There's about a 2.5X multiplier from one Y-axis to the other. So for 10K completions, you have 25K population increase.
Yup.
Not everyone moving into the province needs a single housing unit. Kids, elderly, existing housing stock, etc.
A lot of those completions will have come as duplexes, triplexes, laneway homes and Vancouver Specials.
I'm not saying were overbuilding by 10,000 a year, but the supply pipeline is not that constrained.
Yup.
Not everyone moving into the province needs a single housing unit. Kids, elderly, existing housing stock, etc.
A lot of those completions will have come as duplexes, triplexes, laneway homes and Vancouver Specials.
I'm not saying were overbuilding by 10,000 a year, but the supply pipeline is not that constrained.
For sure it's a more complicated answer than a simple chart. Is it really 1 building = 1 completion? I would guess that a condo tower would be counted based on how many units… Wouldn't duplexes, triplexes, etc be classified as 2, 3 or N completions?
But I do agree that if we've been building basically enough units for 2.5 people to own (a couple with .5 of a kid), throw a bunch of investment money into the mix and the supply curve gets screwed very fast.
For sure it's a more complicated answer than a simple chart. Is it really 1 building = 1 completion? I would guess that a condo tower would be counted based on how many units… Wouldn't duplexes, triplexes, etc be classified as 2, 3 or N completions?
But I do agree that if we've been building basically enough units for 2.5 people to own (a couple with .5 of a kid), throw a bunch of investment money into the mix and the supply curve gets screwed very fast.
This will answer most of your questions;
Keep in mind this isn't even BC wide.
She's taxing my people !!
The B.C. government has brought in a new property transfer tax of 15 per cent on sales of residential real estate to foreign buyers or foreign-controlled corporations.
She's taxing my people !!
The B.C. government has brought in a new property transfer tax of 15 per cent on sales of residential real estate to foreign buyers or foreign-controlled corporations.
why only in metro van? why not the entire province?
I do like the Aug 1 effective date. No need to telegraph this months in advance. Hmmm.
My gut says 15% may not be enough knowing that bully offers of several hundred thousand over asking is commonplace. 30-40% be more of a deterrent.
Isn't the 15% just a few less bottles of Dom for these off shore investors?
What's it really going to change?
Isn't the 15% just a few less bottles of Dom for these off shore investors?
What's it really going to change?
that is also the other valid comment
that is also the other valid comment
Seems they don't want to kill the golden goose…just sober it up a touch.
Not going to help anyone that's struggling to find/afford what they want as it's not going to cause a big price roll back.
Also should have been province wide.
15% wont even make a ripple in the wave… these offshore fuckers gladly pay hundreds of thousands over asking anyways…
i knew i could trust the govn. to make it so their "solution" wasnt really a solution at all..
so basicly the rich foreigners can continue to buy ad neasueum but the locals who cant afford to buy STILL cant afford to buy.. how the fuck does this "solution" fix anything ???
:flame::flame::flame:
the purpose of buying RE in BC is to get the money out of china which has been stolen/laundered/otherwise illegal/not earned and so another 15% is just the cost of doing business
Sure, but at some point it becomes cheaper to do business elsewhere, no?
So is that number 15%?
And is there really any business going on when people are living in expensive homes and claiming almost no income?
the only business going on is funny business … tax evasion [HTML_REMOVED] money laundering
im sure they already have a loophole figured out how they can buy a home here under a local shell co. and viola no tax is due…
:|
im sure they already have a loophole figured out how they can buy a home here under a local shell co. and viola no tax is due…
:|
that's already happening.
this tax is simply a poor excuse to say "hey look, we're doing something."
We don't know what our limits are, so to start something with the idea of being limited actually ends up limiting us.
Ellen Langer
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