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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bullwhip29
Guest
bullwhip29

City of Vancouver proposes rental-only zones, new rental czar to ease housing crunch
https://globalnews.ca/news/3875485/city-of-vancouver-proposes-rental-only-zones-new-rental-czar-to-ease-housing-crunch/

– city creating new position, the renters protection manager

– changing bylaw to allow six or more people to live in a single-family home

– protect rental stock by forcing anyone redeveloping a building with more than three rental suites must replace all rental units

– offer density bonuses to new developments that offer 100 per cent rental housing and that holding 20 per cent of their units for low income people

– city to consider “rental only zones” but provided no details (INTERESTING…HOW ABOUT MARPOLE???)

Burnabonian
Guest
Burnabonian

The block-by-block equivalent of a poor door. “Don’t go there that’s a rental district”.

And anyway how much rental is left. They’ve already made their billions selling the place off…now that the horse has left they create a new civil service branch in charge of closing the barn door AND KEEPING IT CLOSED BY GOLLY.

Maybe they could just microchip the poor in order to make them easier to find and avoid.

history
Guest
history

Welfare will keep housing up!

Super Oracle
Guest
Super Oracle

Maybe as the “STAH LEE PAK” lady for what to do next.

Bestplaceonearth
Guest
Bestplaceonearth

There is nothing these levels of governments can do to please the crowd. Damn if so, and damn if you don’t.

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

Typical…Hegelian Dialectic

Gov’ts let the crisis happen…then use band aid solutions literally forced onto others.

ostritch
Member
ostritch

Olympic Village originally had a high percentage set aside for social and market housing. Didn’t happen.

patriotz
Member

“Non-residents must pay capital-gains tax at the time of a sale”

As with residents, the net proceeds may be considered regular income rather than capital gains if the goal of owning is deemed to be flipping.

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

Very true…
CRA could tax at a much higher rate depending on the circumstances.

bullwhip29
Guest
bullwhip29

Cache Creek resident Hong Hui Xie appeared in provincial court in Kamloops on Monday and was fined a total of $18,000 for purchasing bear paws and gall bladders
http://bc.ctvnews.ca/b-c-man-convicted-of-trafficking-in-bear-parts-handed-stiff-fine-1.3689780

bullwhip29
Guest
bullwhip29

Vancouver proposes 3.9% property tax hike for 2nd year in a row
http://www.cbc.ca/news/canada/british-columbia/vancouver-tax-increase-3-9-2018-1.4414648

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

The dirty trick is this tax compounds…

Just me
Guest
Just me

Vancouver proposes 3.9% property tax hike for 2nd year in a row.

http://www.cbc.ca/news/canada/british-columbia/vancouver-tax-increase-3-9-2018-1.4414648

The proposed increase amounts to an extra $87 per median single family home (assessed at $1.823 million) or $29 for a median strata unit (assessed at $609,000).

This is peanuts! They should have increased it by at least 8%. And make it more progressive: meaning, the tax rate should actually increase with assessed value. that would help restore some sanity in this crazy market.

Another disappointing, gutless choice by our elected officials.

best place on earth
Guest
best place on earth

yeah, this is peanuts. the city should have taken away homes from the owners and give it freely to the freeloaders.

Just me
Guest
Just me

I am sure that multimillionaires on the Westside can afford to pay an increase higher than $87 per year (yes, you read it right: $87 per year!)

This is welfare for the rich and unproductive speculators from China. Why wouldn’t you park your cash in Vancouver real estate? Our government is hell-bent on giving you a great deal.

patriotz
Member

“They should have increased it by at least 8%. And make it more progressive: meaning, the tax rate should actually increase with assessed value.”

A progressive property tax would require a Charter amendment. I don’t think the provincial government would go along – if it was willing to take the political heat , it would want to keep the money itself. Which is what the NDP gov’t of the 1990’s planned and backed out of.

The other question is if the City is going to increase the property tax intake overall, what is it going to spend the extra money on? Increasing taxes just for the sake of increasing taxes isn’t very popular.

