IT SIMPLY IS NOT GOING TO HAPPEN.

Nothing less than a crash and restricting temp immigration visas is going to stop this train. The SJW don’t have a clue whats coming for them in the light at the end of the tunnel.

Until the sheep rise up…maybe never. Destined for a life of servitude

UBC in Crisis Mode
3 years ago

47 sales so far this month in Van West side, so foreign money is still a factor.
Yesterday’s sale
3369 W 41ST AVENUE, Dunbar,listed$2,999,000,assessed$3,247,800;
3269 W 38TH AVENUE, Kerrisdale,listed$3,100,000,assessed$3,025,000;
6126 VINE STREET, Kerrisdale,listed$2,500,000,assessed$2,816,000;
2425 W 5TH AVENUE, Kitsilano,listed$2,998,000,assessed$3,028,000;
8175 LAUREL STREET, Marpole,listed$3,080,000, assessed$3,075,000。

Just me
Just me
3 years ago

Worrying. Very worrying. Many of these sales are not to locals.

No Money Down
No Money Down
3 years ago
Reply to  Just me

How do you know?

Just me
Just me
3 years ago
Reply to  No Money Down

I go to open houses on the West Side. That is how I know.

Combat roach
Combat roach
3 years ago
Reply to  No Money Down

Look at the fucking 8s in price numbers.

DaMann
DaMann
3 years ago

What were the sold prices? List doesn’t really mean much

No Money Down
No Money Down
3 years ago

That’s about right. Wst Side February detached sales in 2016 were 226. 2017 sales are down about 70%, so expect the month-end total to come in around 68.

Not sure how you reach the conclusion that a 70% decrease in sales demonstrates foreign money is still a factor?

No Money Down
No Money Down
3 years ago
Reply to  No Money Down

*West Side

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  No Money Down

Some people believe that even 1 sale to foreign money is too many. I happen to agree. This is why I don’t care if foreign money is 30%, or 3%, I would support taxing and discouraging foreign money in real estate, and generally discouraging speculation by all (locals and foreign money).

Let’s invite foreign money to buy our goods, our services, dine in our restaurants, and invest in our businesses Let’s not encourage them to speculate in our local residential real estate.

DaMann
DaMann
3 years ago

Amen. Especially considering that we are not allowed to buy RE in China. Oh the irony!

Combat roach
Combat roach
3 years ago

Very right you are. The baseline.

Alice
Alice
3 years ago

One unit under construction for every net person that moved to Vancouver in 2016. That sounds right, since half of them will never be occupied.

https://betterdwelling.com/city/vancouver/metro-vancouver-might-be-over-building-by-50/

Newcomer
Newcomer
3 years ago
Reply to  Alice

And this has been going on for a decade or more. They are, of course, being used, just not for living in. We should basically think of Vancouver condos as bitcoins.

Just me
Just me
3 years ago
Reply to  Newcomer

You. Storage of wealth, inaccessible to local people who want to live in them. Have a look at the total dearth of listings on the west side. A considerable amount of units has been removed from the market for genuine housing services. It is being hoarded. Much of it by people who don’t even work in Vancouver.

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Just me

I’m pretty sure some of the empty homes are owned by locals, and most of the Airbnb properties are probably owned by locals. I’ve seen locals who have been pretty angry about the proposed empty home tax and the Airbnb interference.

Does this sound familiar? “It’s my property, I can do what I want with it”

Newcomer
Newcomer
3 years ago

Very familiar, even though that has never been the case. Cities always have always regulated property use.

Combat roach
Combat roach
3 years ago
Reply to  Alice

Locusts are strategically increasing the capacity of their wealth-storage-boxes across the region. They aren’t necessarily focused on their known burrows only.

http://www.theglobeandmail.com/real-estate/vancouver/bcs-empty-home-problem-moving-beyond-just-vancouver/article34130746/

bullwhip29
bullwhip29
3 years ago

Rushing to build a bridge at everyone’s expense
http://vancouversun.com/opinion/columnists/vaughn-palmer-rushing-to-build-a-bridge-at-everyones-expense

“Tucked inside the provincial budget this week was an intriguing reference to a new project for B.C. Hydro…”

“Hydro had already started work on relocating the transmission lines before the tunnel replacement project received environmental approval — that happened Feb. 9 — and before the transportation ministry began its own site preparations, which are not scheduled to get underway until next month.”

