Sellers must disclose residency for tax purposes

It has long been the case that buyers are responsible for withholding 25% of the purchase price for the CRA to determine if capitol gains are owing, but now there will be a checkbox for the seller to indicate their residency status:

The B.C. government will soon require sellers to disclose their residency during a real-estate transaction so that information can be shared with the Canada Revenue Agency (CRA).

Observers say it’s a much-needed change that replaces an honour system that was open to abuse by speculators seeking to avoid paying capital-gains tax on properties they don’t live in. But some worry that because the province is placing the onus for confirming that information on the buyer, it exposes them to potential fines or even jail time if they get it wrong. A buyer who doesn’t properly certify a seller’s residency status could also be on the hook for unpaid capital-gains tax.

The government has changed a tax form used to collect the property-transfer tax to include whether the sellers in real estate transactions are Canadian residents under the Income Tax Act. Canadian resident homeowners do not pay tax on the increased value – or capital gains – of a property designated as a principal residence. Non-residents must pay capital-gains tax at the time of a sale.

Read the full article here

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Jon
Guest
Jon

What if the seller is a corporation or trust?

Lost...but not leased
Guest
Lost...but not leased

From Steve Saretzky
One of his more recent videos analyzes pre sale condos…
His view is that we could soon see a spike in foreign ownership, based on completions of pre sales, not on any new buyers, as they seem to have left the Metro Vancouver market.

Abdul Lahazi
Guest
Abdul Lahazi

Review aimed at keeping money launderers out of BC casinos continues

http://www.news1130.com/2017/11/24/review-money-launderers-bc-casinos/

More studies.
When will charges be laid against these casino operators who looked the other way as this happening? The previous government should be charged with money laundering too since they knew about it and chose to ignore the problem.

YVR
Guest
YVR

If there was any other crime of this magnitude being committed the RCMP would be investigating with a team of investigators and pressing charges. Having a single “consultant”with no power to do anything other than issue another report, all under the direction of the NDP, who has a vested interest in collecting the revenue is a joke.

Sketchy
Guest
Sketchy

Now that it’s Friday, I wonder if Super Oracle will be driving up to the troll booth to get his cash from his realtor/developer friends in a plain brown envelope? Then he can power on with “The Yellow Peril is at the Gates” script. he’s currently working on. i just hope he’s reporting that cash to the CRA, too.

Just me
Guest
Just me

The fact you deny the key role played by Chinese buyers in our RE market makes every argument you make not credible. Period.
Refusing to accept the evidence does not make it disappear.

Sketchy
Guest
Sketchy

Hey, if you have EVIDENCE…show us!

ostritch
Member
ostritch

T2 strikes again. Builds a temporary skating rink in front of parliament for $5.6M. Will be open for 3 weeks.

Just me
Guest
Just me

If only a fraction of this made it to Vancouver….

China Reports Breaking Up Gang That Moved $3 Billion Abroad.

https://www.bloomberg.com/news/articles/2017-11-24/china-reports-breaking-up-gang-that-moved-3-billion-abroad

Seven suspects were detained in the case centered in the southern city Shaoguan near Hong Kong but as many as 10,000 people might have been involved, the official Xinhua News Agency reported.

bullwhip29
Guest
bullwhip29

remember, that mom and pop shop Silver Intl was moving around some $500M +/- or thereabouts in a 12 month period. it is given that some funds were unaccounted for and that they are certainly not the only operation conducting this sort of business in Gr Vanc (and across Cda). according to Forbes there are roughly 1000 billionaires in China alone (that they know of)

Just me
Guest
Just me

For all the sceptics, from Zolo:

Home Prices in Vancouver: The asking price of homes for sale in Vancouver has increased 32.62% since November last year, while the number of homes for sale has increased 2.89%.

House
Median Asking Price
$3.0M

Townhouse
Median Asking Price
$1.5M

Condo
Median Asking Price
$949K

Please, explain to me: how is this market unravelling exactly?

YVR
Guest
YVR

“Home Prices in Vancouver: The asking price of homes for sale in Vancouver has increased 32.62% since November last year”

It is nice the NDP have taken quick action to cool housing. Up 32%!

Sketchy
Guest
Sketchy

Sure…those figures a based upon the NUMBER of sales which, as we know can skew average and median prices. In the case of a median price, if only FIVE houses sell…5m…4m…3M..2M…1M…the median price is 3M…right?

