Real Estate

Vancouver housing bubble?

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  • Jul 19th, 2019 2:54 pm
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Deal Addict
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Jun 28, 2007
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popbottle wrote:
Sep 18th, 2015 10:07 am
The EB5 program does allow purchase of some real estate.
..but its usually directed toward a real estate development/re-development because the investment must spin off at least 10 full time jobs in the US. A straight real estate purchase transaction wouldn't qualify
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Jul 16, 2003
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gomyone wrote:
Sep 18th, 2015 10:21 am
..but its usually directed toward a real estate development/re-development because the investment must spin off at least 10 full time jobs in the US. A straight real estate purchase transaction wouldn't qualify
Bingo! The point I was making when asking about the comment "In the US real estate qualifies for residency" was that a straight purchase of real estate in the US means nothing in terms of residency. In several countries in Europe, a purchase of real estate (and the amounts vary a lot from country to country) grants residency that often leads to citizenship.
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Apr 27, 2015
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B.C. eyes luxury tax on high-end property

[QUOTE]A roaring real estate market is expected to generate $200 million more than the province expected in property transfer tax this year, further pushing up housing costs in urban areas that are already beyond the reach of many people.

Finance Minister Mike de Jong says he is working on new ways to reduce the burden of a tax that hits properties every time they are sold. That could include a higher rate for high-priced properties, as suggested by Vancouver Mayor Gregor Robertson. He suggested it as a way of discourage property flipping in a city that sees bidding wars for all but the most costly homes.

Since former premier Bill Vander Zalm brought in the tax in 1987, its take has grown to more than $1 billion a year. Since its inception, it has charged one per cent on the first $200,000 of the home purchase price and two per cent on the rest, taking about $10,000 on the sale of a $600,000 home.

De Jong said this week he is considering adding a third step for high-end properties, with revenues used to reduce the burden on middle-priced homes. Another option considered for next February's budget is to raise the exemption for first-time buyers, currently spared the tax up to $475,000.

"How many first-time buyers are purchasing homes in excess of that is a question that deserves to be asked before we tout a further reduction of that threshold," de Jong said.

Statistics Canada reports that Vancouver's housing price index was up 1.6 per cent in July, compared to the same month last year. Victoria's index fell by 1.5 per cent.

Premier Christy Clark said in February she wants to eliminate the property transfer tax in the long term, once the province's debt is reduced. De Jong's financial update this week showed the province paying down operating debt accumulated since the recession of 2008-09.

NDP finance critic Carole James said the province is expecting a $277 million surplus this year, most of it accounted for by the windfall from property transfer tax.

"For an economy to rely on a hot housing market in the Lower Mainland and [Vancouver] Island is a problem," James said. "We need a diverse economy."[/QUOTE]
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Apr 20, 2011
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Oct 2 2015
http://www.theglobeandmail.com/report-o ... e26639751/
"enchmark prices for single-family detached houses in Greater Vancouver ascended to new highs last month.

The Home Price Index (HPI) for detached properties in the region hit almost $1.18-million in September, up 18.9 per cent from the same period in 2014. On Vancouver’s west side, the HPI rose 19.2 per cent over the past year to surpass $2.74-million while surging 22.5 per cent to $1.16-million on the east side.

The Real Estate Board of Greater Vancouver prefers to concentrate on the HPI, saying that averages skew the picture because the most expensive properties are included. The benchmark HPI is a representation of the typical house in an area, providing a better barometer of real estate trends than average resale prices, according to the board.

The Greater Vancouver board’s territory covers a large portion of Metro Vancouver, including Burnaby, Richmond and New Westminster. Metro Vancouver is a broader political entity that has 23 members, including other suburbs such as Surrey, White Rock and Langley – whose sales fall under the Fraser Valley Real Estate Board.

The price for detached properties in Greater Vancouver last month averaged nearly $1.41-million, or an 11.5-per-cent increase since September, 2014. Last month’s figure fell just shy of the record $1.47-million average in August.

Industry experts say low interest rates, a healthy economy and population growth have fuelled the housing boom over the past three years. On the high end of the market for detached properties, there has been brisk demand from buyers who are from China, observers say.