Just me
Just me
3 years ago
Reply to  bullwhip29

As they say, the devil is in the details. And Christy Clark is devilish in her pursuit of power at the expense of almost anything and everyone.

bullwhip29
bullwhip29
3 years ago

Canada’s financial watchdog warns lenders against bundled loans
http://business.financialpost.com/news/energy/exclusive-canadas-financial-watchdog-warns-lenders-against-bundled-loans

>>> of course, this comes from Carolyn “Shadow Flipper” Rogers, the former BC referee for “real estate” extreme sports, so make of that what you will…

southseacompany
southseacompany
3 years ago

“Here’s Why Metro Vancouver Might Be Over Building By 50%”, Better Dwelling

https://betterdwelling.com/city/vancouver/metro-vancouver-might-be-over-building-by-50/

Just me
Just me
3 years ago

On topic, axing the property transfer tax is utterly moronic.
It might be one of the few taxes that Chinese mainlander milionaires pay.
Does Christy Clark want to make their life even easier?

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Just me

It’s interesting how she wants to axe the PTT and potentially raise taxes “elsewhere” while reducing MSP.

Where could she possibly raise taxes to make up for reduction that won’t hurt working locals. Meanwhile, PTT is one of the surefire ways to make tax dollars off of RE speculation because you can’t escape it. You can try to evade capital gains taxes by fudging primary residence rules, but PTT is just a fact of doing business.

YVR, can you tell us how this Liberal idea will save money for hard working locals and how it’s not yet another freebie for the wealthy?

Just me
Just me
3 years ago

https://www.bloomberg.com/view/articles/2017-02-24/even-china-can-t-kill-bitcoin

They are starting to figure out how to get around capital controls.

We need clear legislation and enforcement that nakes Chinese money launderers feel unwelcome here.

The only way to get rid of this flow of illicut money us to make them feel unsafe in Vancouver. They need to fear that they can loose their loot if they invest it here.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  Just me

lol, starting to?

bullwhip29
bullwhip29
3 years ago

just wait until Anbang sets up shop in Bentall centre and starts offering services ranging from the administration of “wealth management products” to foreign currency exchange and transfer.

Just me
Just me
3 years ago
Reply to  bullwhip29

Vancouver’s “economy” at its best!
We need to use our democratic privileges to put an end to this indecent circus. Too much.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  bullwhip29

there are already chinese banks all over the place. not just in richmond.

here’s just one example

http://www.icbk.ca/EN/AboutUs/EmailUs/Branches/

but those currency exchange places you see everywhere (if you look) are were the day to day action happens.

canadians just can’t comprehend someone sending hundreds of thousands of dollars through some back alley operator in shanghi to a shabby money exchange place on No 3 road. but that’s how it’s done.

bullwhip29
bullwhip29
3 years ago

i’m talking more on the lines of using HSBCs model and ramping it up bigtime right in our faces.

bullwhip29
bullwhip29
3 years ago
Reply to  bullwhip29

just a refresher…
https://www.nytimes.com/2016/03/30/business/dealbook/china-anbang-starwood-wu-xiaohui.html?

anbang will be the most prominent co in vanc in the not too distant future and will employ 1000’s. the business of washing money quasi-legitimately comes full circle. bentall center to become anbang place, will be granted naming rights to arenas, stadiums etc too. vancouver’s skyline will be a carbon copy of HK, shanghai etc complete with glowing neons signs no locals will recognize

Just me
Just me
3 years ago
Reply to  bullwhip29

A brave new world. We can all stop working and start trading real estate. The cash will largely come from China never ending supply of dirty money.

