Real Estate Talks

jimtan · Thu Oct 12, 2017 6:15 pm

"Did The Vancouver Foreign Buyers Tax Work?

... Further, detached house flipping has been nearly cut in half. In 2016, Vancouver detached houses being flipped within one year made up 4.46% of sales, and reached 8.1% over a two year window. It has since dropped to 2.29% and 5.7% respectively...."

http://vancitycondoguide.com/did-the-va ... -tax-work/

eyesthebye2 · Thu Oct 12, 2017 10:46 pm

What does flipping have to do with a foreign buyers tax? I know plenty of locals who buy and sell houses as their primary source of income...theyre not taxed under this program.

thompson2 · Fri Oct 13, 2017 10:39 am

Yeah, what does flipping has to do with the foreign tax? You are barking on a wrong tree as usual.. Did the foreign tax work? Yes, partially, especially for the high end, but what will bring down the whole market? If there is any, it will be interest rate.

yzfr1 · Sun Oct 15, 2017 6:40 am

http://www.macleans.ca/opinion/why-the- ... nt=opinion

“In short, Vancouver is largely right back to where it was before the tax.

The obvious question, then, is: why?

Any drop-off in demand from foreign investors, perhaps discouraged by the tax, appears to have been filled by domestic buyers.”

Jimtan is the only moron posting those pic he found on regbv but doesn’t understand them. He’s the only one who thinks we have a over supppy of hosing.

reallyreal2 · Sun Oct 15, 2017 11:33 am

Foreign buyers have learned how to circumvent the tax. Simple as that.

jimtan · Sun Oct 15, 2017 11:54 am

Obviously, I touched a nerve among the deniers.

Obviously, some markets have not returned to 'normal'. So, the foreign tax has worked. Any half wit knows that the withdrawal of money from a market will weaken the demand. Check out the charts below.

There are good things in 2018 and 2019. Ottawa is going after the flippers for capital gains. Mayor Sunshine is talking about Locals First in the presale market. Many ways to dampen the speculative fever. Keep your fingers crossed.

As I keep saying, we need to return to sanity in order to avoid hard left governments. Jean Swanson came in second in the by-election. Take note.

yzfr1 · Sun Oct 15, 2017 1:23 pm

Foreign buyers have learned how to circumvent the tax. Simple as that.

I agree with this as well. They moved heaven and earth to get money out of China. A simple 15% buyers tax is nothing to circumvent

jimtan · Tue Nov 21, 2017 9:27 pm

Bye Bye

"Foreign buyers overlooking Vancouver, heading to Seattle at 'frenetic' pace"

http://www.cbc.ca/news/canada/british-c ... -1.4398594

jimtan · Thu Sep 27, 2018 7:00 pm

Left and right hooks …

"Province tackles dirty money in real estate with 2-point plan

Horse racing, luxury cars also in the crosshairs on the heels of Peter German report into money laundering..."

https://www.cbc.ca/news/canada/british- ... -1.4841085

jimtan · Wed Dec 19, 2018 7:57 pm

For those who think that foreigner buyers and money laundering didn't matter...

"+Attorney General David Eby never knew about RCMP's secret report on money laundering until it became public

…. Moreover, Eby said that lawyer Peter German also didn't know about the report, which purported that crime networks funnelled more than $1 billion through the Vancouver real-estate market in 2016..."

https://www.straight.com/news/1177466/a ... ring-until

jimtan · Fri Feb 08, 2019 7:53 am

Yah! A combination of measures means ….. party!!!!

"Vancouver Detached Market Climbs to 15 Months Worth of Inventory

… When studying comparable sales it is safe to conclude luxury home prices are about 25% lower than peak prices achieved back in early 2016. Entry-level detached homes are not quite as soft, particularly those with basement suites which can be used as mortgage helpers to help subsidize interest payments. The official home price index as per the real estate Board of greater Vancouver now shows detached homes in the city of Vancouver have declined 11.4% year-over-year. The median sales price shows a more aggressive and perhaps overly volatile decline of 23%, the average sales price is showing a 17.3% decline when compared to January 2018..."

https://vancitycondoguide.com/vancouver ... inventory/

Not so obvious two years ago?

jimtan · Tue Mar 12, 2019 6:40 pm

Clear target here...

"Over 11% of Vancouver condos have a non-resident owner, says new CMHC report

… Tom Davidoff, the director of UBC's Centre for Urban Economics and Real Estate, says the report confirms what everyone already knows.
"It's clear that the flow rate of money from outside of Vancouver into Vancouver is fairly significant," he said. "Fancy, expensive properties owned by people who don't make their living here is a real thing."

https://www.cbc.ca/news/canada/british- ... -1.5053083

jimtan · Sun Apr 07, 2019 11:30 pm

This will possibly have an equally great impact … tax evasion and money laundering.

"B.C. introduces law to prevent money laundering, tax evasion in real estate"

https://www.cbc.ca/news/canada/british- ... -1.5082253

jimtan · Sun May 26, 2019 5:19 am

Hard to believe that the amount is so large, but...

"Money laundering funded $5.3B in B.C. real estate purchases in 2018, report reveals"

https://www.cbc.ca/news/canada/british- ... -1.5128769

jimtan · Sun Jun 09, 2019 3:42 pm

Here's something from Saretsky…

"Pre-Sale Absorption Rate Drops to 20% Prompting Developers to Cancel Projects"

https://stevesaretsky.com/pre-sale-abso ... -projects/

Looks like it's all working as planned.

Real Estate Talks

Did The Vancouver Foreign Buyers Tax Work?

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