The Decline of Vancouver.
http://www.cbc.ca/news/business/bc-foreign-homebuyer-tax-housing-market-toronto-1.3696511
haha… that didnt take long to expose.
http://www.cbc.ca/beta/news/canada/british-columbia/bc-foreign-real-estate-tax-1.3698299
On the other hand, you're screwed if you bought a presale.
http://www.cbc.ca/beta/news/canada/british-columbia/bc-foreign-real-estate-tax-1.3698299
On the other hand, you're screwed if you bought a presale.
"Real estate board and homebuilders association says new tax will hurt the economy"
They also added, it's a great time to buy and/or sell a house and build or Reno an existing one.
More cutting news at 11.
_Premier Christy Clark was steadfast on Wednesday, saying her government will not amend its proposed property transfer tax plan.
"The foreign buyer tax is intended to make sure we can keep home ownership within the reach of the middle class," she said at a news conference in Vancouver._
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp
Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells
_Premier Christy Clark was steadfast on Wednesday, saying her government will not amend its proposed property transfer tax plan.
"The foreign buyer tax is intended to make sure we can keep home ownership within the reach of the middle class," she said at a news conference in Vancouver._
Lol. Yes, it is all so attainable right now. Wouldnt want it to get out of reach. 1100 sq. ft. townhouses 20 minutes from d/t are $1.2M. That's affordable middle class?
http://www.cbc.ca/beta/news/canada/british-columbia/bc-foreign-real-estate-tax-1.3698299
On the other hand, you're screwed if you bought a presale.
You're screwed if you won a 30-way bidding war too. Nobody gets a do-over. So what's the difference?
It really feels like we are at a tipping point. There are major news stories daily on the decline of Vancouver. Joe average is mad as hell. The next few months is going to be interesting. Lets hope its not too late… :(
I know of four families that have abandoned ship in the last two months. Two were able to cash out and use the money to live debt free elsewhere in the province, two had no hope of buying in here. Two teachers, a machinist, a small business owner, and one spouse who is a dental hygienist. How long can people with those skills keep leaving before it starts to be a real problem?
Cashing out and living debt free doesnt count as abandoning ship to me. Its docking on a tropical island.
situation is fucked up.
my sister is a dept head at U of S her husband is a big deal at price waterhouse. they make great money. they can't afford to buy in vancouver.
i don't know who will be living in van eventually. i guess there will be a lot of bridge and tunnel crowd commuting.
on the plus side ssc property prices have truly exploded. on the neg side … traffic and townies..
I know of four families that have abandoned ship in the last two months. Two were able to cash out and use the money to live debt free elsewhere in the province, two had no hope of buying in here. Two teachers, a machinist, a small business owner, and one spouse who is a dental hygienist. How long can people with those skills keep leaving before it starts to be a real problem?
that is not a lot of people, there are only 3 NSMB'ers here in Smithers inspite of the great lifestyle available
cuz the reality is that its scary beyond hope and pretty hard to pry people away from established jobs,family and what they know
At some point people will run the figures and realize they can live a lot better somwheres else but I think the point where its a problem for Vangroovy is a way off if ever at all
Went to a kids bday in eastvan, met a couple who'd cashed out metro Vancouver for West Shore /Colwood w/their kid. Then on the ferry, met a couple watching their kid play - they were coming back from house hunting trip, saying semi-rural stuff in CRD was getting a dozen offers and going for $100K over asking. They were cashing out a Kits place as the dad could move to his engineering firm's Victoria office and she worked remotely.
Yes, metro Vancouver families are cashing out if their job will let them. Yes, there's a knock-on effect to RE prices in CRD, mid-island, SSC and likely further out.
It's funny cause the civic planners are all about making compact communities to get liveabiliy…like low walk-score stuff but all that thinking gets undermined if most the families pull the plug due to price point.
NSMBA member.
situation is fucked up.
my sister is a dept head at U of S her husband is a big deal at price waterhouse. they make great money. they can't afford to buy in vancouver.
i don't know who will be living in van eventually. i guess there will be a lot of bridge and tunnel crowd commuting.
on the plus side ssc property prices have truly exploded. on the neg side … traffic and townies..
Good thing I caught the ship before it sailed. :D
That 10% number is not even close to correct. Between 40 and 50% when you factor in the numbered companies and residential nominees.
Insanity.
Yup.
It ignores all the proxy deals in Vancouver, using students to buy, using companies to buy, or even the fact that often its not even Real Estate being purchased but holding companies being traded.
No Property Transfer Tax to pay when all houses and properties start being held in numbered Co's.
Too little, too late. I don't think there is a way back for this town.
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