Bullwhip29 points out an article that says the BC first time buyer loans program will likely cost the government twice as much as they claim.
“The Ministry of Finance estimates that for every dollar of loan proceeds under HOME, taxpayers will lose about 19 cents in administrative costs and foregone interest. This estimate ignores the cost of default losses that may arise if borrowers are unable to repay their loans.”
Read the full article here.
Christy Clark has said that the province intends to make some changes to the foreign buyer tax, exempting those with work permits. No word yet on if there will be a limit on the number of properties that are exempt.
Clark made the comments Sunday while speaking to reporters at a Lunar New Year event in Vancouver.
“We’re going to lift the foreign owners tax on people who have work permits, who are paying taxes and living in British Columbia as a way to encourage more people to come.”
Clark did not elaborate on the proposed changes.
Read the original article here.
According to BC Statistics the community of West Van is seeing a steady population decline.
According to a B.C. Statistics report, the population in West Vancouver dropped by 2.1 per cent between 2015 and 2016 with just under 41,000 people now calling that community home.
The downturn in West Vancouver is the largest year-over-year decline of any B.C. municipality with at least 15,000 residents. West Vancouver has been in a slow and steady decline since 2011, which doesn’t follow the current trend of most municipalities across the province that have seen a steady increase in their populations.
So whats driving the decline? Housing prices? Aging Population? Lack of Bars and Restaurants? Lack of rentals? The mayor is concerned about all those factors.
“So we need more rental accommodation so when our young people are graduating and want to stay in West Van, have a place to rent.”
The business community, Smith says, is also suffering from the lack of vibrancy.
“We don’t have the bars and restaurants to create any vibrancy in the community. It’s a very serious situation,” Smith explained.
Read the full article at Globalnews.
So far it’s been single family homes that have seen the biggest drop in sales and prices in Vancouver with condo sales chugging right along. That may be changing. Whether you blame it on market changes or weather, Vancouver condo sales saw a 23.7% drop in December.
Bubble talk might be impacting sales, as they declined significantly across the GVR. 915 sales were logged through the MLS, this represents a 23.7% decline from the month prior. Of those sales, 1 in 4 were in Vancouver West – which only experienced a 19.9% decline from November. Declining sales is expected in December, but this was a 25.3% decrease across the GVR from the same time last year.
Of course prices are still way up from a year ago.
Read the full article over at betterdwelling.com.
Vancouver has just been ranked the #3 least affordable housing market in the world behind Hong Kong and Sydney according to a survey by Demographia.
This is the second year in a row Vancouver ranked third after hitting second place in 2015. The city has been ranked with the worst housing affordability in Canada in all previous Demographia surveys since 2004.
Demographia reported Vancouver’s year-over-year price growth was equal to a year of household income in the city. It also mentioned the city experienced a “modest” net domestic out-migration in 2016, meaning more people left the city than moved in.
Which city do you think those people that left Vancouver are moving to: Hong Kong or Sydney?
Read the full article here.