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Harvey Spector

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2 hours ago, Hugor Hill said:

Hey man, don't know about Vancouver but here in Laughsland bottle service girls make hundreds of dollars of tips a night.

 

And these girls can probably get a $40K accounts manager job at Mad Men during the day.

 

And you have to work on Sundays......

I've worked in a lot of restaurants back in my day. Definitely met a lot of waitresses hauling in $100k/year in cash, on busy nights they would get in the thousands in tips. Some of these girls were also experts in finding wealthy men to pay for everything. With a loan from the bank of mom and dad for a downpayment, I hardly see a waitress buying a house as the most suspicious transaction out there.

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1 hour ago, DonLever said:

How is closing the loophole for principal residency going to work anyway?  All you need is to live in the house a few months and you can sell.  Unless you get rid the capital exemption for principal residence for everyone,  foreigners will still flip houses without paying capital gain tax.

 

You will have needed to be declared a resident in the year you actually buy the property. If you are a resident that also means you are paying tax on all income. So basically, you will need to file a tax return in Canada the year you actually buy the home in order to qualify for the principle residency exemption. In that return, theoretically, you need to declare all income, made inside and outside of Canada, and pay tax on it.

 

No one knows exactly what the govt will do, but they are targeting 2 main groups:

 

1) people who put properties in others' names.

2) people who don't declare all of their foreign income in Canada, despite claiming residency.

 

Theoretically, this could be big as the CRA has huge powers and can put in penalties retroactively. 

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The Chinese and other foreigners are using Canada as their own piggy bank for storing cash and in return are paying close to zero tax. Money being laundered into the country is being used to buy homes. Those homes are being declared as principal residences even though the bread winner is someone living outside Canada. So what they do is put the homes in the names of their wives, kids, relatives and friends. These people in turn are staying in Canada and later become residents. Thus when the home is sold no capital gains tax is paid. This is where you see "housewives", "students", and "waitresses" owning multi million dollar properties. 

 

 As taxi mentioned by closing the loophole these bread winners would have to be residents at the time of purchase in order to declare principal residence. They would also need to start filing Canadian tax returns and showing all of their world wide income. So in theory this should weed out the tax cheats and allow CRA to collect millions of dollars in new taxes. 

 

Will it actually work?  Only if the CRA is diligent and goes after these tax cheats. Up until this year the government and the CRA have done nothing. They have been enablers along with the banks in this multi billion dollar Ponzi Scheme. Let's see if they finally get to the bottom of all of this money laundering and make the tax cheats pay with fines and jail time for tax avoiders and tax evaders. 

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1 hour ago, Harvey Spector said:

The Chinese and other foreigners are using Canada as their own piggy bank for storing cash and in return are paying close to zero tax. Money being laundered into the country is being used to buy homes. Those homes are being declared as principal residences even though the bread winner is someone living outside Canada. So what they do is put the homes in the names of their wives, kids, relatives and friends. These people in turn are staying in Canada and later become residents. Thus when the home is sold no capital gains tax is paid. This is where you see "housewives", "students", and "waitresses" owning multi million dollar properties. 

 

 As taxi mentioned by closing the loophole these bread winners would have to be residents at the time of purchase in order to declare principal residence. They would also need to start filing Canadian tax returns and showing all of their world wide income. So in theory this should weed out the tax cheats and allow CRA to collect millions of dollars in new taxes. 

 

Will it actually work?  Only if the CRA is diligent and goes after these tax cheats. Up until this year the government and the CRA have done nothing. They have been enablers along with the banks in this multi billion dollar Ponzi Scheme. Let's see if they finally get to the bottom of all of this money laundering and make the tax cheats pay with fines and jail time for tax avoiders and tax evaders. 

The money is still here and untaxable in the form of private MICs. Its a lot of money as well. Something like a trillion dollars. 

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Feds’ Strict New Mortgage Rules “Target First-Time Buyers and Millennials” 

Finance minister announces new “stress test” on applicants for all insured mortgages, which will “take lots of people out of the housing market,” according to local mortgage expert

Canadians applying for a mortgage that requires CMHC insurance will have to qualify under higher interest rates under a new “stress test” announced October 3 by federal finance minister Bill Morneau.

The tougher mortgage rules were announced as part of a wider series of "preventative measures" aimed at “ensuring the long-term stability of the market” and reducing risk, according to Morneau.

Under the proposed new mortgage qualification rules, the current “stress test” that currently applies to some insured, variable-rate mortgages and insured mortgages with terms of less than five years will be applied to all new applications for insured mortgages, as of October 17.

