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Vancouver slaps 15% tax on foreign home buyers

Discussion in 'Real Estate & Other Investments' started by Scorpio, Aug 3, 2016.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Vancouver slaps 15% tax on foreign home buyers


    By Kim Mackrael
    Published: July 25, 2016 10:10 p.m. ET


    Foreign home buyers in the Canadian city of Vancouver will face an additional 15% property transfer tax beginning next week, the provincial government of British Columbia said Monday.

    The new tax legislation comes amid growing concerns about skyrocketing prices in housing markets in Vancouver and Toronto, and the role that foreign buyers may be playing. Some real estate officials say Chinese buyers, in particular, have helped fuel price increases for high-end Vancouver homes.

    The benchmark price for a detached Vancouver home increased 38.7% to nearly 1.6 million Canadian dollars ($1.2 million) in June from a year earlier, according to the Real Estate Board of Greater Vancouver. Based on homes of that value, a foreign buyer would have to pay an extra C$240,000 under the new tax law.

    The new tax, which is to take effect on Aug. 2, will apply to foreign corporations and individuals buying residential properties in Vancouver. It is in addition to the province's general property transfer tax, the B.C. government said in a statement on Monday. The general transfer tax equates to 1% on the first C$200,000 of a home's value and 2% on the remaining value up to C$2 million.

    The province will also allow the City of Vancouver to impose an annual vacancy tax on some residential properties that are left uninhabited.

    Canada's federal government said earlier this year that it would help fund an effort to collect data on the role of foreign buyers in the country's housing markets, which officials have acknowledged isn't well understood. Separately, Ottawa has taken steps in recent years to limit risky borrowing, including a move to increase the minimum down payment required for more expensive homes.

    The province of British Columbia released preliminary data earlier this month suggesting that foreigners were involved in 5% of real-estate transactions in metro Vancouver, accounting for 6.5% of the overall value. The data was collected over a period of 19 days in June.

    Judy McKinnon contributed to this article.

    Write to Kim Mackrael at kim.mackrael@wsj.com

    http://www.marketwatch.com/story/va...oreign-home-buyers-2016-07-25?link=MW_popular
     
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  2. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    And stay out!


    The Canadian Housing Boom Fueled by China’s Billionaires
    Five scenes from Vancouver as it transforms into a playground for the rich.
    By Katia Dmitrieva and Natalie Obiko Pearson | August 2, 2016

    The walls of Clarence Debelle’s Vancouver office on Canada’s west coast are lined with gifts from his real estate clients: jade and turtle dragon figurines; bottles of baijiu, a traditional Chinese alcohol; and enough special-edition Veuve Clicquot to fuel several high-end cocktail parties.

    They are the product of Vancouver’s decade-long real estate frenzy. The city, with its stunning views of the mountains and yacht-dotted harbor, has long been one of the world’s most expensive places to live but price gains have reached a whole new level of intensity this year. Low interest rates, rising immigration, and a surge of foreign money—particularly from China—have all driven the increases.

    Consider the latest milestones:

    • The cost of a single-family home surged a record 39 percent to C$1.6 million ($1.2 million) in June from a year earlier.

    • More than 90 percent of those homes are now worth more than C$1 million, up from 65 percent a year earlier, according to city assessment figures.

    • Vancouver is now outpacing price gains in New York, San Francisco and London over the past decade.

    • Foreigners pumped C$1 billion into the province’s real estate in a five-week period this summer, or about 8 percent of the province’s sales.

    [​IMG]
    After copious warnings over the last six months, including from the Bank of Canada, that price gains are unsustainable, the provincial government of British Columbia moved last week. Foreign investors will have to pay an additional 15 percent in property-transfer tax as of Aug. 2 and city of Vancouver was given the authority to impose a new tax on empty homes.

    As Canada waits to see what effect, if any, the moves may have, here are the stories from the city’s wild ride.


    The Luxury Broker

    Debelle, the broker with a large Chinese clientele, specializes in luxury homes above C$2 million, located in such neighborhoods as Point Grey, where Lululemon Athletica Inc. founder Chip Wilson has a C$64 million house, the most expensive in the city, according to appraisals.

    Most of the 59-year-old’s clients are Chinese and multi-billionaires. His website attests to that, featuring links to doctors who practice traditional Chinese medicine, lawyers, language classes and maintenance providers. He advertises on WeChat, China’s most popular app, and in local Chinese newspapers.