Now, try this set…25M…18M…10M…850K…$640K…the median price is 10M. A”true barometer”? Hardly.

So, it depends on the data set. Besides, those are “asking prices” you have cited and NOT selling prices. People can ASK whatever they want. What the GET is a whole different matter.

Is the market crashing throughout METRO Vancouver? YES. Do all bubbles pop? Yes.

Just me
Guest
Just me

Can you afford to buy something you like in Vancouver?
If not, why? Because other people have more money. And it is not locals.
China buyers are real and active.

Sketchy
Guest
Sketchy

You MUST be on the developer’s payroll just like Super Oracle to be continually spewing such BS.
Show us your hardcore “facts”.

Sketchy
Guest
Sketchy

BTW, you didn’t “get” the median price thing I pointed out earlier, so why should anyone fall for any other nonsense you come up with?

Raincity
Member
Raincity

GO TO BOSA’S WATERFRONT PROJECT. ALL ASIANS LINED TO BUY. SOLD OUT WITHIN 3 WEEKS. $2,000 + per sq/ft!!

Confucius
Guest
Confucius

Asking price is not sale price. I see a lot of houses sitting on the market for greater than 6 months with crazy asking prices.

Detached homes have higher inventory and lower sales than last year, when the market was “popping”. The top of the market is roughly May 2016, so we’re already past a typical one year correction. Compared to past real estate cycles, this will likely be a prolonged bear market as we have many negative factors ahead.

OSFI
Rising rates
Chinese crackdown continues
Vancouver empty home tax
Home sale tax declaration

Just me
Guest
Just me

I agree. But if I make a lower offer, these guys (Chinese owners) will not accept it. trust me, I tried.
Hence, asking or not asking, I am unable to acquire those units.
Price is whatever buyer and seller can agree on: right now sellers are not agreeing to lower prices.

Confucius
Guest
Confucius

That was also the case in the delusional stage of the US housing bubble. They were begging for buyers at any price years later.

Best place on meth
Member
Best place on meth

Rideshare in BC to be examined by all-party committee, BC Greens announce

http://dailyhive.com/vancouver/rideshare-committee-bc-greens

Weaver promises this will be the last Christmas without ridesharing and he’ll probably get it done by springtime.

However, with UBER being proven as a scummy company I don’t see why this supposedly tech savvy city can’t come up with a local solution.

YVR
Guest
YVR

“I don’t see why this supposedly tech savvy city can’t come up with a local solution.”

Like the Fast Ferries? The last NDP local solution.

Bear Vancouverite
Member
Bear Vancouverite

Site C will end up costing more than 20 fast ferry fiascoes. Hope you enjoy complaining about Site C 20 years from now.

YVR
Guest
YVR

The fast ferries produced nothing and killed the BC ferry building industry. The Site C dam will produce clean power for 100 years and pay for itself many times over. Do you expect the Site C dam to be sold for scrap like the fast ferries? Are you NDPers really this dumb or do you just play dumb to try to make a point?

Best place on meth
Member
Best place on meth

B.C. New Democrats invite public input on electoral reform; Liberals cry foul

http://www.nanaimonewsnow.com/article/559200/bc-new-democrats-invite-public-electoral-reform-vote-liberals-cry-foul

But the proposed electoral reform law is getting a rough ride in the legislature from the Opposition Liberals who say the NDP hatched a plan to bring in undemocratic reforms and reward Green party members, who are backing the minority New Democrats with three seats.

Eby said he finds Liberal opposition to electoral reform baffling.

“I have yet to hear how it is that going to British Columbians to ask them to vote on something is anti-democratic,” he said.

YVR
Guest
YVR

The only reason the NDP are doing this is to keep the Greens support. We have a party with 3 seats dictating how elections should work based on giving them more power. We already had a referendum on this and it failed.

patriotz
Member

“The only reason the NDP are doing this is to keep the Greens support”

Gee Christy would never have done something like that, would she? See promise #3.

http://www.cbc.ca/news/canada/british-columbia/bc-platform-promises-throne-speech-1.4174203

Best place on meth
Member
Best place on meth

The details on the new PTT rules and paperwork:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/file/legal-professionals

A lot more info required, much more demanding than a simple checkbox that satisfied the Liberals . This has Eby’s fingerprints all over it.

Just me
Guest
Just me

Fully agree. This would never see the light of day under the BC Libs.
Good job.
I am sure this would be one of the first things a Liberal government would try and revert, under some false pretense.

