BC Introduces New 15% Foreign Buyers Tax - Update: Student Files Class Action Lawsuit

[Warhippy]

10 hours ago, taxi said:

The Chinese government does not like its citizens pulling money out of the economy and putting it into speculative real estate markets.

Over a trillion in private money left already and assumed to be a trillion more on its way out.

 

Ya...that barn door isn't closed yet and the animals are long gone

[Realtor Rod]

8 minutes ago, Warhippy said:

Over a trillion in private money left already and assumed to be a trillion more on its way out.

 

Ya...that barn door isn't closed yet and the animals are long gone

And there is probably the same amount here already from the last 20 years.

[Warhippy]

Doctor cannot afford to live on the coast.

 

http://globalnews.ca/news/2845033/chilliwack-doctor-worried-hes-being-priced-out-of-metro-vancouver-housing-market/

 

MLA cannot afford to live in his own riding.

 

http://www.metronews.ca/news/vancouver/2016/02/15/mla-opposes-government-intervention-in-housing-market.html

 

Millennials fleeing Vancouver

 

http://www.nationalpost.com/m/wp/tag/blog.html?b=news.nationalpost.com/news/canada/exodus-of-millennials-threatens-metro-vancouver-economy-but-they-simply-cant-afford-to-keep-living-there&pubdate=2016-01-07&t=squamish

 

Families leaving Vancouver

 

http://www.macleans.ca/news/canada/can-families-still-afford-vancouver/

 

"Job Boom" (lower paid but still booming) cannot be filled due to lack of employees in Vancouver

 

http://www.theprovince.com/business/vancouver+sees+jobs+boom+young+workers+still+afford+housing/11952046/story.html

 

Exodus of young professionals continues in vancouver

 

http://www.vancitybuzz.com/2016/02/the-great-vancouver-exodus-millennials-expat/

 

People not finishing university to continue studies elsewhere due to high cost low wages

 

http://www.vancitybuzz.com/2016/02/young-vancouverites-might-leave-angus-reid-poll/

 

I link these and there's so many more; to highlight the big issue.  A city with some of the highest housing costs vs cost of living vs median income in North America with no actual economy outside of the port system and tourism once real estate is stripped away.

 

Vancouver is becoming a shell propped up by people making minimum wage for the area and sharing ever tighter living spaces.  4 people to a small condo, kind of reminds me of working in Alberta sharing a hotel or townhouse with my crew during day/night shifts.

 

It is completely unsustainable.  DeJong said that it's only 3% of all purchases going to foreign buyers after and exhaustive 19 day study.

 

So why all the collapsing deals?  Why all the panicked agents carrying marketing in Asian markets?  If in fact this was not an issue these deals as Rod puts it would not be collapsing so fast and on so many levels.

 

Vancouver is dying.  But the people running this place are too stupid and greedy over the last 14 years to have tried to stop it

[taxi]

9 hours ago, Realtor Rod said:

Do you remember what interest rates were in 1981? 20% for a lot of people. If that happens, yes, there will be a drop in price and a LOT of foreclosures. 

 

I didn't see your last part about special. Entrenched diversity. Great schools. Beautiful scenery. There is a lot more but I am tired. 

It was high interest rates in 1981, now it's unregulated foreign investment. In the USA it was sub prime mortgages. A lot of factors can lead to a crash, and Vancouver having nice beaches does not make it immune.

[Realtor Rod]

2 hours ago, taxi said:

It was high interest rates in 1981, now it's unregulated foreign investment. In the USA it was sub prime mortgages. A lot of factors can lead to a crash, and Vancouver having nice beaches does not make it immune.

There was no crash, there hasn't been. There may be one someday but since 77, no crash. Some corrections, adjustments and cooling off. Maybe I don't understand what you mean by crash? Would a price correction of 10% work? 20%? 50%?

 

[Warhippy]

Well so much for a mere 3% over 19 days.  DeJong was pretty smug about stating it didn't have any significant or appreciable effect on the housing market.  Now after 5 weeks it's 10%.  Wonder what this will look like after a full fiscal year?

 

http://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-foreign-data-1.3695439

 

Foreign buyers spent more than $885 million on Metro Vancouver real estate in just five weeks, according to new data released by the B.C. government.

The money represents about 10 per cent of the value of all real estate purchased in the region over that span, the government said.

The release comes just a day after B.C. announced a 15 per cent property transfer tax on foreign buyers in the Metro Vancouver real estate market.

Many critics have speculated that foreign capital coming into Vancouver is one reason real estate has become increasingly unaffordable, with locals unable to compete with foreign investors.

Earlier this month, the B.C. government released initial findings from its foreign buyer study.

 

That data — which looked at a twenty-day period spanning from June 10 to 29 — found that five per cent of buyers in the Metro Vancouver were foreign (neither Canadian citizens or permanent residents).

 

Nearly all of those buyers were Chinese nationals.

At the time, de Jong said although the study was in its early stages, it is the most accurate data the government has on the issue of foreign ownership.

[grandmaster]

On July 25, 2016 at 0:16 PM, taxi said:

You don't think a "rich foreigner" will think twice about losing $300k on a 2million dollar purchase? You don't get rich that way.

You don't think a lot of this money is being sheltered from their home countries as opposed to "investments"? 

[taxi]

10 hours ago, Realtor Rod said:

There was no crash, there hasn't been. There may be one someday but since 77, no crash. Some corrections, adjustments and cooling off. Maybe I don't understand what you mean by crash? Would a price correction of 10% work? 20%? 50%?

