It’s getting to be that time of the year again… the air is getting cooler, the leaves are starting to turn and the listing numbers are blooming.
Thanks to paulb for the numbers!
[…] –Big fines for illegal short term rentals […]
http://vancitycondoguide.com/vancouver-condo-prices-dip-in-august/ Vancouver Condo Prices Dip for Third Consecutive Month in August “With condo sales cooling off, inventory has begun to increase. The number of Vancouver condos for sale increased by a whopping 51% year over year. Despite the increase, inventory levels remain below historic norms, however, the quick jump in inventory combined with falling sales is a concerning trend. Expect condo inventory to swell in the coming months and even years ahead, as a record number of new construction apartments near completion. There are currently a record high 43,024 units under construction and a plethora of housing starts also underway. In other words, there’s a pipeline of supply coming and the demand might not be there to meet it.” http://vancitycondoguide.com/august-fewest-detached-home-sales/ August Sees Fewest Vancouver Detached Home Sales in 27 Years “Sales were even lower than August 2016, when home sales… Read more »
David Eby slams ‘colossal failure’ of money-laundering law enforcement during Ottawa appearance
“Real estate links:
Eby told the committee that money laundering in B.C. isn’t limited to casinos — there’s also strong evidence that illicit funds are being used to purchase real estate, helping to drive up housing prices.
As German writes in his interim recommendations, “It has been said that, ‘everything in B.C. comes back to real estate.'”
Eby was instrumental in convincing the Federal Liberals that there is a huge money laundering problem in Canada that needs to be addressed.
Weak regulations make Canada a money-launderer’s playground, says report
“The report cites estimates of between $5 billion and $100 billion in dirty money being laundered under Canada’s lax regime,”
most of this laundered cash is in Vancouver real estate.
Horgan cancelling public inquiry into money laundering via real estate and housing.
Wow o wow.
Probably because it was a “non-story” to begin with.
Like overseas buyers right?
You tell me.
The story about overseas buyers is about how many fools thought that there was a story and subsequently made the biggest financial decision of their lives out of fear and greed.
East side bungalows listing under 800k. Assessed 1.5m. Half off. Will there be a bidding war? How much is this house really worth? With such low volumes who knows? Take a blind stab at throwing 800k-1m plus at this house.
Probably worth more if the grass was green
That’s not a bungalow. Its a 1/2 duplex.
Doesn’t change the fact that it’s half off assessed.
Assessment means nothing.
That’s cash money laundering if you haven’t figured it out yet.
7820, the other side of the duplex, was also listed until a week ago (R2301351). That address doesn’t show up on the BC Assessment website, but the house number is clearly visible in the photos that are on 7818’s listing.
So I’m going to make a bold guess that the original property was only recently split in half and the assessed value was for the whole.
Either way there’s something weird about this which demonstrates once again how futile cherry-picking examples is. No need to get so excited.
Here are Vancouver’s remaining illegal hotels: https://www.airbnb.ca/s/Vancouver–BC/homes?refinement_paths%5B%5D=%2Fhomes&query=Vancouver%2C%20BC&min_bedrooms=5&room_types%5B%5D=Entire%20home%2Fapt&map_toggle=true&allow_override%5B%5D=&checkin=2018-10-23&checkout=2018-10-27&zoom=12&search_by_map=true&sw_lat=49.197383638327&sw_lng=-123.21913083726144&ne_lat=49.30367085806849&ne_lng=-123.08244159726973&s_tag=nSRSDl3O
Metro Vancouver sees house prices edge lower for 2 straight months
Detached home prices fell 2.8 per cent since May to $1,561,000, which is also down 3.1 per cent compared to the previous August.
Attached home prices fell 0.8 per cent to $846,100 since May, but rose 7.9 per cent compared to August 2017.
Condominium prices also dropped since May by 1.6 per cent to $695,500 — up 10.3 per cent from the same time last year.