YVR
Guest
YVR

Who is Eby?

YVR
Guest
YVR

Richard Kurland – Immigration lawyer on Steel and Drex.

Changes to the Property Transfer Tax paperwork means the provincial government is pulling in more information than ever about where housing investors actually live. Our next guest calls it a “gamechanger”

https://omny.fm/shows/steele-drex/full-episode-sharing-housing-data-wasting-tax-mone

Best place on meth
Member
Best place on meth

“What BC did before this was refuse to collect the data whether a person was a resident under the Income Tax Act so that CRA couldn’t run algorithms, instead they used an honour system making a mockery of the act.”

Why did the Liberals deliberately not collect this information and why did the do-nothing NDP change this?

YVR
Guest
YVR

This was in the works prior to the election as part of the foreign buyers tax the Liberals implemented. Nothing to do with the NDP. It was too late for the NDP to block it. Did you notice no NDP press conferences or even press releases on the topic?

Either way bad for locust. Don’t be so partisan.

Best place on meth
Member
Best place on meth

But you always say the NDP owns whatever is happening today regardless of what happened prior to the election.

And now you want to credit the Liberals.

Wait, did you say it’s bad for locusts?

Disregard and party on!

Just me
Guest
Just me

YVR, you are a joke.

YVR
Guest
YVR

Nice of the Village Idiot to chime in.

Nora
Guest
Nora

Yeah right….

Bear Vancouverite
Member
Bear Vancouverite

Now you say it’s too late for the NDP to block something, previously you kept saying the NDP had plenty of time to make good on all their election promises already.

patriotz
Member

” It was too late for the NDP to block it. ”

Could you put in a little effort to provide halfway credible arguments? Of course the NDP could have blocked the new form, they’ve been in office since July, not since last week.

bullwhip29
Guest
bullwhip29

B.C. judge orders homebuyer who balked at foreign buyer tax to give up $180,000 deposit
http://vancouversun.com/business/real-estate/judge-orders-homebuyer-who-balked-at-foreign-buyer-tax-to-give-up-180000-deposit

Sketchy
Guest
Sketchy

Oh! A Korean this time! Does it count?

Best place on meth
Member
Best place on meth

Count for what?

Just me
Guest
Just me

Don’t listen to the guy. He has issues.
Sketchy, have you written your letter to Santa yet?

Best place on meth
Member
Best place on meth

I was just wondering why he sounds like AIDS.

Combat roach
Guest
Combat roach

Fuck sounds like space rather, note that “urban fucking contemporary” vocabulary practiced by immigrants who like to sound like local dudes and dudetess.

Sketchy
Guest
Sketchy

Gee, with only 78 sales today throughout the entire REBGV, those foreigners sure are active, alright.

Just me
Guest
Just me

It is November 23. It is actually a high number for this time of year.
You really are confused.

Shut It Down Already
Guest
Shut It Down Already

Yes, it’s such a high number that it’s roughly 40% lower than this day last year and more like 60% lower than two years ago. That’s how high it is!

Just me
Guest
Just me

Report November averages. Not single days.

DaMann
Member
DaMann

Never thought I would feel bad for a foreign buyer getting screwed on a multi million dollar property but in this case I am. She bought the house BEFORE the tax was announced and then was forced to pay the tax or lose her deposit? How the fuck is that fair? Her closing date fell after the tax was implemented but the contract was signed before any one knew of the tax. I agree with the tax ( however weak it is) but any contract signed before the announcement should be exempt form the tax even if it closed after the date the tax was implemented. This woman got screwed royally.

DaMann
Member
DaMann

and to be clear, the seller should have won this and got to keep the deposit, which she did. But the buyer got screwed by the government and should not have had to pay that tax

bullwhip29
Guest
bullwhip29

Vancouver targets rich neighbourhoods as it looks to jack up its housing supply
https://globalnews.ca/news/3878576/housing-vancouver-rich-neighbourhoods/

The strategy aims to see “right supply of housing” built in Vancouver, and it includes a goal to build 10,000 new homes such as townhouses, rowhouses and infills in richer areas like Kerrisdale, Dunbar and Arbutus Ridge

Best place on meth
Member
Best place on meth

Sounds pretty good.

I wonder why it took Gregor 9 years to come up with a housing plan?