    “I show homes every day to Chinese families from Shanghai, Beijing, cities I’ve never heard of, and sometimes it’s just the mother and kids because the father is working,” Debelle said, referring to so-called astronaut families with the father working in China and mother and children staying in Vancouver. “It’s typical of any wealthy person to move money abroad to preserve their wealth. They’re concerned about the market there and they want hard assets to preserve and protect their capital.”

    Debelle, whose Mandarin-speaking sales associate drives a white Bentley, sells at least 25 homes a year, earning a commission of about 3 percent. He’s so busy that he’s taken only one vacation in the last eight years, working weekends and evenings with buyers on the phone in Hong Kong and mainland China.

    More:
    http://www.bloomberg.com/features/2016-vancouver-real-estate-market/
     
  3. REO 54

    REO 54 Midas Member Midas Member

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    Yep, been watching this unfold locally. We have joked for years about " Hongcouver, Japanada"

    We are feeling the effects here in Washington state. Border counties such as Whatcom county is also going hot. King county,( Seattle, Bellvue) is also a sellers market.

    In Bellevue,there are at least 10 crane towers going on due to new construction. It's effen ridiculous!
    There are reports that there are crane tower shortages on the west coast

    .......pop goes the bubble.....
     
  4. southfork

    southfork Mother Lode Found Mother Lode

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    The boom will now bust, get ready for the fallout
     
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  5. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    If Trump proposed the same policy he would be labeled a racist.
     
  6. southfork

    southfork Mother Lode Found Mother Lode

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    And so it begins

    Buz & Tech

    New homebuying tax causes chaos in Vancouver house market
    2016-08-03 01:54:17 GMT2016-08-03 09:54:17(Beijing Time) Xinhua English


    VANCOUVER, Aug. 2 (Xinhua) -- The house market in Greater Vancouver in west Canada is in chaos as an extra 15-percent tax on foreign buyers takes effect on Tuesday.

    It is still unknown how many deals have already collapsed, but Fraser Valley realtors in Greater Vancouver said foreign buyers are indeed backing out of agreements because of the tax.

    The government of British Columbia announced on July 25 that 15 percent of property transfer tax would be levied on foreigners buying Vancouver residential houses or condos as from Aug. 2, causing chaos for more than 3,000 house or condo deals.

    Soon after the new tax announcement, thousands of foreign homebuyers rushed to complete deals to avoid the new tax.

    "It is unfortunate that, in the wake of the most complex and volatile market we've seen, our government has chosen a path that, at this time, will bring significant distress to consumers both local and abroad rather than nuanced solutions," Canadian Broadcasting Corp. news on Tuesday quoted Charles Wiebe, president of the Fraser Valley Real Estate Board, as saying.

    Jeff Qiu from Vancouver-based Royal Pacific real estate company said: "I don't believe the government would do such rash decision, which will not only hurt the foreign buyers, but also we the house sellers and real estate agents."

    "The tax is unfair to the buyers whose deals are under way and wait for the process completion," he told Xinhua.

    The extra tax on foreigners was aimed at cooling Vancouver's surging housing market. Many believe the hot market was fanned by foreign buyers.
     
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  7. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    I have zero doubt there will be plenty of whiners,
     
  8. southfork

    southfork Mother Lode Found Mother Lode

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    Id drop out the deal in a ny minute if anyone tried to up my cost 15%, this will snoball.
     
  9. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    The Chinks will buy condos in Florida instead.
     
  10. southfork

    southfork Mother Lode Found Mother Lode

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    I'll sell if the price is right, tired of the dam heat. Bubble me up
     
  11. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    what goes up...

    "The Deals Are Collapsing" - Vancouver's Housing Bubble Has Burst

    [​IMG]
    by Tyler Durden
    Aug 3, 2016 5:27 PM

    When a week ago we reported that in a long-overdue decision, the British Columbia government finally cracked down on Vancouver's unprecedented "Chinese hot money" driven housing bubble by implementing a 15% property tax (which we had advocated for one month earlier), we said that "with today's tax, Vancouver's real estate nightmare in which local housing had become the "new normal" anonymous Swiss bank account, and also made real estate virtually unaffordable to local, hard working Canadians, is finally set to end."

    However, not even we were confident that a 15% tax would be "prove to be a sufficient deterrent to future Chinese buyers." Now thanks to the Financial Post we now know that not only was the tax sufficient, but it has led to the prompt, much anticipated, and generally welcome bursting of the Vancouver housing bubble.

