Real Estate Talks

i agree with TDMA

when someone leaves there is someone ready to swoop in and scoop it up.

that is how prices remain stable, the constant influx of demand which does push people out.

the ones that got pushed out can unfortunately be labeled as the ones that just "couldn't cut it"

Even without the recent wealthy immigrants from China we had immigration totals of around 50k per year to Greater Vancouver area. Thats enough to produce stable prices that are far above locales with much lesser demand. Add the fiasco with Chinese buying and it's just downright silly

The polls suggest that many families and others are thinking of leaving. How many people do you know who plan to relocate here?

i agree with TDMA

when someone leaves there is someone ready to swoop in and scoop it up.

that is how prices remain stable, the constant influx of demand which does push people out.

the ones that got pushed out can unfortunately be labeled as the ones that just "couldn't cut it"

Well in addition to the cant cut it part, there's the official North American cultural axion "don't let the door hit you on the way out", or "I couldn't give a flying profanity" so ok a family leaves and? There's plenty of people here there and everywhere, not to mention the temporary residents as well

However, the people exiting are the backbone of the middle class. The young people coming will also join them and leave, if they can't afford to upgrade.

Rich Asians can't replace them.

Meanwhile global trends are unfavorable.

"Kaine comes out against Trans-Pacific Partnership trade deal"

http://www.politico.com/story/2016/07/k ... eal-226064

Pay attention, mindless zombies.

high net worth people can replace anyone and don't let people hit the proverbial door on the way out. There's no law preventing people from leaving if they dont like it

Boom!

http://www.news1130.com/2016/07/25/bc-b ... gn-buyers/

METRO VANCOUVER (NEWS 1130) – Foreign owners who buy Metro Vancouver residential real estate will have to pay a lot more in provincial property transfer tax.

The BC government is bringing in a 15 per cent tax on sales to foreign nationals.

To put that in perspective, the tax will amount to a $300,000 extra charge on a $2-million home.

The change comes into effect next Tuesday (Aug 2). It will not apply to homes bought on Tsawwassen First Nation land.

“The data we started collecting earlier this summer is showing that foreign nationals invested more than $1 billion into BC property between June 10 and July 14, more than 86% of it in the Lower Mainland,” says Finance Minister Michael de Jong.

“While investment from outside Canada is only one factor driving price increases, it represents an additional source of pressure on a market struggling to build enough new homes to keep up. This additional tax on foreign purchases will help manage foreign demand while new homes are built to meet local needs.”

Data collected over a three-week period shows five per cent of sales in Metro Vancouver during that time frame went to foreign buyers.

Boom!

http://www.news1130.com/2016/07/25/bc-b ... gn-buyers/

METRO VANCOUVER (NEWS 1130) – Foreign owners who buy Metro Vancouver residential real estate will have to pay a lot more in provincial property transfer tax.

The BC government is bringing in a 15 per cent tax on sales to foreign nationals.

To put that in perspective, the tax will amount to a $300,000 extra charge on a $2-million home.

The change comes into effect next Tuesday (Aug 2). It will not apply to homes bought on Tsawwassen First Nation land.

“The data we started collecting earlier this summer is showing that foreign nationals invested more than $1 billion into BC property between June 10 and July 14, more than 86% of it in the Lower Mainland,” says Finance Minister Michael de Jong.

“While investment from outside Canada is only one factor driving price increases, it represents an additional source of pressure on a market struggling to build enough new homes to keep up. This additional tax on foreign purchases will help manage foreign demand while new homes are built to meet local needs.”

Data collected over a three-week period shows five per cent of sales in Metro Vancouver during that time frame went to foreign buyers.

Weak.
Should have been a tax for any buyer not a full citizen of Canada. That includes landed immigrant. This one is too easy to dodge.

Weak.
Should have been a tax for any buyer not a full citizen of Canada. That includes landed immigrant. This one is too easy to dodge.