That seems a bit slow.

bullwhip29
Guest
bullwhip29

well, let’s see what the owners (and their children) in the “richer areas like Kerrisdale, Dunbar and Arbutus Ridge” have to say about the matter…

Just me
Guest
Just me

I expect outrage.
The great unwashed taking advantage of “our” neighborhood.

Combat roach
Guest
Combat roach

They won’t have time to say anything while they will be busy with free salt ravishment for upcoming winter season. Eventually some might possibly screech like animals while salting – “go to Stanee Pok, go to Stanee Pok…”

DaMann
Member
DaMann

About time. I have been saying this for ages. More row houses! I live in Point Grey and it’s such a logical move to have more row houses and town houses. You increase density somewhat without completely ruining the neighbourhood. The only problem is these row houses will still be asking $3million. it’s all so fucking asinine.

Best place on meth
Member
Best place on meth

Wouldn’t it be nice if VCI were AIDS free?

That reminds me, what happened to space?

Just me
Guest
Just me

I would settle for Vancouver millionaire free.

Sketchy
Guest
Sketchy

Jeesus! Some people are so dumb on this site. They are being played and they don’t even know it. The “Chinese” angle is Fake News; otherwise known as a “False Flag”…there is a LOT of money at stake, think about it. I am quite sure a lot of developers are paying handsomely for trolls to troll on about the competition out there from”The Chinese” and to spook locals into FOMO-buying. After all, they have done it with “News” stories of paid actors lining up at pre-sales, a helicopter full of “Chinese Investors” hovering over White Rock in a helicopter and hiring two Asian girls to pretend they were buying multiple unit in a downtown condo development a few years ago. So, don’t be so bloody stupid and fall for it!

Just me
Guest
Just me

You are crazy. Or, honestly, retarded. No offence meant. Both are medical conditions, so Imfeel for you.
If it makes you feel any better, we will all agree that the earth is flat and Chinese money is an invention.

Shut It Down Already
Guest
Shut It Down Already

You are not only wrong (whether for interest or for lack of wits, I don’t know). But resorting to insult means you are also unable to win an argument in a civilized way.

Sketchy
Guest
Sketchy

That’s a laugh…considering the source.

Just me
Guest
Just me

Yeah yeah… the market is cooling. It is in fact crashing. And those million dollar transaction recorded today are only in our minds.
Son, you need help.

Super Oracle
Guest
Super Oracle

Just Me: Some here are toying with your honest nature and your desire to have the truth come out. Of course it is Chinese money. Don’t waste your time by putting yourself into ‘debates’ that were finished 10 years ago.

Sketchy
Guest
Sketchy

Who said? You?

Sketchy
Guest
Sketchy

So, how much $$$ ARE you getting from “industry insiders” to pump up the “foreign buyer” angle here, Super Oracle? Just curious. And are you paying any income tax on the “proceeds”?

Just me
Guest
Just me

Condos sell for 1.5 millions, houses for 2.5.
Is this pumping?

Best place on meth
Member
Best place on meth
Shut It Down Already
Guest
Shut It Down Already

No names this time? I wonder why……

Just me
Guest
Just me

From ther article:

Westbank pre-sold “Architect Series” units of the condo at 1480 Howe Street starting at C$567,000 in 2015 in Hong Kong[1].

Architect Series units are now being flipped for more than C$3 million.

“Leading developer Westbank, is offering for this weekend only the opportunity for Hong Kong clients to purchase a home in the previously sold out Vancouver House,” Westbanks announced at the time.

For non-presale flips, ThinkPol used data from BC Assessment[2] to find out the data when a property was last sold.

And again, Chinese (in Hong Kong this time?) buying and selling Vancouver RE.
The government should be honest with us and tell us: we like Chinese millionaires more than we like voters.

Best place on meth
Member
Best place on meth

I hate your country so much, AIDS.

So…fucking…much.

Shut It Down Already
Guest
Shut It Down Already

You’re a clueless moron. Enjoy it.

Best place on meth
Member
Best place on meth

Enjoy your 50 cents, comrade.

Just me
Guest
Just me

I do agree that there is not much to like about modern day China. Not even the Chinese like it.
Only paid shills and retarded individuals fail to recognize the obvious.

Best place on meth
Member
Best place on meth

“not much to like”

Understatement of the decade.

There is nothing to like and everything to hate about such a despicable society.