The stress test requires that, even if an applicant can achieve a discounted mortgage rate of 2.79 per cent, for example, they will have to qualify as if they would have to pay the full Bank of Canada posted rate, currently 4.64 per cent.

This new measure will now include all new applicants for insured, fixed-rate mortgages with terms of five years and more, who previously only had to qualify under the discounted interest rate they would actually be paying – which had typically allowed those applicants to qualify for much larger loans than will be possible under the new proposal.

Homeowners that have an existing insured mortgage or those renewing existing insured mortgages will not be affected by this measure. Applicants for uninsured mortgages (those with a down payment of more than 20 per cent) are also not affected.

Mortgage expert Alisa Aragon, a broker with Dominion Lending Centres Mountain View, told REW.ca, “This new measure is going to take so many people out of the market, especially in Vancouver with our high home prices. A lot of people have less than 20 per cent down payment, and a lot of them don’t go for variable or short-term rates because they don’t qualify under the stress test, so they go for fixed-term rates which allows them to qualify under the discounted contract rate. Now if they have to qualify under the posted rate, they will qualify for a much lower mortgage and that could take them out of the market.

“I have a couple that is looking at homes around $630,000 and I have them qualified at the five-year contract rate. Now with the new rules coming into effect, they are going to qualify for a property of $504,000. That is a huge difference and that could mean the difference between buying a house or a condo.”

The ministry also announced that it is levelling the playing field in terms of mortgage eligibility criteria, which is currently less stringent when applied to mortgage applicants with 20 per cent or more down payment (considered a low loan-to-value ratio mortgage). The ministry stated, “To help ensure that taxpayer support for mortgage funding is targeted towards safer lending, effective November 30, 2016, mortgages insured by lenders through portfolio insurance and other low loan-to-value ratio mortgage insurance must meet the same loan eligibility criteria as high loan-to-value insured mortgages.”

Vancouver REALTOR® Barry Magee told REW.ca, “The mortgage changes are prudent in an overheated market, but let’s not kid ourselves on who was targeted today by the federal government. First-time buyers, millennials, and those already excluded from the real estate market. I don’t disagree with the changes, but let’s just be realistic about the intended target.”

The federal government is also closing a tax loophole for foreign real estate speculators to prevent foreign buyers from purchasing a property and selling it again in a given year, and failing to pay capital gains tax on that sale.

Canadian tax rules do not require homeowners to pay tax on any capital gains (the uplift in value) made by the sale of their principal residence. Under current rules, homeowners do not have to declare on their tax returns the sale of properties they used as their principal residence – which has been reported to have resulted in widespread abuse as overseas real estate speculators have failed to pay capital gains tax on the sale of a Canadian property.

Under the new rules, all taxpayers will have to declare on their income tax returns a sale of a property that they claim is their primary residence. To qualify for this, the homeowner or a family member must have lived in the home at some time during the year.

The Department of Finance said the change will ensure that the principal residence exemption is used only by Canadians, who will designate just one property as their principal residence in a given year.

Magee said, “I’m not sure how closing an obscure tax loophole equals targeting foreign money in real estate. Should the government be applauded for common sense?”

Anne McMullin, president of the Urban Development Institute Pacific Region, said in a statement, "We cannot tax our way to housing affordability. We urge all levels of Government to commit to increasing the supply of affordable housing as their top priority now that demand measures are being implemented."

The third key policy announced October 3 was a new consultation with the mortgage lending market on whether mortgage risk is appropriately shared between all involved parties, in an attempt to find ways to share financial risk in the event of mortgage defaults.

Morneau told media at a Toronto press conference: “We have a housing market that is stable. Our market is working. The measures we are taking today are intended to ensure the long-term stability of the market, protect the risk of Canadians as they invest in a home, and make sure the housing market risk is appropriately shared between the government, financial institutions and Canadians.”

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^^^^^^

 

I think this is probably a good thing. The whole "stress test" is an example of thinking ahead for what will happen when interest rates inevitably rise.

 

The headline about targeting Millennials a bit much. It's more of a short term pain for long term gain. As it stands now, the Millennials cannot buy anyways. Hopefully, these new restrictions further cool the market and will ultimately make it much easier for them to buy. Basically, if something doesn't change, they will never own. Putting them under a stress test, without actually increasing rates for them, is not a bad thing either. The alternative is for them to over-extend and then have to suffer through a crash and potentially lose hundreds of thousands.