nom nom nom
nom nom nom
3 years ago

I sat with a principle of a major Canadian Hedge fund today… His responses to various questions concerning external factors that may effect the Canadian economy eventually reverted to his belief that we may have fallen into the trap of believing our own press clippings. Since 2008, Canada has been hailed as the prudent investor, enjoying the fruits of raw capitalism while our banks were hailed as model stewards of fiscal responsibility. Yet when we look at the granular details of our economy, personal debt, over-weighted contributor industries to our GDP and employment, we actually find a very precarious situation indeed.

Hubris is a cunt… but time will tell.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  nom nom nom

which newspaper is the economy’s favorite to read?

bullwhip29
bullwhip29
3 years ago
Just me
Just me
3 years ago
Reply to  bullwhip29

This is on Trudeau. He must have given the go ahead.

Richmond meetings wee fruitful.

bullwhip29
bullwhip29
3 years ago

Crash and burn: ICBC goes from money-maker to deep in the red
http://www.cbc.ca/news/canada/british-columbia/crash-and-burn-icbc-goes-from-money-maker-to-deep-in-the-red-1.3995934

>>> well guess what comes next… $$$

Banned Oracle
Banned Oracle
3 years ago
Reply to  bullwhip29

I’d like to see their stats on foreign licence holders and claims/crashes. If above local licence holders, then maybe time to increase their premiums.

Also what is concerning is foreign licence holders involved in at fault crashes can simply go back to home country and get new licence in new name. Other stuff stays the same but ICBC gets a new name on policy. There is no photograph taking by ICBC for foreign licence holders.

Also, another scam is getting reduced rates. I knew these people from India that came and they paid for a letter in India saying they had 10 years of claim free driving there. Got discount. The kicker: They didn’t even have a car overseas let alone insurance. LOL

bullwhip29
bullwhip29
3 years ago

Some Kerrisdale residents opposed to housing development due to ‘shadows’
http://globalnews.ca/news/3269813/some-kerrisdale-residents-opposed-to-housing-development-due-to-shadows/

>>> cry me a river♫♫♫….

southseacompany
southseacompany
3 years ago

“Toronto’s runaway housing market heading for paralysis, economists warn”, Globe & Mail

http://www.theglobeandmail.com/real-estate/toronto/torontos-runaway-housing-market-heading-toward-a-crash-economists-warn/article34109049/

“David Madani, economist at Capital Economics, has long warned Toronto’s housing market is frothy. He believes the bubble is about to swell to an even greater size.”

“Mr. Madani says many market watchers are pointing to the desperation of first-time buyers as the reason prices are rocketing ahead so quickly. But he believes investment mania is partly responsible. Move-up buyers are another factor, he adds.’

Banned Oracle
Banned Oracle
3 years ago

This guys been so discredited. He tried to hide HAM here in vancouver and was kicked out to Toronto. Now he’s spewing the same bS there.

Confucius
Confucius
3 years ago
Reply to  Banned Oracle

Definitely shouldn’t listen to people that have been discredited time and time again.

southseacompany
southseacompany
3 years ago

“POLL-Rising Canadian home price make new regulations more likely”, Nasdaq

http://www.nasdaq.com/article/pollrising-canadian-home-price-make-new-regulations-more-likely-20170223-01292#ixzz4ZZsCKeZX

“Low borrowing costs and hot demand in key urban centers will keep pushing Canadian house prices higher this year, a Reuters poll showed, pressuring policymakers to take further steps to rein in a market that more experts are calling a bubble.”

kabloona
kabloona
3 years ago
Reply to  Screwed

Wow, that’s some real nonsense from Z-H….

Here…you can read the “fake news” for yourself:

“A record 75 straight months of job growth under Obama”

http://money.cnn.com/2017/01/06/news/economy/december-jobs-report-2016/index.html

Poor Trump…..he really inherited a sh*t sandwich from Obama, eh…?