Just me
Guest
Just me

“Increasing taxes just for the sake of increasing taxes isn’t very popular.”

Redistributing taxes to higher assessed homes might be quite popular. Especially if people realize that many of those higher assessed homes belong to mainland China millionaires who produce little or no income in Vancouver. Shall we tax more students, housewives and numbered companies? try and ask that question to your median voter.

patriotz
Member

Sure reducing property taxes for 90% of those who already own would be popular. It would also do nothing to make buying more affordable, in fact it would put even more upward pressure on prices by reducing holding costs. This is the very reason why the BC Liberals put in a progressive PTT.

Absolutely those who own the most expensive properties and don’t pay appropriate income taxes should pay a lot more property tax, but don’t use that money to make others who already own even more privileged.

Just me
Guest
Just me

Who said 90%? As usual, you are twisting others’ words.
Having a redistribution of the tax burdens for housing is a priority, and long overdue.
Politicians who dare to do it will win votes, not lose them.

Whistler or Bust?
Guest
Whistler or Bust?

I doubt that. Homeowners vote as a much higher percentage than non-homeowners and will not vote for a party that will redistribute (read steal) their wealth.

Shut It Down Already
Guest
Shut It Down Already

Then what redistribution would you propose? If it’s revenue neutral then some people will pay more, and some will pay less. So pick a number if 90% is disagreeable to you.

Dave
Member

The CRA needs to get it’s head out of it’s ass and start looking at who is and who is not paying their share of taxes.

I don’t think the buyer should be responsible for reporting this. It probably would make more sense if the lawyers or notaries held back a portion of the proceeds from the sale until Revenue Canada confirms residency against income tax records. It shouldn’t take them more than a day to do.

dyugle
Guest
dyugle

Whoever does the conveyancing must do this before releasing the funds.

history
Guest
history

The conveyancers are more interested in flying south this time of year.

bullwhip29
Guest
bullwhip29

we can all hope that (1) this data is really shared with the CRA and (2) they actually spend a second or two to cross reference with the seller’s tax return (if indeed there is one in the first place). remember, in theory should a seller decide to check the “resident for tax purposes” box he or she better have filed a proper tax return complete with info that lines up

history
Guest
history

High home ownership rates and debt loads in Canada means the Ranks of the CRA (and goo in general), NGOs, FIRE… are full up with COMPROMISED employees. ir’s not in their Interest ro pursue people that have Proffited from Asset Stripping… They WILL endeavour To Monetize whatever they can (especially Social capital into Private capital) and Distribute the cash to the Debt Servicing Classes.

I understand your Despair with Tax Collection..

My idea is to have street level CRA Get With The Program. Forewith, young men and women dressed in Formal Clothing, like Organized Religion,and with Name Tags, prowl the Coffee Shops and pursue the tax gangbangers

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

Recall back in the early 1980’s a story of how the CRA went after a couples’ childrens’ bank account of approx. $1,000. Made quite the controversy.

Point is, when SHTF , Gov’t agencies like the CRA seem to focus on the average person…middle class, and the very rich get off scot -free.

IMHO, This is what will happen again when SHTF.
CRA will audit waitresses for tips, yet turn a blind eye to the wealthy parties offshore tax havens.

In other words its too politicized.
The CRA have had the tools and the mandate to investigate foreign locusts and flipping, its old news., probably became rampant with the pre sales. Obviously they were reined in.

To be a fly on the wall and see what direction they are taking as SHTF.

Hyper-mega-Bull
Member
Hyper-mega-Bull
Combat roach
Guest
Combat roach

Just regular hard working folks not our usual resident-locust, they will remain unshaken. We need some tough replant here in Canada to deal with them.