    As FP writes, on Thursday and Friday of last week, realtors and lawyers were desperate to get in under the tax hike deadline, and filed a record-setting 15,000 property transfer applications on the last two business days before B.C.’s punishing new 15-per-cent tax on foreign property buyers went into effect. As a result, more than 9,200 transactions were filed on Friday, breaking the 2007-2008 record of more than 8,400 in a single day, according to the B.C. Land Title and Survey Authority. It also reported over 5,800 transactions on Thursday, representing nearly as many deals registered at month’s end in April.

    The demand was so heavy that it crashed the land titles office’s electronic filing service on both days, the authority said.

    That was last week. What about now that the tax is in place? As a new dawn breaks in Metro Vancouver’s real estate market, realty companies and real estate boards are reporting the first anecdotes of deals falling through as foreign buyers forfeited deposits on binding deals rather than pay the new tax. Worse, if only for the unprecedented local housing bubble, and certainly better for potential local homeowners who were locked out from the massively overpriced market, they report evidence of local buyers withdrawing offers in expectation that the market will soften.


    Elton Ash, executive vice-president of Re/Max Western Region, said it is too early to accurately quantify how many deals fell apart, but he’s heard from realtors in some of the company’s 30 Metro Vancouver offices of cases where foreign buyers who couldn’t rearrange previously negotiated closing dates have already walked away.

    Our expectation is that there will be a percentage of transactions collapse due to the buyer basically defaulting on the contract,” Ash said.

    He said that while it may take up to two or three months to gauge the full effect of the new tax, the outcome appears clear: the bubble has popped.

    Next up: a court bottleneck which may cripple the home purchasing process for months, if not years. Jonathan Cooper, vice-president of operations at MacDonald Realty, expects many cases to go to court because deposits are held in trust by realtors and usually can’t be released without a court order. “I think the next chapters in this story are going to be written by lawyers,” Cooper said. “There are going to be cases for sellers trying to get the deposit out of trust and maybe suing the buyer for specific performance trying to get them to complete, and/or for damages if they are not able to find a buyer at a similar price point.”

    Good luck collecting from the Chinese oligarch buyers.... or even finding them.

    But the most dramatic impact will be on future transactions. With the soaring uncertainty about the future rate of home appreciation, and the availability of "greater Chinese fools", buyers will be far more pessimistic and cautious about paying the asking price, or engaging in the kinds of ridiculous auctions profiled here before, such as that of a house valued at $16 Million, selling for $68 Million "In 7200 Seconds."

    Quoted by FP, Dan Morrison, chairman of the Real Estate Board of Greater Vancouver, said he’s heard of instances of Canadian buyers and sellers who backed out because of the uncertainty in the market. Philipp said one of his offices reported four cancelled deals as a result of the tax, while another reported five failed transactions on Friday alone, with one directly tied to the tax.


    “There’s a domino effect here. One deal collapses, there’s so many other deals impacted by that,” Philipp said.

    “I’m getting people coming to our open houses saying, ‘this means the prices are going to come way down,’ said Re/Max realtor Dave Vallee.

    * * *

    Last week we concluded by saying that "the good news is that if the transaction tax succeeds, Vancouver housing is about to become far more affordable. The bad news is that if it leads to a selling scramble, the worst case outcome - one predicted by the OECD at the start of June, namely a "disorderly housing market correction" - may have just been triggered leading to a dramatic collapse in Vancouver home prices."

    It now appears that the worst case scenario may have been unleashed:

    Cooper said the tax, rather than stabilizing the market, appears to be harming it. “When the government intervenes in the market this way and imposes costs that are retroactive … that almost by definition introduces an element of instability in the market.”

    Perhaps, it will be ironic if as a result of the government intervention, what was until recently the world's biggest housing bubble, quickly morphs into the world's most violent housing market collapse.

    On the other hand, considering the latest data just released from the Real Estate Board of Vancouver, according to which home prices rose 32.6% in July from a year ago, with the average selling price of a single-family detached home in the Greater Vancouver Area rising 38.0% to C$1,578,300, even as the actual number of sales collapsed by 18.9% y/y in July, we have a feeling the local population will be far more excited by the option of finally being able to buy a house at an affordable price, than the consequences of having to nurse what will shortly be a burst housing bubble for the ages.

    http://www.zerohedge.com/news/2016-...sing-vancouvers-housing-bubble-has-just-burst
     
  12. d-lod

    d-lod dawn Silver Miner

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    http://www.cbc.ca/news/canada/british-columbia/foreign-buyers-tax-data-1.3772158


    "I think it is fair to say we have had an impact. That was the impact we wanted to have," said Clark on Thursday morning in Kelowna.