Lost...but not leased
Guest
Lost...but not leased

My Rule of thumb is its usually much worse than they report…say 50 -100 % worse…..the 1 out of 3 is generally ones that didn’t get good legal advice on how to shelter transparency…likely a huge underground network about to be exposed as we speak.

Like when Hong Kongers came….sure, not everyone building a new house was a Hong Konger….but many built to sell to Hong Kongers.

Best place on meth
Member
Best place on meth

The NDP lied! Squaaawk!!

Why haven’t they fixed housing yet! Squaawk!!

Where’s Eby! Squaawk!!

Shipping containers! Squuuuuuaaaaaawwwwwkkkkk!!!!!

~thud~

Shut It Down Already
Guest
Shut It Down Already

The city has a plan. The federal government has a plan. Who’s missing? I bet even a hyper-partisan moron could figure that one out.

Best place on meth
Member
Best place on meth

Gregor has been mayor 9 years, Turd has been PM 2 years, Horgan has been premiere 4 months.

Guess who should have come up with a plan 1st, 2nd and 3rd?

Never mind you fucking locust, you people aren’t good at math at all.

YVR
Guest
YVR

They are all failures but only one ran an election campaign on having a plan and taking quick action to cool housing.

realist
Member
realist

Somerset Maugham famously described Monaco as “a sunny place for shady people”. So Vancouver could be described as “a rainy place for shady people”, but we haven’t yet come to this yet:
“Monaco builds into the Med to house new throng of super-rich”
“The tax haven has a luxury housing crisis – it doesn’t have enough land for the 2,700 multimillionaires forecast to settle there over the next decade…(the project) will add six hectares to Monaco’s 202 hectares. This will allow the creation of 120 luxury homes selling for more than $100,000 per sq metre
https://www.theguardian.com/business/2017/nov/19/monaco-builds-into-the-med-to-house-new-throng-of-super-rich

patriotz
Member
Just me
Guest
Just me

…and even then, they cannot afford to buy Vancouver real estate!

Shut It Down Already
Guest
Shut It Down Already

Except they buy anyway. The data that you ignore tells us so.

Just me
Guest
Just me

I knew the village idiot had to chip in with his unsubstantiated nonsense.

Best place on meth
Member
Best place on meth

The data tells us that AIDS needs to be eradicated from the face of the earth.

Shut It Down Already
Guest
Shut It Down Already

Grow up, you irrelevant unemployable imbecile?

Just me
Guest
Just me

It is lovely to see a mature reaction by pour in-house racist SIDA. Perhaps you had too much to drink tonight?

Shut It Down Already
Guest
Shut It Down Already

What was I reacting to, hypocrite?

Best place on meth
Member
Best place on meth

You’re asking a question, you worthless piece of locust shit?

Shut It Down Already
Guest
Shut It Down Already

Unsubstantiated except by the fucking data, you mean?

Just me
Guest
Just me

Drop it SIDA. You embarrassing yourself.

Shut It Down Already
Guest
Shut It Down Already

Says the guy with no supporting data, plenty of evidence against him, and yet feels the need to keep on bleating whilst implicitly supporting those who use racial slurs. Disgusting.

Just me
Guest
Just me

The evidence is piling up. Start by reading the first post in this blog. Then work your way down.
You are really unbelievable. Insulting others, denying the truth, screaming outrage…..I feel sorry for your partner.

Shut It Down Already
Guest
Shut It Down Already

Nasty racist hypocrite.

Just me
Guest
Just me

Right. Everyone is a racist. But yourself.
You are ridiculous.

squeak
Member
squeak

I am not surprised.

Almost 20 years ago, I noted the housing kept on creeping up and a lot of expensive cars on the road, noted a bit of flaunting going on.

So I asked some people at my WORK (yes, actual work where you lo and behold actually earn your money and then do pay your tax) what was going on, did their friends or family get raises or had they changed their careers to some better paying jobs etc.
All said “NO”, no raises, no careers changes, nothing had changed on the income front.

So.. then I did my simple equation: no increase in income, but housing kept going up and flaunting was going on. So what was this “x” standing for? Debt, foreign money.

Sketchy
Guest
Sketchy

No, call it HELOC-ing their brains out.

Just me
Guest
Just me

You need three mortgages on a normal income to transact SFHs in Vancouver. You make no sense.

China rules Vancouver.

Shut It Down Already
Guest
Shut It Down Already

Again, you assume 5% down.

