http://www.zerohedge.com/news/2016-08-18/vancouver-housing-market-implodes-average-home-price-plunges-20-1-month-market-devas so I guess 15% property purchase tax to foreigners is damaging to your health after all…… Cheers, Dean
A lot of houses in west van and some part of Burnaby (owned by rich ppl fr HK) sat empty for years and affecting the strong community sense of vancouverites for a while. It's still early to comment on long term impact on market but most people (apart from RE industry) will embrace positively. Market may continue the same in East van where the average income people are. So is Richmond if immigration continues at the same rate...
Wow, im gobsmacked that zerohedge posted something negative about real estate. I love this quote from RationalWiki Zero Hedge is a ******* insane Austrian school finance blog run by two pseudonymous founders who post articles under the name "Tyler Durden," after the character from Fight Club.[wp] It has accurately predicted 200 of the last 2 recessions.
My cousin is a real estate agent in Vancouver and I was speaking to him last month. He said the market in Delta and Surrey had dropped of massively. Up until then he was flipping contracts and taking a slice in the middle. Apparently it was (is?) widespread where the price appreciation in just those few weeks was huge enough to make it worthwhile.
that is interesting. I wasnt expecting to be widespread and a big drop. I wonder what it would do to sydney and melbourne if extra purchase price applied
The view 'on the street' in Vancouver is that the rich don't care about the 15%. It is still a small percent of their wealth and a small price to pay to move funds out of China. So what has stalled Vancouver? Maybe just fear.
@Kangabanga China's Millionaire Migration a fav for you commies ruling Vancouver (unfortunately diff to Sydney and melb - there are not that many at this level that come here).
nice article. People like to complain. But really they are the same guys who elected the politicians that allowed the Visas for these wealthy immigrants. my friend who has travelled to almost every corner of the world told me that Vancouver and Toronto have the best 'yum cha' places in the world as all the best chefs migrated there from HK and China decades ago. Hope to go there one day. Do have a buddy who went back from my uni days who is finding it impossible to buy an affordable house so he is gonna settle for a 2 bedroom unit.