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October 3, 2016

Federal government changes mortgage insurance rules

The federal government announced regulation changes for new government-backed insured mortgages today. Effective October 17, 2016, insured homebuyers will have to qualify at the posted five-year qualifying rate. Previously, only variable rate mortgages and mortgages with terms less than five years were subject to a higher qualifying rate.

The qualifying rate is updated weekly and available on the Bank of Canada website. The current rate is 4.64 per cent, about 200 basis points higher than the best bank offered rates. 

To qualify for mortgage insurance, a homebuyer's debt servicing ratio must be no higher than: 

• Gross Debt Service – 39 per cent of household income, including mortgage payment, taxes, and heating costs.

• Total Debt Service – 44 per cent of household income, including mortgage payment, taxes, heating costs, and all other debt payments 

These changes will apply to new mortgage insurance applications received on October 17, 2016or later. Mortgage insurance applications received after October 2, 2016 and before October 17, 2016 are also not affected by the rule change, provided that the mortgage is funded by March 1, 2017. Homeowners with an existing insured mortgage or those renewing existing insured mortgages aren’t affected by this measure.

These changes also won’t apply to mortgage loans where: 

• the lender made a legally binding commitment to make the loan; 

• the borrower entered into a legally binding agreement for the property against which the loan is secured. 

The federal government is also instituting new eligibility rules for low-ratio (higher than 20 per cent down payment) mortgages backed by government insurance. As of November 30, 2016, to be eligible for government insurance, new mortgages must meet the following requirements: 

1. A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan; 

2. A maximum amortization length of 25 years;

3. A maximum purchase price below $1,000,000 when the loan is approved;

4. For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule; 

5. A minimum credit score of 600 at the time the loan is approved;

6. A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,

7. A property that will be owner-occupied.

These new criteria, in particular requiring a maximum purchase price below $1 million, will essentially make the majority of single family homes in Metro Vancouver ineligible for government issued insurance for low-ratio mortgages. 

The government also announced measures to ensure that the exemption from capital gains tax on the sale of a principal residence is available only in appropriate cases.

Click here for more information on these changes.

(Thanks to the BC Real Estate Association’s Economics department for this analysis.)

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REBGV Stats September 2016...

Home buyers and sellers face changing market dynamics

 

Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.

 

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

 

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

 

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).

 

The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

 

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

 

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.

 

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.

 

Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

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Mortgage broker over here. I don't think people quite understand the level of severity to these new mortgage restrictions.

 

Not only do these tighter restrictions apply to high ratio(less than 20% down) mortgages, but also to any mortgages lenders package together and insure as a group(portfolio insuring).

 

Certain lenders called "monoline lenders" typically portfolio insure every mortgage they do on their back end. So not only does this tighten the high ratio mortgages, but also all mortgages they do. One notable requirement will be all portfolio insured mortgages must have no larger than a 25 year amortization. This means these "monoline lenders" will have to drop their 30 year amortization options if they intend to keep portfolio insuring their mortgages. Along with the higher qualifying rate for fixed mortgages, this will make qualifying with monoline lenders significantly tougher. Examples of popular monoline lenders that will be affected by this are First National(largest non bank lender in Canada) and MCAP.

 

First National as of yesterday until further notice completely canned both their rental program and their business-for-self program.

 

I don't disagree at all with stronger mortgage regulation, but this is really going to mostly negatively impact millenials, and empower the banks by nuking their competition.

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Vancouver realtors warn of dramatic sales slump as September data expected

 

VANCOUVER — Sales of detached houses continued to fall dramatically in Vancouver last month and even hit a 10-year low in one neighbourhood, real estate agents say as data for the month of September is set to be released.

Realtors say the high-end market is seeing the most substantial losses, while condominium and townhome sectors remain active. A foreign-buyers tax has increased uncertainty, causing investors to pull back while first-time buyers dive in, agents say.

“The speculators and investors, those folks who don’t need to buy real estate, they have moved to the sidelines,” said Adil Dinani, a Realtor with Royal LePage.

“This could be an opportunity, perhaps, for some people who now don’t have to compete with all the other buyers. They can go out there, take their time, make an informed decision and really complete their due diligence.”

The Real Estate Board of Greater Vancouver, which covers a large swath of Metro Vancouver but excludes several large suburbs including Surrey, is expected to release its September home sales data on Tuesday.

The numbers are anticipated to provide more insight into the effects of British Columbia’s 15-per-cent foreign-buyers tax, which was introduced Aug. 2 after the market already showed signs of cooling.