Shut It Down Already
Guest
Shut It Down Already

No simple equation necessary. We have extensive stats on how indebted Canadians are.

patriotz
Member

“Almost 20 years ago, I noted the housing kept on creeping up ”

Not sure what you mean by “almost”, but in the late 1990’s house prices in Vancouver were falling.

Lost...but not leased
Guest
Lost...but not leased

I here ya….
Example: in Richmond,around 2000, a SFH was going for around $250,000. (Duly note there was a lull in the market after Hong Kong lease expired in 1997)

Land zoned townhouses were going for around $35 sq.ft.

Now that SFH is worth approx. $2 million….land zoned townhouses is approx. $ 250 sq.ft.
So..why didn’t people buy back then?

It appears that Hong Kong was the pre-emptive strike which laid the foundation for Mainland China invasion.
Using metrics of house price should be approx. 3 X’s family annual income, the issue is out of control. We have our banking system taking advantage of desperate Canadians forced to enter into “debt slave” competition with foreign locusts who have funds of dubious origin.

Clearly…..This will not end well….

Doomcouver
Member
Doomcouver

See, they told you it IS different here. It’s way way worse.

paulb
Member

I wiill update for the full week tomorrow. Was away in Hawaii for my 40th. I think I missed a couple days. Was kind of a blur 😉
New
146
Price Change
39
Sold
76
TI:9463

Luke
Guest
Luke

Happy birthday

paulb
Member

Thanks!

Best place on meth
Member
Best place on meth

Happy 40th, Paul.

I hope you puked all over the Canoe Club.

paulb
Member

ha ha thanks

Just me
Guest
Just me

The city of Vancouver has officially given up to mainland Chinese investors.

Vancouver unveils new housing strategy for the next decade. City aims for 72,000 units of housing to be built in next 10 years, two-thirds of which are rental.

http://www.cbc.ca/news/canada/british-columbia/vancouver-housing-strategy-reset-report-1.4416669

Not a word about ownership-oriented plans, like measures to reduce foreign investment and speculation. They are basically saying: the best you losers can hope for is to find a slightly cheaper unit for rent. In not-so-desirable areas next to transit and noise. The good bits of the city belongs to the foreign “investors”. And the city has no intention to change that.

YVR
Guest
YVR

“Not a word about ownership-oriented plans”

I heard the NDP may sell off some of those shipping containers once the homeless get move to better accommodations under Trudeau’s new plan.

patriotz
Member

CoV has done and is doing all that it can within the powers granted to it. No provincial government is going to allow any city to control who can buy property or to levy taxes on investment gains. If such measures come they will be implemented at least metro wide by the provincial government, as with the FBT.

Just me
Guest
Just me

Total nonsense. And you know it. The city of Vancouver has the power to change the way property taxes are charged both in total and in their distribution. They have changed nothing. yesterday they announced a ridiculous 3.9% annual increase, which is not keeping pace with house price inflation (not even close!) The city of Vancouver could implement measures that make it costly for Chinese “investors” to acquire and hold homes (empty or not). This should be done as a way to discourage such behavior from happening, not just as a way to increase the rental stock. The city of Vancouver is telling to us all: you guys have no hope of ever owning; we will try to make it such you can at least rent. But we cannot guarantee even that, so there is still a chance you may… Read more »

patriotz
Member

No BC city can charge a different mill rate based on who owns a residential property, how it’s financed or how much it’s assessed for. That’s the law.

Just me
Guest
Just me

Lately, I am growing increasingly worried about the efficacy of any changes in OSFI (or other) regulations on house prices in Vancouver proper. Apart from some simple-minded or self-interested people, it is becoming apparent to most reasonable residents of Vancouver that the single, most important driver of price appreciation was, and remains, the inflow of cash from mainland China. Perhaps in the suburbs of Vancouver credit largesse may play some role. But in the city proper, there is mounting and incontestable evidence that Chinese “investors” have pushed, and continue to push, prices up to levels that have no local (even if leveraged to the hilt) could ever afford. December 2017 might be a good time to pick up a pen and write letters to both your MLA and MP. It might be worth to mention some of the most recent… Read more »

Sketchy
Guest
Sketchy

Duh. Price gains? It’s about the cheapest interest in history. What don’t you get about that? And THAT’S why people are getting more worried about the mortgage stress test. It’s not rocket science even though it may seem like it to you and many others on this site.