Dan Scarrow, vice-president of corporate strategy at Macdonald Realty Ltd., estimates that 16 per cent of his firm’s 1,500 sales of detached houses, condos and townhouses within the city of Vancouver last year went to buyers from China. Of his firm’s 544 sales of detached homes in Vancouver proper last year, 150 of the purchasers were from China, or 27.5 per cent, his analysis shows.

There were 3,345 sales in Greater Vancouver on the multiple listing service last month, up 14.5 per cent from a year earlier.

Board president Darcy McLeod said a range of factors is influencing prices, notably a limited supply of listings. The total number of listings of all residential property types in the area has fallen 27 per cent over the past year.

“The number of homes listed for sale hasn’t been keeping up with the demand,” Mr. McLeod said in a statement Friday. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
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May 1, 2012
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I am surprised you still hang around and try to post anything relevant... or irrelevant.

By now, the shame of wrongfully shilling an RE collapse should have gotten to anyone. I guess we all have varying degrees of thick skin.


On topic, that article really doesn't say much. Yes it is expensive. We all know that.
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Dec 27, 2006
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Anikiri wrote:
Oct 7th, 2015 2:14 pm
I am surprised you still hang around and try to post anything relevant... or irrelevant.

By now, the shame of wrongfully shilling an RE collapse should have gotten to anyone. I guess we all have varying degrees of thick skin.


On topic, that article really doesn't say much. Yes it is expensive. We all know that.
Canadian home prices are growing at one of the fastest paces in the world

http://business.financialpost.com/perso ... t-in-world
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Dec 27, 2006
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Anikiri wrote:
Oct 7th, 2015 2:43 pm
Ya... we all know that. Anything of actual substance to add?
Simple question for you that won't involve you going on one of your tirades. Was the two article I posted today directed at you...yes or no?
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Motoss wrote:
Oct 7th, 2015 3:59 pm
Simple question for you that won't involve you going on one of your tirades. Was the two article I posted today directed at you...yes or no?
Simple answer to you. You posted it on a public thread, so it is assumed that anything you post is directed at everyone, including myself. I am merely responding to you as a public observant. And as such a being, I am stating that those two articles have almost zero impact on anything relevant to this thread. It simply reinforces what is already widely known.

Like beating a dead horse and hoping it'll start living. It won't.
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Anikiri wrote:
Oct 7th, 2015 4:05 pm
Simple answer to you. You posted it on a public thread, so it is assumed that anything you post is directed at everyone, including myself. I am merely responding to you as a public observant. And as such a being, I am stating that those two articles have almost zero impact on anything relevant to this thread. It simply reinforces what is already widely known.

Like beating a dead horse and hoping it'll start living. It won't.
...and if linking to these repetitive stories, at least provide some commentary for discussion that is new and insightful. Otherwise its just newsbotting.
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Dec 27, 2006
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Anikiri wrote:
Oct 7th, 2015 4:05 pm
Simple answer to you. You posted it on a public thread, so it is assumed that anything you post is directed at everyone, including myself. I am merely responding to you as a public observant. And as such a being, I am stating that those two articles have almost zero impact on anything relevant to this thread. It simply reinforces what is already widely known.

Like beating a dead horse and hoping it'll start living. It won't.
As expected, not capable of responding with out going on some tirade.
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Dec 27, 2006
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gomyone wrote:
Oct 7th, 2015 4:15 pm
...and if linking to these repetitive stories, at least provide some commentary for discussion that is new and insightful. Otherwise its just newsbotting.
gomyone...don't get me started on your "insightfullness"....LMAO

Quote Originally Posted by gomyone View Post
Yeah I did mention to my colleagues that some "extremists" think there will be cuts - they laughed at that too. See, in the real world where people actually trade on views such as this and whose living depends on it - people aren't inclined to jump on extremist bandwagons like Marks. After all, if you cannot put a time frame on something like a cut then it's useless from an investors standpoint.

As I've said before - there is a "possibility" of a cut - just like there is a "possibility" of an asteroid strike. When the CIBC economist that you frequently quote talks of the chance of cuts this is what he means (just as an FYI I can tell from a personal level that this economist at CIBC doesn't believe a cut is going to happen anytime soon). I'm also pretty sure if I showed him any of Mark's crazy and factually incorrect"subprime" posts, he'd laugh at them too!


Anyways, I told myself long ago that I would not get into a back and forth with a couple of RFD bloggers like the two of you as my time is too precious. You win!

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