The tax is one of several policy changes that have been introduced or discussed by governments in recent months. B.C. has also ended self-regulation of the real estate industry, while the City of Vancouver is working on an empty-homes tax.

On Monday, the federal government announced two housing measures that could have an impact on Vancouver’s market in the months to come.

As of Oct. 17, all insured mortgages will have to undergo stress tests to determine whether borrowers will still be able to make payments if interest rates rise or they lose their jobs. The government also limited to Canadian residents a tax exemption for capital gains made when homeowners sell their primary residences.

Robert Hogue, a senior economist with RBC, said he expected the mortgage changes to have a bigger impact on the market. There is little data to show how commonly foreign buyers were taking advantage of the tax exemption, he said.

“Today’s announcement adds yet another layer of uncertainty to how this will be interpreted by the market,” he said, stressing the cumulative effect of all the policy changes.

“I think all of those together are likely to have quite a moderating impact on activity.”

Steve Saretsky, a Realtor with Sutton West Coast Realty, completed an independent analysis of September listings and sales data for the region covered by the Real Estate Board of Greater Vancouver.

He found there were just 67 sales of detached homes on Vancouver’s east side, the fewest sales in September since 2006. On the expensive west side, 61 detached homes were sold, the fewest September sales since 2008.

For the region as a whole, detached home sales fell to their lowest point in September since the same month in 2012, according to Saretsky’s analysis. That continued the trend from August, when overall home sales were down to 2012 levels.

“It’s obviously a buyer’s market for the detached side,” Saretsky said.

He said it was still a seller’s market for condos, although multiple offers and offer dates are less common than they were during the first half of the year.

Saretsky said while the average price of a detached house may have gone up slightly in September, month-to-month fluctuations are common and overall it’s down 17 per cent since peaking in January.

The real estate board has said the average price isn’t the best metric because it includes luxury homes. The board prefers to use benchmark price, which is a representation of the typical property sold in the area.

The benchmark price of a detached home fell slightly in August to $1.5 million, a 0.1 per cent drop from the previous month and the first decline in nearly three years, Saretsky said.

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1 hour ago, sameer666 said:

Mortgage broker over here. I don't think people quite understand the level of severity to these new mortgage restrictions.

 

Not only do these tighter restrictions apply to high ratio(less than 20% down) mortgages, but also to any mortgages lenders package together and insure as a group(portfolio insuring).

 

Certain lenders called "monoline lenders" typically portfolio insure every mortgage they do on their back end. So not only does this tighten the high ratio mortgages, but also all mortgages they do. One notable requirement will be all portfolio insured mortgages must have no larger than a 25 year amortization. This means these "monoline lenders" will have to drop their 30 year amortization options if they intend to keep portfolio insuring their mortgages. Along with the higher qualifying rate for fixed mortgages, this will make qualifying with monoline lenders significantly tougher. Examples of popular monoline lenders that will be affected by this are First National(largest non bank lender in Canada) and MCAP.

 

First National as of yesterday until further notice completely canned both their rental program and their business-for-self program.

 

I don't disagree at all with stronger mortgage regulation, but this is really going to mostly negatively impact millenials, and empower the banks by nuking their competition.

 

First time home buyers and millenials are effectively screwed. They will now have to qualify for a mortgage as if rates went up by 2%. That's crazy. The low end of the market is going to take a big it. All first time home buyers are going CMHC. Very few if any have a 20% down payment. 

 

And like you said the new rules will also take out alternative lenders and non-banks giving the big banks even more of a monopoly on the mortgage market. The Ponzi Scheme continues for them. 

 

Also I read an article that I am trying to find that says the government will continue to make changes and interfere with the real estate market until prices drop considerably. So it looks like we will have continuos government intervention until this thing completely blows up. Next on the list is monetary policy. I see an interest rate increase on the horizon within the next 6-9 months. 

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18 minutes ago, Harvey Spector said:

 

First time home buyers and millenials are effectively screwed. They will now have to qualify for a mortgage as if rates went up by 2%. That's crazy. The low end of the market is going to take a big it. All first time home buyers are going CMHC. Very few if any have a 20% down payment. 

 

And like you said the new rules will also take out alternative lenders and non-banks giving the big banks even more of a monopoly on the mortgage market. The Ponzi Scheme continues for them. 

 

Also I read an article that I am trying to find that says the government will continue to make changes and interfere with the real estate market until prices drop considerably. So it looks like we will have continuos government intervention until this thing completely blows up. Next on the list is monetary policy. I see an interest rate increase on the horizon within the next 6-9 months. 