Just me
Guest
Just me
Who would have thought I would agree with a Labor Union? Yet, they make more sense than most pundits and experts. B.C. union’s affordable housing plan proposes taxes targeting speculators. http://www.cbc.ca/news/canada/british-columbia/bcgeu-affordable-housing-plan-speculation-bc-1.4413076 (1) The union’s plan includes a number of reforms that would tax developers and speculators when their land values rise because of nearby public infrastructure projects like new transit lines. (2) The plan also proposes taxing speculators who hoard undeveloped land and defer development, applying a progressive surtax to annual property taxes, reforming property transfer taxes and the foreign buyers tax and taxing short term rentals. (3) The money gathered from the proposed tax changes would then be used to fund public housing and infrastructure. “That’s absolutely essential to the entire plan,” Finch said. “In a tax grab situation, that would not be the case.” The government response follows.… Read more »
Suoer Oracle
Guest
Suoer Oracle

All smoke and mirrors

I haven’t seen anything yet that will address affordability from any level of government.

Suoer Oracle
Guest
Suoer Oracle

Trudeau and MacCallum out of control on immigration and C R A giving free pass to real estate tax evaders.

Sketchy
Guest
Sketchy

The NDP is trying to buy time until February; that’s why they have slow to react. This market is unravelling faster then they ever realized, And I am referring to METRO Vancouver.

Besides, what government would want to take the blame for popping a RE bubble?

Super Oracle
Guest
Super Oracle

Oh please. Market is not unraveling.

What you think of the new policy allowing multiple families to live in one single family residence?

2 BDRM Condo — Perfect for 2 families with 2 kids each. One family can sleep 4 in one room and the other 4 in the other room. Each room has 1 washroom. The kitchen and living room and entry are shared. There are 2 fridges in the kitchen with locks on them.

Good luck in the new Vancouver. The sheep allowing this to happen. Only if this was a European city….there would be hope.

Sketchy
Guest
Sketchy

Yes. It is. You dumbass.

Super Oracle
Guest
Super Oracle

Anonymous name calling. Hahaha

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

More than a quarter of homes currently listed for sale in Vancouver’s most expensive neighbourhood appear to be attempts at flipping by speculators
https://thinkpol.ca/2017/11/21/1-in-4-vancouver-westside-home-sales-appear-to-be-flips/

Just me
Guest
Just me

This Thinkpol article is, at the same time, disturbing and a great source of previously inaccessible info. From the article:

“The industry insider who tipped us off also sent us what they claim to be a random sample of data showing ownership information.”

Names: Liu, Zhang, Xue, Xu, Currie and Zhang, Long, Jiang, Wang, Zhang, Li, Guo, Wong, Wang, Qiang, Zhang, Liu, Wang, Fu, Jun, Zhu, Bi, Xing, Xue, Wanf, Zghao,……..

The list continues, it is a literally a throve of information about purchase prices, sale prices and names of flippers.

YVR
Guest
YVR

Wasn’t the NDP going to fix all this? Meanwhile they approved rent to own for foreigners as a way to avoid the FBT.

Best place on meth
Member
Best place on meth

The names may as well be locust #1, locust #2, locust #3, locust #4, locust #5, locust #6, locust #7, locust #8, locust #9, locust #10…..

What a pile of imported garbage.

Just me
Guest
Just me

From the article:

Based on land titles searches conducted through Land Title and Survey Authority of BC, ThinkPol has independently verified the ownership information provided by the industry insider.

As our source did not provide their raw dataset, ThinkPol is not able to independently verify the randomness of the sample.

The industry insider claimed that they are providing ThinkPol the data to expose rampant international speculation in the Vancouver’s real estate market.

“The realtors are going after you because there will be riots if people find out what’s really going on in my industry,” they said. “The general public has no idea how badly they’re being screwed over by my industry, and my industry wants to silence you before you wake the people up.”

Our source warned us to be vigilant.

“Please be very careful,” they said. “Greed’s tentacles spread far, wide and deep.”

