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Did The Vancouver Foreign Buyers Tax Work?

Posted: Thu Oct 12, 2017 6:15 pm
by jimtan
"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/

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Thu Oct 12, 2017 10:46 pm
by eyesthebye2
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.

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Fri Oct 13, 2017 10:39 am
by thompson2
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.

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun Oct 15, 2017 6:40 am
by yzfr1
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.

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun Oct 15, 2017 11:33 am
by reallyreal2
Foreign buyers have learned how to circumvent the tax. Simple as that.

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun Oct 15, 2017 11:54 am
by jimtan
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.

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun Oct 15, 2017 1:23 pm
by yzfr1
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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Tue Nov 21, 2017 9:27 pm
by jimtan
Bye Bye

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

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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Thu Sep 27, 2018 7:00 pm
by jimtan
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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Wed Dec 19, 2018 7:57 pm
by jimtan
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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Fri Feb 08, 2019 7:53 am
by jimtan
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?

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Tue Mar 12, 2019 6:40 pm
by jimtan
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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun Apr 07, 2019 11:30 pm
by jimtan
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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun May 26, 2019 5:19 am
by jimtan
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

Re: Did The Vancouver Foreign Buyers Tax Work?

Posted: Sun Jun 09, 2019 3:42 pm
by jimtan
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.