 

No one should be buying a home at the very limit of their financing. If you cannot afford a potential 2% increase over current rates, you shouldn't be buying in the first place. 

Rates are currently at all time lows and are likely to increase by 2%. A lot of the people qualifying for these mortgages by the skin of their teeth are likely to be looking at 2-3 years mortgages, which have typically lower rates. When they go to renew and find that the interest rates have gone up 2% in 2 years, they are then F-ed. 

 

Also, the current real estate market is not a free market. A free market only exists when all people are competing in the same market. If you have foreign money coming in and not paying our taxes or conforming to our laws when they earn the money, that destroys the market. So yes, we absolutely need continuous government intervention to restore our current housing market to anything that resembles a "free market". The only issue is that this intervention did not come soon enough.

 

Current prices in no way reflect the housing market that would exists for Canadian citizens without foreign intervention. The market is also not set up to avoid the certain increase in interest rates. Lowering prices is a good thing for everybody. Safeguarding against defaults is a good thing for everybody.

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Sales are down across the board BUT, prices are up 33%... It has not worked. They will keep trying though. Let's make it harder for first time home buyers to purchase. And then they did... The only thing I see happening is a bunch of realtors leaving the business.

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3 hours ago, Harvey Spector said:

 

First time home buyers and millenials are effectively screwed. They will now have to qualify for a mortgage as if rates went up by 2%. That's crazy. The low end of the market is going to take a big it. All first time home buyers are going CMHC. Very few if any have a 20% down payment. 

 

And like you said the new rules will also take out alternative lenders and non-banks giving the big banks even more of a monopoly on the mortgage market. The Ponzi Scheme continues for them. 

 

Also I read an article that I am trying to find that says the government will continue to make changes and interfere with the real estate market until prices drop considerably. So it looks like we will have continuos government intervention until this thing completely blows up. Next on the list is monetary policy. I see an interest rate increase on the horizon within the next 6-9 months. 

The bank of Canada will be under a lot of flack if they increase the interest rate in the next 6-9 months, as they have consistently said we are minimum 2 years away from such action. I highly doubt they'd make this move.

 

Possible good news I heard today was Genworth and Canada Guaranty may not fall in line with the policy changes on the low ratio mortgages. Will keep everyone here posted.

 

One thing I can say for sure though is there is a lot of uncertainty right now with lenders. My email inbox has been flooded today with lenders notifying they have put their rental financing options on hold for the time being. Same with Alt-A business for self financing(insured stated income).

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53 minutes ago, Realtor Rod said:

Sales are down across the board BUT, prices are up 33%... It has not worked. They will keep trying though. Let's make it harder for first time home buyers to purchase. And then they did... The only thing I see happening is a bunch of realtors leaving the business.

 

Where is this data that prices are up 33%? Since when?

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25 minutes ago, Realtor Rod said:

September over August. Available everywhere. 

 

PS: Also on global news 

 

I'm seeing a 33% drop in sales year over year and a 9.5% drop from August to September. Perhaps certain sectors or geographic areas saw slight increases. Overall, things have fallen since January by 17% and have flat lined since then. Real estate is never expected to fall instantly. It will take many more months to see the true impact of these changes:

 

http://www.macleans.ca/news/vancouver-home-sales-september/

 

Once again, I'd like to see the data showing this huge spike.

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Yikes what a mess real estate is right now! I bought a pre-construction two-bedroom at Bosa RiverSky Tower 1 in New West and ended up moving to Toronto. I got it at a pretty good time (April 2015) and the prices seemed to jump up almost immediately after. 

I am a bit torn in regards to what to do. I actually want to stay in Toronto permanently (which I didn't anticipate), but the housing market has gone insane here too (but you can still get a detached house in the 600K-700K range). 

My options are to just move back when it is ready, sell it now via re-assignment, wait until it is built and sell it then, or keep it and rent it out while taking out a secure line of credit (at least I have a place if I do decide to come back to VanCity). 

Any advice? I know a hockey forum probably isn't the appropriate place, but just thought I would throw it out there as there may be others in a similar situation. 

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2 hours ago, Realtor Rod said:

Sales are down across the board BUT, prices are up 33%... It has not worked. They will keep trying though. Let's make it harder for first time home buyers to purchase. And then they did... The only thing I see happening is a bunch of realtors leaving the business.

 

That 33% is year over year from last September. From July 2016 to today prices have flatlined if you use the REBGV MLS Home Price Index and they have actually dropped over 10% on the detached home side in that same time period if you use the Median price. 

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