This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
oli
Real Estate Talker
Topic Author
Posts: 66
Joined: Fri Sep 04, 2015 10:00 pm

How do you explain Vancouver plummeting and Toronto surging?

Wed Dec 07, 2016 10:18 am

http://www.greaterfool.ca/2016/12/04/think-different/

The one major difference I can think of is that BC has the 15% foreign buyer's tax and Toronto doesn't (yet).  
 
VanBullBear
Real Estate Talker
Posts: 65
Joined: Tue Dec 22, 2015 2:21 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Wed Dec 07, 2016 12:54 pm

Yes... that really seems to be the main reason. The divergence happened as soon as the 15% tax was slapped on.
If you're an overseas speculator/"investor" and want to own canadian property, why pay the 15% extra in van if you can just buy in toronto - which was cheaper in comparison at the time.
There is also a sense of urgency as they want to purchase before they apply the same tax in Toronto.
 
oli
Real Estate Talker
Topic Author
Posts: 66
Joined: Fri Sep 04, 2015 10:00 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Wed Dec 07, 2016 1:28 pm

VanBullBear wrote:
Yes... that really seems to be the main reason. The divergence happened as soon as the 15% tax was slapped on.
If you're an overseas speculator/"investor" and want to own canadian property, why pay the 15% extra in van if you can just buy in toronto - which was cheaper in comparison at the time.
There is also a sense of urgency as they want to purchase before they apply the same tax in Toronto.

But alot of people say foreign buyers only account for a small % of buyers.  Unless this small % is able to generate more demand and panic in the market.  
 
jimtan
Real Estate Talker
Posts: 4780
Joined: Tue Jul 31, 2007 10:59 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Wed Dec 07, 2016 5:26 pm

Right. I keep telling the 'moon' people that the fundamentals have changed. They won't listen.  :lol:

It's Christy Clark's fault. After she said that everything was fine and she was making money, the speculators surged into the market.
 
VanBullBear
Real Estate Talker
Posts: 65
Joined: Tue Dec 22, 2015 2:21 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Wed Dec 07, 2016 8:48 pm

oli wrote:
VanBullBear wrote:
Yes... that really seems to be the main reason. The divergence happened as soon as the 15% tax was slapped on.
If you're an overseas speculator/"investor" and want to own canadian property, why pay the 15% extra in van if you can just buy in toronto - which was cheaper in comparison at the time.
There is also a sense of urgency as they want to purchase before they apply the same tax in Toronto.

But alot of people say foreign buyers only account for a small % of buyers.  Unless this small % is able to generate more demand and panic in the market.  


Who is a lot of people? Look at the data... before the 15% foreign tax 11% of transactions in van was foreign, 18% in richmond, 18% in bby... this is only one month of data after the market was cooling down. Im willing to bet it was much higher at the start of the 2016.

After the tax... its 3% below. I encourage you to not listen to everyone but look at the fundamentals and the data. Do you think local income alone can drive and maintain these prices? Vans house prices to income ratio is double that of new york.
 
tdma800
Real Estate Talker
Posts: 2106
Joined: Wed Jan 23, 2008 9:12 am

Re: How do you explain Vancouver plummeting and Toronto surging?

Thu Dec 08, 2016 8:06 am

I don't see a problem except the envy .theres still 40 thousand people annually that need a place to live . Local incomes don't mean anything unless it's a high ratio purchase
 
jimtan
Real Estate Talker
Posts: 4780
Joined: Tue Jul 31, 2007 10:59 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Sat Dec 10, 2016 10:34 pm

Do you even bother to read what you write? Total nonsense.  :lol:
 
tdma800
Real Estate Talker
Posts: 2106
Joined: Wed Jan 23, 2008 9:12 am

Re: How do you explain Vancouver plummeting and Toronto surging?

Sat Dec 10, 2016 10:38 pm

 
jimtan
Real Estate Talker
Posts: 4780
Joined: Tue Jul 31, 2007 10:59 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 3:03 am

:roll:

Is cherry picking so difficult?  :!:

Are these international students going to pay the 15% tax?  :lol:

Is that the best you got?  :?:
 
tdma800
Real Estate Talker
Posts: 2106
Joined: Wed Jan 23, 2008 9:12 am

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 7:47 am

http://www.coha.org/canadian-immigratio ... ic-policy/ ladies and gentlemen, we're going to the moon
 
jimtan
Real Estate Talker
Posts: 4780
Joined: Tue Jul 31, 2007 10:59 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 8:41 am

What an idiot. He doesn't even read what he posts. Do Syrian refugees buy Vancouver RE?

"... However, today Canadians fear losing their jobs to the new labour force so the idea of stricter immigration laws is looking more and more appealing: a trend that has already been observed in both the United States and Europe..."

End of the road. Fundamental changes. 
 
tdma800
Real Estate Talker
Posts: 2106
Joined: Wed Jan 23, 2008 9:12 am

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 8:48 am

36,000 people need a place to live. we're going to the moon

http://www.divxmoviesenglishsubtitles.c ... g_(Unrated).html
"Um, Finch, rudeness and obscenity won't change anything."

http://www.cic.gc.ca/english/refugees/welcome/
http://www.metronews.ca/news/vancouver/2016/11/28/metro-vancouver-rents-increase-vacancy-rate-drops.html
 
jimtan
Real Estate Talker
Posts: 4780
Joined: Tue Jul 31, 2007 10:59 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 9:05 am

Fundamental changes means that the past is no guide to the future. From a perspective of future economic growth.

"However, it seems that, “despite the larger number of immigrants who arrived last year, their contribution to Canada’s population is still small compared to the gap in the working age population left behind by retiring Baby Boomers.”[xii] An article published in Maclean’s Magazine by Jason Kirby used data from Statistics Canada to show how the number of immigrants relates to the current age gap. Compared to the peak of the baby boom, there are approximately 2.2 million fewer workers in Canada’s economy due to the aging population, which is much greater than the 437,815 new people recorded.[xiii] It appears that the claim that Canada’s age gap can be filled solely by immigrants is unfounded."


:mrgreen:
 
tdma800
Real Estate Talker
Posts: 2106
Joined: Wed Jan 23, 2008 9:12 am

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 9:13 am

http://www.metronews.ca/news/canada/201 ... years.html

450,000 people a year need a place to live lol
 
jimtan
Real Estate Talker
Posts: 4780
Joined: Tue Jul 31, 2007 10:59 pm

Re: How do you explain Vancouver plummeting and Toronto surging?

Sun Dec 11, 2016 10:05 am

For the uneducated, the immigration paper is saying that immigration will not offset an aging population. We are already experiencing the effects of a retiring baby boomer generation. Low economic growth! It can only accelerate.

Within 10 years, there will be a surplus of SFH in some Canadian cities. Within 20 years, the population will be contracting. We won't see a repeat of the 1970-2010 boom in RE. The future will be different.

Some popular regions like Vancouver will be better off. But, within 20 years, lower immigration and fewer working adults means that the RE boom is over.


:shock:

Who is online

Users browsing this forum: Google Feedfetcher, tuk, Yahoo [Bot] and 3 guests