    The number of transactions involving foreign buyers plunged, from 2,034 deals in the seven-week period before the tax, to 60 in the four weeks starting Aug. 2.

    "My hope is that many of those units that would have sold to foreign buyers, will now be sold to British Columbians," said Clark.

    According to the data, in the seven weeks before the tax was introduced (June 10 to Aug. 1) the total value of all residential sales involving foreign nationals was $2.3 billion — an average of $329 million per week.

    After the tax was introduced, the value of sales over a four-week period (Aug. 2 to 30) plunged to $46.9 million — an average of $11.8 million per week.

    The percentage value of sales involving foreigners also fell from 16.5 per cent of all sales to 0.7 per cent in the month after the introduction of the new tax, the latest numbers also revealed.
     
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  13. southfork

    southfork Mother Lode Found Mother Lode

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    Just got back from a cruise thru Alaska, it terminated in Vancouver , we stayed two days to check out Vancouver, gas is like 4 bucks a gallon, food in restaurants is outrageous compared to US, my friend we went with had to go out to pick up some cold pills, I saw a liquor store and said lets stop in just to peruse prices, a bottle of Jack Daniels I buy locally for 18 or so was 29.99 , this was a big liquor store as I walked around I saw some kind of devices on all the liquor bottles, I asked the clerk what these are for and he said they are shoplifting alarms, Im like your kidding on every bottle?? He said things are very bad in Vancouver, minimum wage is 10 bucks but food and housing very high and theft is rampant, he then says turn around the bottle and he shows me another sticker that's an additional device which sounds an alarm if they can get the first one off, truly amazing, I guess the free shit economies are starting to die.
     
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  14. d-lod

    d-lod dawn Silver Miner

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    I live in Toronto, the government enjoy 58% of our earning and now the housing has gone through rough. I agree shoplifting is best way to survive, only if we could. .......................

    http://www.visualcapitalist.com/canadas-housing-market-bubble/

    Canadian Housing Market, Bubble or Not?
    For Canadians, a topic of conversation that comes up often is the housing market. More specifically, whether or not Canada is in a bubble – and if so, will it burst?

    It is no secret that Canada has some of the highest real estate prices in the world. Real estate prices were not even slightly slowed by the late 2000s global recession; in fact, they kept climbing higher and higher. All while Canada’s neighbour to the south experienced a dramatic drop and has only now recovered. Even more interesting, America’s average household debt fell after the recession, but Canada’s continues to rise. This is a very concerning thought.

    Some attribute this to Canada having stronger fiscal health, a more stable banking system and the fruitful natural resources industry. Others say that Canada is set to experience a massive cooling down phase, one that would bring a drastic decline in housing prices.

    Let’s narrow in on Canada’s West Coast oasis, Vancouver. Vancouver has a reputation for being one of the most expensive cities in the world in regards to housing prices and overall cost of living. In fact, when compared to other Canadian cities’ real estate, in some cases, Vancouver is more than double in cost per square foot. A million dollars will get you a cozy 1,500 square foot condo in Vancity. But the same million will get you 1,600 square feet in Toronto, 2,700 square feet in Montreal, and almost 3,800 square feet in Quebec City,

    Outspoken economist, Doug Casey, seems to agree with the sentiment of Canada being overpriced, “ It’s a good time to leave Canada, since its property is quite overpriced by almost any standard – especially in Vancouver, BC.” Mr. Casey believes that Canada will suffer a similar fate as America, since Canadian banks are behaving in similar, generous fashion as their American counterparts did in the early 2000s. He also has dubbed Canada as “USA-lite.”

    Will the old saying, “what goes up, must come down,” apply to Canada’s housing market or is this just the new reality of the Great White North?

    Sources:
     
  15. d-lod

    d-lod dawn Silver Miner

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  16. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I don't live in or near the city so I couldn't care less!
     
  17. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    What they should have done was add a 5% tax annually over 3 years to slowly deflate the market or at least put a cap on it, but as Trump says about bureaucrats- they are incompetent.

    There was no reason to crash the market. Extreme volatility is not good for anybody. They need more predictable and sustainable growth without creating chaos.
     
  18. REO 54

    REO 54 Midas Member Midas Member

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    And blowback.........


    Class action lawsuit seeks to halt B.C.'s 15% tax on foreign buyers:

    legal challenge of a B.C. levy on foreign home buyers has been filed in Vancouver, seeking a class-action lawsuit on behalf of those forced to pay the 15-per-cent tax.

