Real Estate

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  • May 13th, 2017 10:19 am
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
dundeal wrote: And actually, it hasn't picked off where it left. People are not looking at the complete data, or just choose to ignore it.

Since FBT, the listings are way up and the sales are way down. Detached prices aren't moving but that is expected as RE prices are sticky in the short term. Also, the rise in prices people are quoting today is vs March'2017. The FBT was brought in August. Will be interesting to see YOY price in September. They should compare prices since FBT, not YOY. Lastly, the price rise in Vancouver since FBT is mainly seen in Condos/cheaper houses and the interest free loans for first time buyers played a big part in that.

Obviously, many still will not look or believe the facts and keep on harping Vancouver is in a boom and the meteoric rise continues.
Facts are a M*Fer...

Yep, still going up: Canada new housing prices rise on Vancouver, Toronto strength
Vancouver prices posted their first price increase in five months, jumping by 0.7 percent on better market conditions. Vancouver is the largest city in the Pacific province of British Columbia, where the government imposed a 15 percent property transfer tax on foreign real estate buyers last August.

The price index excludes apartments and condominiums, which the government says are a particular cause for concern and which account for one-third of new housing.
Last edited by WinterSleep on May 12th, 2017 3:33 pm, edited 3 times in total.
Deal Fanatic
Dec 5, 2009
5768 posts
3612 upvotes
Honstly, This whole forum section is becoming unbearable. Personal attacks, inflammatory posts, sensational headlines, meaningless anecdote after anecdote. The same 4 or 5 militant bully posters posting again and again.
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
fdl wrote: Honstly, This whole forum section is becoming unbearable. Personal attacks, inflammatory posts, sensational headlines, meaningless anecdote after anecdote. The same 4 or 5 militant bully posters posting again and again.
Problem is certain people post fake news as facts, and when they are challenged, they disappear.
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
fdl wrote: Honstly, This whole forum section is becoming unbearable. Personal attacks, inflammatory posts, sensational headlines, meaningless anecdote after anecdote. The same 4 or 5 militant bully posters posting again and again.
Agreed. Someone is also creating ID's as I've seen a spike of new signups in the last week, largely all bearish... not sure who is it but the mods should look into this person's IP address and ban this person.
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
dundeal wrote: Exactly as i said, detached prices aren't moving. 1st increase in 5 months, that to @ 0.7%. And this is after months of declines. Not exactly the continued rise many think of.
The expectations had been we'd be seeing a 30-50% freefall. Instead, we see a rise. That's the point.
Deal Fanatic
Dec 5, 2009
5768 posts
3612 upvotes
WinterSleep wrote: Problem is certain people post fake news as facts, and when they are challenged, they disappear.
Seriously? I already clarified my post 3 or 4 times over and said I was done beating a dead horse, and you want me to get into a semantics argument with you about what you claim I intended to say?

You are literally arguing with a complete stranger on the internet about semantics. And now following me around about it. Think about that for a second and re-evaluate your life.
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
dundeal wrote: And actually, it hasn't picked off where it left. People are not looking at the complete data, or just choose to ignore it.

Since FBT, the listings are way up and the sales are way down. Detached prices aren't moving but that is expected as RE prices are sticky in the short term. Also, the rise in prices people are quoting today is vs March'2017. The FBT was brought in August. Will be interesting to see YOY price in September. They should compare prices since FBT, not YOY. Lastly, the price rise in Vancouver since FBT is mainly seen in Condos/cheaper houses and the interest free loans for first time buyers played a big part in that.

Obviously, many still will not look or believe the facts and keep on harping Vancouver is in a boom and the meteoric rise continues.
I know one thing for sure, Victoria took off like wildfire after the 15% tax was imposed in Vancouver. It most definitely did send some buyers to other locations.
Sr. Member
Aug 15, 2013
881 posts
419 upvotes
Guelph
WinterSleep wrote: The expectations had been we'd be seeing a 30-50% freefall. Instead, we see a rise. That's the point.
Seriously, who expects 30-50% fall in few months? OR is it just that you like thinking people expect 50% fall in 2 months.. and it didn't.. and now you're correct and you know everything?

No one sane expect 50% drop in house prices in few months, so stop assuming people think so. RE cycles are long, last correction lasted 8 years.
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
dundeal wrote: Seriously, who expects 30-50% fall in few months? OR is it just that you like thinking people expect 50% fall in 2 months.. and it didn't.. and now you're correct and you know everything?

No one sane expect 50% drop in house prices in few months, so stop assuming people think so. RE cycles are long, last correction lasted 8 years.
You would expect a fall in prices, a slow bleeding downward slope.
Member
May 2, 2017
270 posts
408 upvotes
Looks like there are several loopholes to the foreign buyer tax

Source: http://realosophyrealty.blob.core.windo ... Houses.pdf

"Prior to the introduction of the tax, foreign buyers accounted for 15% of all sales in the Vancouver area. In September 2016, the first full month after the tax was introduced, sales
declined by 33% according to the Real Estate Board of Greater Vancouver. In their most recent report sales were down 42% in February 2017."

"Purchases by foreign buyers have once again increased in Vancouver in the first three months after the introduction of the tax. The province has also recently introduced an exemption that
allows foreigners on temporary work visas to avoid paying the foreign buyer tax, a well-meaning policy that may be exploited as a loophole by those wanting to avoid the tax"

According to this brokerage the way to stem foreign capital is

"In the longer term, a more strategic measure from Australia which prohibits foreign buyers from purchasing resale houses but allows them to purchase newly built properties should be
considered. Such a policy prevents domestic buyers from being priced out of homes today while leveraging foreign capital to build the homes that will be needed tomorrow."

Does the Ontario Foreign Buyer's tax have the same BC loopholes?

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