😉

YVR
YVR
3 years ago
Reply to  Saraz

Just another straw

“There are so many more cases with similar facts of foreign nationals from China who owe vast amounts of debt in unpaid loans that are parked in other countries, that I suspect the floodgates will open to pursuing recovery of those debts. Much of that money is in Canada,” said Duhaime in an interview.

“In our case, the Citic bank is owned by the government of China and so it seems to me that there is greater significance in a successful outcome.”

She said the ruling could “put a bit of a damper on outflows to Canada from China in cases where there are questions hanging over the way the person acquired their wealth”.

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  Saraz

He should have to liquidate all the assets bought with the stolen money and pay all of it back, not just the principle and interest, but the profits too.

YVR
YVR
3 years ago
Reply to  Abdul Lahazi

It is not about this guys assets. It is about the other thousands of HAM investors who see this ruling and figure out holding questionable money in illiquid YVR RE is far from the safest place for it. Money will want to move to safer harbour ASAP. Right now we have 4 years inventory of SFH above $4 million. Four years gives China plenty of time to seize your assets. Only one way to speed up the sale. Drop the price. There will be a slaughter on the high end this Spring. We could be down by 50% from peak by Summer.

Just me
Just me
3 years ago
Reply to  Saraz

Great news. Finally we are asserting the rule of kaw over the rule of profit.

I am sure that Christy Clark and her band of RE industry insiders are looking at this with horror. Our evonomy is built on the continuous inflow of dirty Chinese money.

paulb
paulb
3 years ago

New
136
Price Change
19
Sold
107

TI:8007

http://www.clivestevepaul.com

Van real estate buff
Van real estate buff
3 years ago

Feb 23rd, 2017 Daily Video Review of Vancouver Real Estate Housing Bubble News and items from Twitter #VanRE https://youtu.be/EqFXG_k140E

Leo
Leo
3 years ago

Why would the liberals introduce the new owner builder exam when they are looking for ways to improve housing affordability and reduce red tape?
Spread the word: https://househuntvictoria.ca/2017/02/23/the-owner-builder-exam/

Banned Oracle
Banned Oracle
3 years ago
Reply to  Leo

So no new entrants can come in to field. Like liquor stores and Autoplan.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

Home sales in B.C. return to ‘historic averages’ says real estate board

http://vancouversun.com/news/local-news/home-sales-in-b-c-return-to-historic-averages-says-real-estate-board

Funkey Monkey
Funkey Monkey
3 years ago

That news is so last week.

Funkey Monkey
Funkey Monkey
3 years ago

Did you notice that’s total sales in B.C.?
Skew the news to make it fit you agenda.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  Funkey Monkey

your reaction is bizarre and extreme.

the headline i posted says “BC” so what exactly are you complaining about and what’s being skewed to fit an agenda?

Funky monkey
Funky monkey
3 years ago

This blog revolves around Vancouver. See the name.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Funky monkey

It revolves around condos too, and definitely not SFH.

Funky monkey
Funky monkey
3 years ago

My posts are usually very lazy generally when I’m in the bathroom.
people get a warm feeling hearing the media say that RE is ok.
So from that headline people in Vancouver think everything is alright.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  Funky monkey

why haven’t you moved yet? you should just leave and be happy somewhere instead of staying here and being bitter and angry.

Newcomer
Newcomer
3 years ago

I’ve got to say, that would be sensible advice for many. Moving really is the fastest and easiest way to get the house you want.

YVR
YVR
3 years ago

Home sales in B.C. return to ‘historic averages’

They can regurgitate that press release for next several years. When the market is down by 70% that statement still works. We’re just back to ‘historic averages’.

bullwhip29
bullwhip29
3 years ago

How BC Taxpayers Ended Up Paying for the $3.5-Billion Massey Bridge
https://thetyee.ca/Opinion/2017/02/23/BC-Taxpayers-Pay-for-Massey-Bridge/

Best place on meth
Best place on meth
3 years ago
Reply to  bullwhip29

Love the new avatar!