Raincity
Guest
Raincity

We are being taken advantage of. Nobody freakin cares! What are going to do people!

history
Guest
history

The Whistleblower .. a new cdn movie

“The God of Karma and Mankinds Creative force, Sunster, team up to Wrangle the Bulls into a tiny Corral of their own making”

Watch as the bad guys get sucked into the Centre of the Galaxy!

bullwhip29
Guest
bullwhip29

Don’t expect government meddling in the housing market to fix it
http://www.cbc.ca/news/business/housing-canada-policy-market-1.4413882

patriotz
Member

” But what no one, including the federal government, was going to admit was that solving the housing crisis is simply impossible.”

This of course is exactly backwards – no one, including the federal government, is going to admit that solving the housing crisis is possible. The reason is that the solution is simply lower prices, and that is unacceptable to those who already own. Now if he had said “politically impossible”, that would be a lot more on the mark.

Just me
Guest
Just me

For once I agree with you. The politicians will not admit it is possible (of course, it is) because doing so would beg the question: why don’t you do it?
They are afraid to piss off homeowners.

patriotz
Member

Here is one well known Vancouver politician who implicitly admits it’s possible:
Q. Would you support policies that would lead to a drop in real estate values?
A. People who already own homes would be unfairly hurt by a policy that would lead to a drop in real-estate values. If the current homeowner has taken out a mortgage for say 90% of the worth of their home, and values then drop by 10%, the homeowner has lost 100% of her or his equity.

Note he doesn’t say that such policies are not possible, rather that they would be unfair to existing homeowners.

Road Warrior
Guest
Road Warrior

Why not ?

Government meddling brought us to where we are.

Just me
Guest
Just me

If you only read an article about RE today, read this (posted by bullwhip above):

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

The last sentence of this very disturbing piece of news reads:

“We reached out to BC’s Finance Minister Carole James and Housing Minister Selina Robinson for comment two days ago, but have yet to hear back from either.”

Mainland Chinese are buying (and flipping) Vancouver. You are in denial if you don’t recognize it.

Combat roach
Guest
Combat roach

Fucking rats are merciless. They will scavenge the pray until the last buck is sucked and then fucking slip out without getting into trouble and get punished for what they did. However, it is our authorities who are supporting and sponsoring their orgies. Just fucking look that lists and those fucking last names. Until rats get us all eaten alive this shit won’t stop.

Sketchy
Guest
Sketchy

“The Chinese” must be REALLY smart then if they are savvy enough to funnel oodles of money out of China with those strict capital controls now in place. However, they must be REALLY DUMB to “invest” in a clearly declining METRO Vancouver housing market with the OFSI stress test set to begin and the spectre of legislative changes by the NDP in February Besides, just look out the window today. Wouldn’t YOU rather buy in a warmer, sunnier and DRYER place than this second-tier city?

“The Chinese” have flown the coop. So, time for another meme to “speculate” about.

Just me
Guest
Just me

Yet another person in denial. In due time you will accept our market is arbitraging prices with Shenzen and Shangai.

Super Oracle
Guest
Super Oracle

He’s toying with you. Thats the problem with bears that are too ‘schooled’. They don’t believe in lies and are thus oblivious to how the real world works.

The hope was the NDP but they lied. i don’t see anything happening now.

history
Guest
history

The Bucketshop, a new movie, joining The Whistleblower, in a Dynamic Duo Matinee, opening
December 21, on an internet social media forum… near your hand.

Sketchy
Guest
Sketchy

You’re an idiot and so is the other guy. You don’t even know when you’re both being “played”.

history
Guest
history

December rent is due in ….. time check…. 8 days

YVR
Guest
YVR

“We reached out to BC’s Finance Minister Carole James and Housing Minister Selina Robinson for comment two days ago, but have yet to hear back from either.”

The NDP has already increased funding to the residential tenancy office. This is a massive accomplishment as they have already stated. What more do you want?

Abdul Lahazi
Guest
Abdul Lahazi

Vancouver’s Rental Reality: The professional couple that still can’t beat the rental trap:

https://globalnews.ca/news/3875847/vancouvers-rental-reality-the-professional-couple-that-still-cant-beat-the-rental-trap/

The entire problem as outlined in this report is foreign (chineeze) speculation in Vancouver real estate. Why won’t governments address this issue?