    Lawyer Luciana Brasil says the notice of civil claim alleges B.C. acted outside its jurisdiction when the Property Transfer Tax Act was amended in July, targeting the country of origin or nationality of home buyers across Metro Vancouver.

    She says the revised legislation violates over 30 international treaties where Canada has committed to treat foreign nationals just as favourably as citizens of this country.

    If the class-action lawsuit is approved by the court, Brasil says it seeks to overturn the legislation and demands repayment of any tax added to the purchase price of a home because of the buyer's nationality.

    The lead plaintiff is 29-year-old Chinese student Jing Li, who Brasil says has been studying in Canada since 2013 but had not become a permanent resident by Aug. 2, when the new tax impeded her purchase of a Langley home.

    A judge must still decide if the class action application can proceed and Brasil says it could take six months to a year to set a hearing date for the lawsuit.

    http://www.surreyleader.com/news/394159731.html?mobile=true

     
  19. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    6 months to a year....while everyone has to pay the whole time. Who exactly in government would care about that? It's not like they have to pay it back personally should the tax get repealed.
     
  20. southfork

    southfork Mother Lode Found Mother Lode

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    I doubt they will have any more foreign buyers with the new tax
     
  21. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Isn't that the intent? To crash the market?
     
  22. southfork

    southfork Mother Lode Found Mother Lode

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    Who in Gods name knows anymore , nothing makes sense
     
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  23. d-lod

    d-lod dawn Silver Miner

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    If win we can have class action against, every law by any government.
     
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  24. d-lod

    d-lod dawn Silver Miner

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    London housing marker is second to Vancouver in growth, and that suggest a baseless rise in Canada, which is not competent, neither earning wise nor foundation of development for more than 400 year (which London has). So the gap has to be filled by a CORRECTION or by housing being affordable as Canadian income and that is three to four times of your gross annual earning
     
  25. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    Who's to say what a fool and his money does? Folks 'invested' in Bernie Madeoff!!
     
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  26. southfork

    southfork Mother Lode Found Mother Lode

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    Well bottom line it's the greater fool theory and sooner than later even those are gone as in the US bust, coming soon at a financial collapse near you
     
  27. Alton

    Alton Gold Member Gold Chaser

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    Gee, for a fee Vancouverites could be strawman buyers for Asians to avoid the 15% tax...an exploitable loophole!

    Personally I think it's a smart move on Vancouver's part. Market crash? Well, what will the Canucks do when Asians price the Canucks out of the market? meanwhile the Asians are absentee landlords doing nothing for maintenance, letting their properties and the Canuck neighborhoods deteriorate. do the people of Vancouver really want this?

    Besides, it's a long standing Chinese tactic to move the Han Chinese into areas to they have targeted for takeover. Increase the Chinese population to about 20% of local population then seize control. Do Canucks really want that?

    There's much more to consider than a few people not being able to sell their houses for a tidy profit to foreign (Asian) buyers.
     
    Last edited: Sep 28, 2016
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  28. southfork

    southfork Mother Lode Found Mother Lode

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    Perhaps a land sale contract between buyer and seller, don't know if theyre legal in BC
     
  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Forget New York or London: Vancouver's rapidly soaring real estate market places it at 'greatest risk' of a housing bubble
    • Swiss financial services giant UBS released its housing bubble index
    • The Canadian city topped the list of major real estate markets at greatest risk of falling victim to a 'substantial price correction'
    • The Vancouver market has long been viewed as overvalued due to sharp increase in foreign buyership
    • British Columbia has tried to cool the market by slapping a 15 percent tax on foreign buyers of real estate
    • London came in second place, followed by Stockholm, Sydney, and Munich


    Read more: http://www.dailymail.co.uk/news/article-3816700/Forget-New-York-London-Vancouver-s-rapidly-soaring-real-estate-market-places-greatest-risk-housing-bubble.html#ixzz4LrO6aGMG
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
  30. d-lod

    d-lod dawn Silver Miner

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    oh not again, there ain't going to be any bust. TAKE USD AS PTIMERY CURRENCY OF CHINA..............no bust...............everyone happy
     
  31. d-lod

    d-lod dawn Silver Miner

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    oh no one and i repeat no one can understand CANADIAN................they want PHd to run their taxis, they want doctors to do factory jobs, their engineers are working in subways, they want to churn out 3000-5000/- per family of refugees from Syria, shri lanka and their many other stuff.............so rotting cities are less of a burden to them.......................they are frozen country
     

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