 

There was approximately a 50% crash in 1981. Also, you logic about there not being a crash in a while meaning we won't ever get a crash is highly flawed. If anything that's the opposite of the way it works. The fact that we've seen 3 successive sudden spikes in prices over the past 10 years, most certainly does not mean we are more sheltered from a crash.

[Realtor Rod]

19 minutes ago, taxi said:

There was approximately a 50% crash in 1981. Also, you logic about there not being a crash in a while meaning we won't ever get a crash is highly flawed. If anything that's the opposite of the way it works. The fact that we've seen 3 successive sudden spikes in prices over the past 10 years, most certainly does not mean we are more sheltered from a crash.

So in your opinion a crash is 50%? Meaning the average home price would fall from 1.4 million to 700k in roughly what period of time?

[taxi]

Just now, Realtor Rod said:

So in your opinion a crash is 50%? Meaning the average home price would fall from 1.4 million to 700k in roughly what period of time?

Never said that. But 1981 was definitely a crash. 

 

[Realtor Rod]

2 minutes ago, taxi said:

Never said that. But 1981 was definitely a crash. 

 

Can you answer me as to what your opinion of a crash will look like?

[Warhippy]

If anyone ever asks why real estate agents are considered the new used car salesman type 

 

Look no further than this story.

 

http://glbn.ca/AyegAc

[taxi]

17 hours ago, Realtor Rod said:

Can you answer me as to what your opinion of a crash will look like?

There's no definition of a "crash". I'd be pretty unhappy though, if I bought a house and 6 months later it was worth 500k less though. Obviously, if you wait a decade it'll be more or less guaranteed to go back up, but the extra 500k you'll be carrying on your mortgage is going to sting.

[trek]

1 hour ago, Warhippy said:

If anyone ever asks why real estate agents are considered the new used car salesman type 

 

Look no further than this story.

 

http://glbn.ca/AyegAc

lol yeah, I received a copy of that email from him. Looks like he has got himself in some hot water now.

[Rocky Balboa]

Vancouver I grew up in :

 

 

What the whole city will look like :

 

[Realtor Rod]

1 hour ago, Warhippy said:

If anyone ever asks why real estate agents are considered the new used car salesman type 

 

Look no further than this story.

 

http://glbn.ca/AyegAc

Ya, we are all the same. My hundred or so testimonials suggest I am different. That's the equivalent of saying all photographers take kiddie porn photos.

[Realtor Rod]

35 minutes ago, trek said:

lol yeah, I received a copy of that email from him. Looks like he has got himself in some hot water now.

As he should be. 

[Warhippy]

2 hours ago, Realtor Rod said:

Ya, we are all the same. My hundred or so testimonials suggest I am different. That's the equivalent of saying all photographers take kiddie porn photos.

Really ?  Real estate agents by any comments section and approaching a majority opinion have an atrocious name across BC and the vancouver area.

 

You cannot for a second argue in any capacity that is credible that people don't think that realtors have had a hand in the housing crisis for pricing in the GVA.  You can't.

 

This guy just threw serious water on the oil fire that is the housing issue in the lower mainland and any hope for a loophole might have just been burned by it.  If nothing else this idiots actions and open stupidity may have forced the governments hand to ensure there are no such loopholes that can exist which can only be a good thing.

 

I myself though am still worried as most are I would gather judging by comments; that this is just going to force buyers out towards the lower mainland, Victoria and the Okanagan further increasing prices and rental issues in those areas.

[Realtor Rod]

1 minute ago, Warhippy said:

Really ?  Real estate agents by any comments section and approaching a majority opinion have an atrocious name across BC and the vancouver area.

 

You cannot for a second argue in any capacity that is credible that people don't think that realtors have had a hand in the housing crisis for pricing in the GVA.  You can't.

 

This guy just threw serious water on the oil fire that is the housing issue in the lower mainland and any hope for a loophole might have just been burned by it.  If nothing else this idiots actions and open stupidity may have forced the governments hand to ensure there are no such loopholes that can exist which can only be a good thing.

 

I myself though am still worried as most are I would gather judging by comments; that this is just going to force buyers out towards the lower mainland, Victoria and the Okanagan further increasing prices and rental issues in those areas.

Realtor's affected pricing? Do tell...

 

Hey Rod, this house is for sale. We want to write an offer. We realize there are going to be more than 10 offers so we want to bid $175,000 more than the asking price. 

 

That is supply and demand. 

[Beastmode33]

16 minutes ago, Realtor Rod said:

Realtor's affected pricing? Do tell...

 

Hey Rod, this house is for sale. We want to write an offer. We realize there are going to be more than 10 offers so we want to bid $175,000 more than the asking price. 

 

That is supply and demand. 

The old supply and demand argument, so the answer must be to build more houses and increase supply!  Like any developer is looking at our real estate prices thinking they'd like to sell for less, they are counting on these prices to fill their greedy pockets.

 

So lets say supply and demand is the answer, why is it not more acceptable to DECREASE DEMAND from foreign owners? Oh yes, because Realtor Rod and his chronies don't make as much that way.

 

It sure would be nice for you guys if there was more supply and you didnt have to put in any real work representing buyers and visiting open houses, instead you can sit back and sell to lineups of people!

 

Our city is beautiful because of nature, so lets destroy it in order for realtors and developers to get even more rich while prices stay the same and foreign buyers buy more land. 

 

 

Every realtor I know is saying the exact same thing, its getting old.