Note that in Vancouver, according to many bank workers in the lending business, mainland Chinese are leveraging their seed money. So a 20% reduction in leveraging power might simply be offset but an increase in seed money. Of course, in aggregate, liquidity in the market would go down. But I doubt it would go down by the full 20%.

In practice, both OSFI and our local governments know full well these changes are significant but unlikely to kill the market. They obviously hope they might trigger a slowdown and a soft landing.

In my humble opinion, the only way to bring Vancouver prices back in line with earnings of local workers is to take significant political steps that restrict demand by taxing the slush funds from mainland China through some form of taxation of the existing, idle housing investments.

-> if NDP does NOT make major changes…<-

New coast listed my aunts house last year and the agent was caught on hidden cam snooping and stole a toonie for reals

The BC NDP only have power to push prices down, they are completely powerless to keep prices high. As such you can’t necessarily tell what direction house prices will go based on NDP policy. Unless they create some extremely draconian anti-speculation laws, we’re mostly at the mercy of the global credit cycle.

A 25% reduction sound about right under the new OSFI’s new rules.

Risk aversion at the banks will inevitably creep back into lending as interest rate hikes continue to materialize, and borrower financials continue to be overstretched. A 1980’s ‘esque environment of higher rates, higher inflation, and low credit availability is definitely in the cards.

Qualified for lesser amount, and prices for condo/attach keep escalating. It’t the cost of doing nothing. Yikes!

Did you apply under the names “New toast”….’Me too” ….. besides ” Yikes’…If so…you should be like foreign locusts and qualify for 3 SURREY CRACKSHACKS.

Old news. Might as well dig out 2008 news to mislead the readers.

Condo sales must be “slowing”:. Te he!

gives originally meaning to bringing monetary reserves forward: Go deep into the future to front run your offsprings chances, and a dragonfly doji at the top of the global population graph.

Except very very few people have reason to do this. But, hey, keep focusing on the outliers.

The new year will bring the release of more data providing a deeper, broader, and “much more nuanced” look into Canadian property ownership, said Haig McCarrell, director of the Statistics Canada division overseeing the Canadian Housing Statistics Program (CHSP)….experts stated the true proportion of foreign-owned properties could be higher. McCarrell said StatsCan hopes future research will illuminate more details about certain kinds of property ownership arrangements.

For example, a property owned by a B.C.-incorporated shell company with foreign owners would, for the purposes of this month’s release, count as Canadian-owned, McCarrell said. Eventually, StatsCan wants to determine how much Canadian real estate is owned by “resident corporations with foreign owners.”

Another area where McCarrell hopes to shed light is overseas residents buying Canadian properties in the name of spouses or children.

If a foreigner buys a Canadian home with money generated overseas, and puts the property in the name of a child attending school in Canada, it would not count as foreign-owned in this initial StatsCan study. McCarrell said future CHSP research could compare tax filings and property title records to find, for example, certain neighbourhoods with disproportionate numbers of multi-million properties owned by “students” with no declared income.

“The tip of the iceberg”…meaning, there is more research to get underway, that’s all. So, quite trying to read more into this.

For many families, the cost of rent — now more than $1,550 for the average two-bedroom apartment in Vancouver, according to the Canada Mortgage and Housing Corporation — eats up so much of their income that they must cut back on groceries and can’t enrol their children in after-school activities or replace their worn-out clothing.

“Even if someone says, ‘Yes, I’m securely paying rent every month,’ OK, well then, what else has had to be cut down because of it?” Crowley said. “There’s a whole cascade of problems that come from that one issue.”

Even clients in a position to scrape together a down payment for a home are expressing sadness and frustration over the “generational issue” of not being able to afford property they way their parents and grandparents could, Sutherland said.

“The wish to have one’s own home — that’s a dying dream for people in Vancouver,” Sutherland said.

Housing pretty phuque up, eh? What i would do is show the Client how I live, get them in a van.. sell the fixed house and reduce all debts. DRIVE the message HOME

Houses are for speculators and asset stripping refi mortgage Infidels…

Vehicles are for living in