I’m imagining it as a kitchen knife that just got shoved through her face.

No Money Down
No Money Down
3 years ago

Following up from end of last post:

3 properties on the watchlist

2843 Alma
Listed 34% below assessed value

233 E26th
Listed 31% below assessed value

4519 Culloden
Listed 27% below assessed value

In the end it is the sale price, not the list price that matters. Although not perfect, the assessed value provides an independent estimate of value at the peak of the market (July 1 2016).

bullwhip29
bullwhip29
3 years ago
Reply to  No Money Down

then again, at the other end of the spectrum you get this:
http://vancouvercondo.info/2017/02/eliminate-character-to-avoid-affordability.html#comment-294865

wouldn’t be the least bit surprised if this goes before those other pieces of $hit which are situated on small, irregular and poorly located lots. that being said, these are poor man’s land assembly candidates

specialfx3000
specialfx3000
3 years ago
Reply to  No Money Down

Our crazy market was driven up by psychology. People felt really good about how much their property is worth on paper.

For 2843 Alma, at their Christmas party, the conversation may have been that they are sitting on $2,540,600. (2016 assessment). Let’s list and collect our 2.5M.

Woops, we can now only ‘ask’ for 1.7M. Interesting to see the eventual sale price.

(Make no mistake, this owner will still have a nice bank account at the end of this but a new price will be established for the neighborhood… if they manage to sell and not keep chasing it down)

Banned Oracle
Banned Oracle
3 years ago
Reply to  No Money Down

Looking for buyers to complete transaction overseas to save PPT and reduce FBT.

How can you not see that when a handful of properties pop up like this from an inventory of 8000???

specialfx3000
specialfx3000
3 years ago
Reply to  Banned Oracle

Inventory of 8000? Only takes 1 sale to establish a new comp price for the hood.

No Money Down
No Money Down
3 years ago
Reply to  Banned Oracle

What are you saying Oracle, that average sale price of detached houses has gone up in the last 6 months? Even Larry knows otherwise.

http://www.yattermatters.com/2017/02/not-an-alternative-fact-vancouver-real-estate-market-is-down/#more-40623

Banned Oracle
Banned Oracle
3 years ago
Reply to  No Money Down

Average means dick all when the sales mix changes.

I’m saying there is a lot of foreign money coming in. Otherwise this market would have collapsed.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Banned Oracle

Do you think illiquid markets unwind in weeks after a multi-year run-up?

No Money Down
No Money Down
3 years ago
Reply to  Banned Oracle

So you are saying SFH prices are going up?

Zolo Stats:
Vancouver detached sales Y/Y -69%
West Vancouver sales Y/Y -81%

It’s all good!

Banned Oracle
Banned Oracle
3 years ago
Reply to  No Money Down

Those are sales. Note that SFH prices in Valley have barely budged from peaks of last year.

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Banned Oracle

This should scare you when the highly valuable COV SFH are falling but the much less valuable valley prices are holding or rising. Same thing with comparing falling SFH in COV vs condos.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  No Money Down

it’s a great time to buy!

Banned Oracle
Banned Oracle
3 years ago

I think so. CKNW talking about getting rid of USA as a third country exemption from where illegals can come from.

Unbelievable. Of course these people can’t buy but they’ll live 4 to a condo and push up rents. Especially with our generous refugee system.

I’m all for genuine refugees but this is getting ridiculous. The Corp globalist agenda openly encouraging law breaking.

Undocumented? Really?

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Banned Oracle

How do 4 people in one condo push up rents more than 4 people in 4 condos?

Just me
Just me
3 years ago
Reply to  Banned Oracle

Refugees are poor desperate people who need help. As far as I am concerned, Canada is doing the right thing to help those.

I would, instead, stop altogether the admission of any mainlander who wants to park money here. Those people should be made unwelcome: they have no interest in contributing anything to our city and country. They will make our lives miserable.