Just me
Guest
Just me

From the article above:

“But Point Grey is not what it used to be. Many of their neighbours have packed up and left the area, having sold their properties.Sandra recalls one retired couple that said that they could get $3-million for their property, but didn’t want to sell, because they loved their home and neighbourhood.

However, when that same couple was offered $6.5-million, they changed their minds.

“It’s very hard to say no to $6.5-million, even if you love your neighbourhood. But increasingly there are just empty homes.”

Best place on meth
Member
Best place on meth

What’s left to love about the neighborhood when it’s been infested by rats?

At this point, just take the money and go somewhere vermin-free.

Just me
Guest
Just me

Even though Point Grey is known as one of Canada’s most luxurious neighbourhoods, Sandra said that it is being gutted.

“I would say about a quarter of the houses in my neighbourhood feel to be empty. Sometime, there will be three houses in a row that are empty,” she said.

“Sometimes, there will be three houses in a row that are being torn down. On some corners, there will be three houses in the midst of construction.”

Just me
Guest
Just me

Back when the couple realized Sandra was first pregnant, her husband felt that they needed a larger home to start their family.

But after just 18 months in their home, they received an eviction notice.

“We were booted from our housing rental when our foreign landlord wanted to flip the house. He decided to tear it down instead, build to the maximum allowable, then sold it,” she said.

squeak
Member
squeak

I would not dare to get pregnant in Vancouver, that would be financial suicide, emotional uncertainty (which will affect a childs emotional/intellectual well being/development) as in where the hell are you going to live? In a car?

Last time I checked, you at least had an address if you were to raise a child(ren).

But I guess our dear leaders must be looking at true Canadians as rats: they will survive. And this is not even war time, unless we consider Financial threats as war. This has messed up many Canadians lives, including 2 generations down the line.

history
Guest
history

The really smart women on the Coast work in the FIRE industry, own homes, and use a fertility clinic. AirBnB the basement.

Shut It Down Already
Guest
Shut It Down Already

The important part is that the landlord was foreign, right dumbass?

Just me
Guest
Just me

“The same happened to our neighbours across the street. Foreign landlord rented the property to them for exactly a year, had them leave and then the landlord and his family “lived” in it for about three months before he flipped it.”

Now their biggest concern is where their children will live, Sandra said.

history
Guest
history

cant they negotiate to own the top floor penthouse of the future skyscraper? This was how it worked in New Westminster back in the 60s and 70s, when the apartments got built, albeit under height restrictions..

Perhaps thats the eventuality with much of the tear down mentality? Air Rights are heavily factored by developers Half dozen really sweet suites are built at the top of these places, which are Heavily Covetted, and a Motivating Force behind the behaviour of the Debt Money criminals.

Abdul Lahazi
Guest
Abdul Lahazi

Gap between earnings and home prices a top concern for housing strategy critic:

http://www.news1130.com/2017/11/23/gap-earnings-home-prices-housing/

it now takes an average 13 years to save for a 20 per cent down payment on an average home, compared to five years of full time work for a typical 25-34 year old in 1976.

13 years. So basically, forget about EVER being able to own your own home if you are under 35. You have been screwed over by the very politicians who you elected to serve you. These same politicians have sold out Canada to the highest foreign bidders while screwing over taxpaying Canadians. They have committed treason as far as I’m concerned.

Shut It Down Already
Guest
Shut It Down Already

13 years on average including people who are already homeowners and have a reduced savings rate as a result of shovelling everything at the mortgage?

Or 13 years on average counting just those who haven’t bought a house yet (perhaps for good reason)?

Just me
Guest
Just me

13 years because the mainland Chinese flippers and “investors” are using our housing market as a casino. And people like you aid and abet these criminals, resorting to race to silence any criticism of their behavior.
Shame on you and those like you.

Shut It Down Already
Guest
Shut It Down Already

Groundless assertion from you once again. So pointless.

And accusing me of aiding and abetting criminals? Just fuck off, you racist turd.

Just me
Guest
Just me

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.