Weeding the "bad" landed immigrants out from the "good" ones is much harder to do. The majority of landed immigrants are probably ones that are here for the right reasons, but for one reason or another are unable or unwilling to get full citizenship. It would be a wrong for them to be lumped in with foreign RE investors.

Weak.
Should have been a tax for any buyer not a full citizen of Canada. That includes landed immigrant. This one is too easy to dodge.

Weeding the "bad" landed immigrants out from the "good" ones is much harder to do. The majority of landed immigrants are probably ones that are here for the right reasons, but for one reason or another are unable or unwilling to get full citizenship. It would be a wrong for them to be lumped in with foreign RE investors.

I know buddy, I bought my house with a landed immigrant.

Why pick on landed immigrants? Those who don't make it will return home within 5 years. Taxing them will accelerate this loss. Those who stay for +5 years will convert to citizenship in order to avoid the tax!

The next step is to squeeze the foreign owners of land banks. Remember this one.

http://www.bchousing.org/Initiatives/Redeveloping/LM

The foreign investor has paper profits of hundreds of million as thousands of housing units were not built. Should he be allowed to keep it?

Why pick on landed immigrants? Those who don't make it will return home within 5 years. Taxing them will accelerate this loss. Those who stay for +5 years will convert to citizenship in order to avoid the tax!

The internets are already leaping forth to point out the many (perfectly legal) ways by which people will be able to avoid this tax... In the end, I'm not sure its going to amount to very much other than hype.

Looks like the Realtors are trying to petition the government... maybe the foreigner effect is bigger than we thought?

Send a letter to your MLA and the Premier

REBGV is hearing members concern with the BC government's decision to implement the foreign buyer tax, particularly with regard to the impact on home buyers and sellers who have accepted contracts in place that haven’t yet closed.

Here are some of the measures we're taking:

1. To ensure we have accurate information, we’ve asked Brokers to tell us how many accepted deals will be impacted and the total dollar value of those transactions.

2. In the last 24 hours, REBGV President Dan Morrison has conducted more than 20 interviews on this issue with major media outlets across the country, including Global TV, CTV, CKNW, Fairchild Radio, CBC, Vancouver Sun, Roundhouse Radio, News 1130, and more.

3. We urge all members to write your elected representatives in Victoria and let them know your feelings on this matter.

Click here to find your local MLA’s email address.

Finance Minister Michael de Jong’s email is: FIN.Minister@gov.bc.ca

Premier Christy Clark’s email is: premier@gov.bc.ca

For your convenience, we’ve drafted the following letter template that you can copy and paste into your email:

To: Premier Clark, Minister de Jong, and insert your local MLA

I’m writing to express my concern with the provincial government’s decision to implement a new foreign buyer tax on August 2 with no consultation and no time for the home buying and selling public to prepare.

Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice is causing unnecessary stress and volatility in our housing market.

The government’s decision not to exempt transactions where home sellers have an accepted contract in place, with a non-Canadian buyer, that will not close before August 2 is harming numerous BC residents. There are ripple effects that the government may not have originally conceived. For example, many of the sellers caught in this predicament have already agreed to buy another home with the proceeds from the sale of their home. These deals are also now in limbo. The people involved are concerned about possible litigation and financial ruin.

I urge the government to help these people as they struggle to complete the most important financial transaction of their lives and exempt from the tax any accepted real estate contracts that were in place prior to the government’s July 25 announcement.

Sincerely,

Insert your name

The government’s decision not to exempt transactions where home sellers have an accepted contract in place, with a non-Canadian buyer, that will not close before August 2 is harming numerous BC residents. There are ripple effects that the government may not have originally conceived. For example, many of the sellers caught in this predicament have already agreed to buy another home with the proceeds from the sale of their home. These deals are also now in limbo. The people involved are concerned about possible litigation and financial ruin.

I actually think thats a legitimate grievance. Its hard to accept that a deal you agreed to some days or weeks ago is now subject to an additional tax that adds a material amount to your purchase price, that was not a consideration when the original deal was made. I'm sure some deals may collapse as part of the fallout.

Agreed, beyond moronic. Lordy, how stupid can they be.