Just me
Guest
Just me

You re delusional. Every day we have new, compelling evidence that Chinese millionaires have made our RE market their playground. They have moved valuations into the stratosphere, where no amount of credit would allow a local to compete. Yet, you come back with these ridiculous retorts about credit.

No credit in the world would allow local earners to compete to buy land in Vancouver proper. And those professional families that might try to do it will effectively use every last penny of their current and future wealth.

Sketchy, you are delusional. Let’s make a bet. Next July the prices of single-family homes on the west side will be higher than today.

Shut It Down Already
Guest
Shut It Down Already

What evidence exactly? You have anecdotes. Nothing more.

Just me
Guest
Just me

Have you read the names of these recent buyers of real estate on the west side?
If not, try it. It makes for compelling reading.

https://thinkpol.ca/2017/11/21/1-in-4-vancouver-westside-home-sales-appear-to-be-flips/

Shut It Down Already
Guest
Shut It Down Already

Name is not nationality.

Just me
Guest
Just me

But it is a good proxy to measure it. And it always points to the same set of people. Probably the same people who pay your wages to annoy us all on this blog.

Shut It Down Already
Guest
Shut It Down Already

Delusions of grandeur. As if you and your toxic ilk are important enough for anybody to pay to post opposing comments on this blog that has an audience of about 20 people tops.

I simply despise racists. And that includes you, even if you truly believe you’re not one of them I’m afraid. It’s quite apparent that you feel at home with this crowd and silently condone all the racial slurs. You wear it like a pair of comfy slippers. And because you’re an enabler that actually makes you far worse than them.

Now, accuse me of being a Chinese realtor or something equally predictable.

Raincity
Member
Raincity

You’re being ridiculous!

Super Oracle
Guest
Super Oracle

They’re toying with you… toying with your honest nature.

Raincity
Member
Raincity

Exactly! NOTHING will stop Chinese money!! Regulations will only effect locals, which sucks, because it’s Chinese money that’s screwing us!

Combat roach
Guest
Combat roach

Owning a Home in Vancouver is Less Affordable Than in Manhattan and San Francisco “With a median home sale price of $1,108,345 and a median family income of $63,944, Vancouver is the most unaffordable market in North America, more so than other expensive housing markets such as Manhattan and San Francisco. ” Unbelievable, un-fucking-believable, it makes you always boil whenever hearing about it. For those two cities, it can be somewhat understandable, they are the two top-tier places in the universe for known reasons. However for our little backwater city to outbid them both immensely, because some idiots artificially decided and allowed the most notorious and numerous scumbags to lounder and park their ill-gotten wealth here is fucking beyond any comprehension to regular, normal person. This is such huge violation which is absolutely equivalent to a war crime of massive… Read more »

Just me
Guest
Just me

It is Chinese money. Plain and simple.

Sketchy
Guest
Sketchy

No, it’s “simple” only as far as you’re concerned because you are simple-minded.

Just me
Guest
Just me

If you think I am simple-minded, then do the math yourself. How much mortgage should a median household carry to pay for the houses being sold in Vancouver in November 2017?

if you don’t believe the math, I cannot help you.

Shut It Down Already
Guest
Shut It Down Already

What size of downpayment? Let me guess – you’re assuming 5% as usual?

Sketchy
Guest
Sketchy

So, what does THAT tell you? Grab a brain, prices will obviously have to drop in order to match local affordability, won’t they? Don’t be so stupid.

Just me
Guest
Just me

The Chinese are still around in sufficient numbers to keep the circus going. Prices have not gone down by any significant amounts in the past six months. Volumes have, but clearly not enough to have any effect on prices.

Have a look at Zolo. The baseline price on the west side of Vancouver is 3.5 million dollars. No amount of credit would allow locals to compete with that.

Shut It Down Already
Guest
Shut It Down Already

What proportion of the market is $3.5m+ homes then?

Just me
Guest
Just me

Sadly, an increasing proportion. Because of Chinese millionaires.

bullwhip29
Guest
bullwhip29

With all that’s been going on with regards to real estate/money laundering/housing reform/immigration etc, etc in Gr Vanc (and rest of Canada for that matter) in recent weeks, things over at the Hongcouver Blog (written by Ian Young) have been eerily quiet. Does anyone know if he is perhaps working on a big time story? or has something else happened? ie. muzzled, offered retirement package or mysteriously disappeared while on vacation?

Some food for thought (and a warning to the Sam Coopers of the world)…