And, I would argue, the real racist is you. For reasons unclear you hate white people.

Best place on meth
Member
Best place on meth

“For reasons unclear you hate white people.”

Just like space….hmmmm….

Shut It Down Already
Guest
Shut It Down Already

Nice try.

squeak
Member
squeak

Dead on. Treason it is.

If you go by action, 100 % true.
If you go by words, well then you never know whats going on due to the double speak, half truths, spinning and blatant withholding information.

Dave
Member

I agree. It’s getting to the point of treason. The NDP said they would act and haven’t.

I also think a tax revolt is overdue. The CRA needs to get a handle on the biggest money laundering operation in the history of the planet.

Oracle
Guest
Oracle

Save your taxes. The system is way beyond corrupt so don’t try to rescue it IMO. Join the tax evaders.

realist
Member
realist

“The biggest money laundering operation in the history of the planet” – if not true, not far from the truth. And there is evidence that it is intentional on the part of CRA…from South China Morning Post, 2016:

“Canada’s tax agency is ‘out for blood’: not from global-income cheats, but from its leaking auditors…Auditors past and present, frustrated by lack of action in the Vancouver real estate arena, describe a departmental culture that sees law enforcement and principles lose out to the pursuit of easy audits against ‘the little guys’”.
http://www.scmp.com/news/world/united-states-canada/article/2008684/canadas-tax-agency-out-blood-not-global-income

Shut It Down Already
Guest
Shut It Down Already

Lol at everybody who throws words like “traitor” and “treason” around. Clueless.

Best place on meth
Member
Best place on meth

Fuck off and die, traitor.

Shut It Down Already
Guest
Shut It Down Already

You still here?

Just me
Guest
Just me

Funny. I was going to ask you the same. Are you not ashamed of what you keep writing, having been proven wrong many times over?

bullwhip29
Guest
bullwhip29

BCLC vows to improve integrity and accountability in new casino operator agreement
http://vancouversun.com/news/local-news/b-c-lottery-corp-given-more-oversight-to-monitor-casinos-amid-review

Abdul Lahazi
Guest
Abdul Lahazi

Diplomatic solution to North Korean crisis could come through Cuba: Trudeau

http://www.news1130.com/2017/11/23/diplomatic-solution-to-north-korean-crisis-could-come-through-cuba-trudeau/

Is he serious? Trudeau is beyond belief. What an embarrassment for Canada.
Trudeau needs to stop idolizing communist regimes.

history
Guest
history

This falls under the HEGEL diaelectic. An outcome already figured out Long Ago.

It began with the Thesis, Trump and Military Antagonism.. Now we see the Anti-Thesis, Trudeau and Triggered Tourism.

The Synthesis? … you gotta subscribe to my newsletter to find out..

Burnaby guy
Guest
Burnaby guy

Do you park your van outside Starbucks in Kensington plaza?

history
Guest
history

That’s my brother.

Combat roach
Guest
Combat roach

He is Alice in Wonderland. Has anybody ever took him seriously except those Canadians who were totally sold out due to his idolatry of China?

history
Guest
history

The country is easily governed. Simply control the Margin, the 5-10% addicted to CBC television news.

Best place on meth
Member
Best place on meth

Can’t wait to see the selfie Turd takes with Fat Kim.

All smiles, all around.

Oracle
Guest
Oracle

Vote NO in referendum. Otherwise the Liberal-NDP alliance will make sure no housing action is ever initiated with their majority.

Or you can ignore me, downvote me, or get angry at this suggestion.

Go ahead. Vote Yes and see what happens.

Now is time to get a NO petition going. Not close to referendum. It will light a fire under Weaver and scare the bejesus out of Eby and Horgan.

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)…

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.

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
Guest
Raincity

You’re being ridiculous!

Super Oracle
Guest
Super Oracle

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

Raincity
Guest
Raincity

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

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.

paulb
Member
Trusted 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
Trusted 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
Trusted Member

ha ha thanks

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
Guest
Doomcouver

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

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