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jimtan
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What are other countries doing about foreign buyers?

Thu Mar 30, 2017 8:20 am

As you know, the supply of residential land is limited by the Agricultural Land Reserve established two generations ago. In hindsight, the founders were wise. In today's climate, unbridled building would destroy the charm and quality of life in metro Vancouver.


London, UK has long enjoyed the investments of the international set and the rich from the Middle East. In just 2015, the government imposed a 28% withholding tax. Too late.

Foreign investors are now paying the price as the backlash has voted for Brexit. The pound has tanked big time and London prime property is falling. Can only accelerate as Brexit becomes final and brutal. That's a black swan event.

“Foreign home buyers: How other countries limit money from abroad

It was revealed this week that the Canada Mortgage and Housing Corporation is trying to keep tabs on foreign money in Canada's residential real estate market.

The national housing agency has come under fire in recent years for a conspicuous lack of reliable data about the money coming from abroad and how it may be contributing to soaring home prices in cities like Vancouver and Toronto.

Our neighbours to the south, for example, keep detailed records of who is buying what and for how much...”

http://www.cbc.ca/news/business/real-es ... -1.3479508


In Australia, there are sweeping restrictions on foreign buying...

“Foreigners who buy vacant residential land have to build on it within two years...

Canadian critics of foreign ownership sometimes hail Australia as a model for policies that can be applied here at home, but there's much debate over that sentiment.”

Etc etc.

Hong Kong has a similar 15% tax on non-residents. Helped cool the market.

“And in 2012, the city announced the establishment of areas with new dwellings that can only be sold to permanent residents of Hong Kong for the next 30 years.”

Then, there's Singapore's draconian anti-speculation laws which has absolutely cooled the private residential market.

All these measures have become necessary because of the amount of hot money flowing out of Asia. They're not just content with an apartment or two. They want to buy the block, and play land developer too.

In Vancouver, I see the anti-foreign anti-speculation measures as the first part of the affordability solution. This takes care of the pressure at the high end, which reduces pressure on the middle market.

And, these measures buy time to implement policies to boost supply for the renters and newbie buyers. For example, Vancouver's new affordability policies. And, these policies are most effective when they are targeted.

viewtopic.php?f=8&t=129647

Vancouver has a future. Hopefully, it will remain a nice place. And, there's a place for the young and not-rich. 

Let's not have the kind of Rrump blue collar and white revolt. Nasty gets nastier.
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 8:47 am

refunds! we're going to the moon!
http://vancouversun.com/news/politics/b ... ome-buyers

intelligent people dont whine when people come to buy things instead of showing drool and envy
 
jimtan
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 10:06 am

"The 37 luxury condos under construction at the corner of West Boulevard and 49th Avenue are the kind of homes that Daniel Oleksiuk doesn’t even bother dreaming about owning.

“That dream’s gone away and now, you know, buying a two-bedroom seems nearly impossible and even renting is really hard for a lot of people,” he said.

It’s that sentiment — along with months of outcry from residents and advocates — that has prompted the city to rethink how it is tackling the issue of housing.

“I think the most important element of their reset is recognizing that the existing housing stock — which is so heavily single-family homes which nobody can afford and condos which are too small for families usually — [isn’t] working,” Tom Davidoff of the Sauder School of Business said..."

http://globalnews.ca/news/3344879/city- ... ty-crunch/

Let me remind greedy Canadians that the job of the Canadian state is to promote the welfare of Canadians, not to pander to wealthy foreigners.
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 10:22 am

^----- entitlement essay


come spring, we're going to the moon!
(instead of complaining about foreigners buying things and drooling with envy)
 
jimtan
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 11:50 am

Are you loyal to fellow Canadians, or are you a mercenary of the foreigners?

"Real estate speculation threatens future of Metro Vancouver farmland
KPU studies agriculture real estate speculation as it threatens the future of an economically viable bioregion in Richmond and Southwest B.C."


http://www.richmond-news.com/news/weekl ... -1.2237666
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 12:11 pm

^----- not so popular diddly college

The in thing these days is to complain when others can buy things better than you and bring them down to your left instead of improving oneself

Come spring, to infinity and beyond!
 
jimtan
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 1:20 pm

The moon man says!  :mrgreen:
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 1:30 pm

we're going to the moon
 
jimtan
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 2:01 pm

IMO, the power of a RE boom is seductive. Easy money, no work required. Anyone can play. Just 5% down. No worries. Sure to get rich!

Millions for the realtors and associates. An extra million for you if developers buy en-bloc. Two million for you courtesy of our foreign friends. Everyone gets rich!

Except that 50% of Vancouverites are renting. They don't get rich, and their rents rise 20% a year. It's not about entitlement. It's about sociopath insanity. Unless, workable solutions are found, the consequences will arrive. 

America is getting its reckoning. Don't let it happen to Canada. Follow the example of other countries that follow long term clarity. Squeeze out the foreign investor in the RE markets. 

They don't contribute to the vibrant local culture. Do not add to the Canadian story in a positive way.  
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 2:05 pm

jimtan wrote:
Easy money, no work required. Anyone can play. Just 5% down. No worries. Sure to get rich!

Commissions in Vancouver that are far less than those in Toronto and most of the US. 

Vancouverites  rent here and there. They don't get rich and don't need too as their rents can only rise 3% a year. It's about entitlement.



+1 
Things are different in Vancouver. Its a new normal. To the moon!
 
VanLord
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 4:53 pm

jimtan wrote:
IMO, the power of a RE boom is seductive. Easy money, no work required. Anyone can play. Just 5% down. No worries. Sure to get rich!

Millions for the realtors and associates. An extra million for you if developers buy en-bloc. Two million for you courtesy of our foreign friends. Everyone gets rich!

Except that 50% of Vancouverites are renting. They don't get rich, and their rents rise 20% a year. It's not about entitlement. It's about sociopath insanity. Unless, workable solutions are found, the consequences will arrive. 

America is getting its reckoning. Don't let it happen to Canada. Follow the example of other countries that follow long term clarity. Squeeze out the foreign investor in the RE markets. 

They don't contribute to the vibrant local culture. Do not add to the Canadian story in a positive way.  

except the foreigners have always been a big part of the vibrant culture in Vancouver and part of what makes it great.  
Sure lets stop the blatant cheating.  Stop the tax cheats, stop allowing rich foreigners to take advantage of Canada's great Social system...Once we crack down on these cheaters, it will calm the frenzy too.
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 4:57 pm

lots of exemptions put in last week! to the moon!
 
eyesthebye2
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 6:19 pm

“I think the most important element of their reset is recognizing that the existing housing stock — which is so heavily single-family homes which nobody can afford and condos which are too small for families usually — [isn’t] working,” Tom Davidoff

This is what I've been saying.
We need townhouses and rezone detached lots to build 1500sqft infill in the back or side yard.
 
tdma800
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 6:21 pm

The project on the Canadian tire site on kingsway has tons of two and three bedroom units
 
VanLord
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Re: What are other countries doing about foreign buyers?

Thu Mar 30, 2017 7:31 pm

eyesthebye2 wrote:
“I think the most important element of their reset is recognizing that the existing housing stock — which is so heavily single-family homes which nobody can afford and condos which are too small for families usually — [isn’t] working,” Tom Davidoff

This is what I've been saying.
We need townhouses and rezone detached lots to build 1500sqft infill in the back or side yard.

Townhomes aren't affordable either though

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