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About taxi

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  1. Speaks more about the author than millenials. Back in my day.....
  2. The tax came into effect on August 2nd, so including numbers since the announcement of the tax is obviously going to skew things down. The data I saw says 13.2 in metro Vancouver from June 10 to August 1, and then 0.9 after that. That's for metro Vancouver. The foreign buyers have a preference for Richmond, Burnaby, and Vancouver proper. Also keep in mind this is people who are reported as foreign. The true numbers may be higher.
  3. These comments about Americans being ignorant are so absurd and hypocritical. The Canadian treatment of indigenous people is very similar. They have comparable incarceration and violence rates to black Americans. We have our own issues.
  4. If they start telling people that things will go down 20% in a year....people will wait a year to buy, which is the opposite of what they want. Whether it's willful blindness or purposeful deceit, the real estate industry, as a whole, will never give you an honest answer.
  5. Agreed that no one knows what will happen. My point is that having a bunch of real estate professionals declaring themselves experts and then re-affirming to each other that prices will be higher next year is hardly proof of anything.
  6. For anyone hoping the tax will be challenged by international courts...forget about it. Vancouver was not the first place to institute a tax or other restrictions on foreign buyers. You'll also notice that Vancouver's tax does not apply to commercial properties.
  7. So an "economic expert", who just happens to be an employee of a credit union said things will continue to go up. Meanwhile, another "economic expert" on that same panel, Davidoof associate professor at UBC who has no personal interest states there is "still a significant risk of a sharp correction in home prices due to the foreign buyer tax." Hmm....who's advise do I take: 1.. The guy who's job it is to sell credit - EX: mortagages - Sommerville. He also cites Hong Kong and Singapore as examples of places without corrections.....yet Hong Kong is in free fall right now: Singapore is having their longest drop in two decades, with prices falling consistently for the last 2 years: 2. The prof, who actually has reason to give an unbiased opinion. Also, almost missed this little gem at the bottom: Another biased party, this time in charge of the moderation of the "panel". This article also comes from "", which isn't actually a news site but a site for real estate listing.The "article" itself is probably just sponsored content from Polygon Homes.
  8. I'm not sure I agree with the downturn killing the economy as a whole. Vancouver's greatest issue is that price real estate and living keep people away. A real estate crash could result in a dramatic and immediate rise in other industries. The same thing happens when the dollar goes low. All of a sudden every film-maker in America wants to come to Vancouver. Lower prices could also stimulate construction and development. If an old lot on the East side can be had for a more reasonable price, a developer may be more likely to build a condo complex on it or a family may be more likely to renovate.
  9. None of the allegations has been proven in court. The B.C. government has yet to file a response to the lawsuit. In order to proceed, the claim will have to be certified as a class action by the B.C. Supreme Court, a process that could take months if not years. In the meantime, it's expected the province will continue to collect the extra 15 per cent tax. I know we are meant to feel sorry for the student, but what was a student doing buying a $500k+ home with a $3000+/month mortgage? Particularly in a country where you are not a resident. This student may actually come out ahead walking away from their deposit. If prices continue to dip, the dip may far exceed the 10% down payment. I'm also curious what school this person was attending that necessitated buying a property in Langley. Trinity Western is getting a lot of exchange students from China now?
  10. The Second Cup has 345 locations? That's small? Anyways, McDonalds is by far the best of all those you've listed. Tim Horton's coffee, like everything else they serve is complete garbage. Just like the food, it tastes like it's been out in a heater all day. Edit: The 2nd cup has 345 locations in Canada in Canada alone. They also have international locations. They are owned by Cara Operations, which is a huge company. Once again, not sure how you are in any way supporting "small" business by going to the 2nd Cup. This is almost as bad as that "Best poutine" thread where people were citing Burger King.
  11. There is definitely truth to this. There's no way that houses will ever drop to below $ least as long as interest rates stay low. IMO the reality is likely to fall somewhere between the doom and gloom that LOLClarkson is predicting and the rosey future that Realtor Rod is predicting. Vancouver, in terms of demand, has much more in common with Seattle or San Francisco than Phoenix or Miami. Places like Seattle saw a drop in their prices, but nothing catostrophic. It also wasn't Seattle causing the banks to go bankrupt in the USA. It was places like Las Vegas, where half the population essentially walked away from their homes. In Vancouver, I think we'll see another 25-35% drop followed by more reasonable increases. Does that count as a "correction" or a "crash"? Who knows. Depends if you include that insanity that happened at the beginning of 2016 as normal. The issue is that currently houses are out of reach for even high earners. A 30% or so drop would bring them back into reach, which would stimulate demand and stop a total bottoming out.
  12. BC prices are up 1.5% year over year. That's natural though and more or less in line with inflation, which signifies a flat market overall in BC. Also keep in mind those figures include the madness that occurred from January to April. The Vancouver market is still correcting from that. So to say things are flat year over year is misleading and ignores the details. What actually happened was that prices rose about 30% in the GVRD between August of last year and April of this year. Since then prices have plummeted. Perhaps that 30% rise in early 2016 was just an anomaly and prices will level out after accounting for that correction, maybe prices will even start to go back up. However, if they follow the current trend for the last 3 months or so, they will continue to fall. My overall, point is that our government doesn't need to do anything to affect prices. The prices have been in the hands of foreigners and externals forces for a long time. It appears that money is gone now, both due to China putting into force stricter controls and, to a lesser extent, the new tax. Prices will fall on their own, as they are in London, Hong Kong, and San Francisco, on their own.
  13. IMO a major issue is how easy it is to become a licensed agent. A few courses and you get a license which allows you to manage someone's life savings. It doesn't help that the real estate board lets so many realtors off with slaps on the wrist following major infractions.
  14. The cooldown started before the tax because: 1. Prices were already out of reach; and 2. China had already put in place stricter regulations on exporting money. Hence the cooldown in markets like Hong Kong, London, and San Francisco. Also what is that 1.5% increase relative too? July 2016? If so, that's not indicative of anything. The fact of the matter is the market is definitely shaky at best right now. Your assertions that everything is normal aren't giving anyone much confidence.