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Old 07-26-2016, 11:43 AM   #101
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All this might do is fix the quick flips where people were buying and selling within months for a quick $30K+. This was happening a lot so I can see this helping in that regards.

Out in North East Burnaby there are so many new empty homes in really is unbelievable. In a span of three blocks on Curtis in Burnaby there have been 6 new homes in the past 12 months that have yet to have someone live in them. They are basically always for sale.
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Old 07-26-2016, 11:50 AM   #102
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All this might do is fix the quick flips where people were buying and selling within months for a quick $30K+. This was happening a lot so I can see this helping in that regards.

Out in North East Burnaby there are so many new empty homes in really is unbelievable. In a span of three blocks on Curtis in Burnaby there have been 6 new homes in the past 12 months that have yet to have someone live in them. They are basically always for sale.
A good friend of mine almost bought a house in Burnaby for $1,000,000. The roof was literally caving in, and probably required at least a $150,000 fix just for the roof. My friend decided not to purchase. Someone came in, bought the place for just over a million.

Three months later, it was untouched, and un-lived in, and sold for $1.3 million.
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Old 07-26-2016, 11:53 AM   #103
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Tulip bulbs. Tulip bulbs everywhere!
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Old 07-26-2016, 01:55 PM   #104
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Typical money grab by the BC government.

They aren't interested at all in curbing the influx. They just want in on it.

Now only the elitist of the elite will be sending their kids to UBC and SFU. That will really help the situation.
For the past few years, everyone has been saying that some kind of tax needs to be implemented on foreign investment in real estate for Vancouver.
They just did that, and you guys still find a reason to complain. This is literally one of those damned if you do, damned if you don't moments
What do you propose they do then?

This "cash grab" is revenue for the province. Regardless of how people judge the BC govt's capability of being fiscally responsible, this tax still adds more value to BC as a whole than if it weren't implemented.
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Old 07-26-2016, 02:02 PM   #105
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A good friend of mine almost bought a house in Burnaby for $1,000,000. The roof was literally caving in, and probably required at least a $150,000 fix just for the roof. My friend decided not to purchase. Someone came in, bought the place for just over a million.

Three months later, it was untouched, and un-lived in, and sold for $1.3 million.

This is pretty much what is happening, quick turn arounds on properties and some are in real rough shape, anything between $650 to $800 is probably a tear down. Also, a lot of the new homes are not really built with any quality what's so ever. I hate to say there are a number of Chinese and East Indian people that build quick and dirty homes but there are a number of Chinese and Indians that build cheap homes but make them look pretty for quick sales. I am sure they have a 'relative" in inspections that passes everything.
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Old 07-26-2016, 02:03 PM   #106
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Also have to remember that B.C. is considering a vacancy tax, so there potentially could be a double whammy for foreign nationals who want to purchase homes and leave them vacant. I think this will help stem the tide as it should at least make other cities (or other types of investments) more appealing for their dollars.
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Old 07-26-2016, 02:06 PM   #107
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For the past few years, everyone has been saying that some kind of tax needs to be implemented on foreign investment in real estate for Vancouver.
They just did that, and you guys still find a reason to complain. This is literally one of those damned if you do, damned if you don't moments
What do you propose they do then?

This "cash grab" is revenue for the province. Regardless of how people judge the BC govt's capability of being fiscally responsible, this tax still adds more value to BC as a whole than if it weren't implemented.
I think most people are disillusioned because it doesnt solve the right problem.

Great, they're taxing these people and lining their coffers, but that doesnt solve the affordable living situation.

I dont think people are upset that a whole bunch of Chinese and Indians and coming in and buying properties in BC, they're upset because this drives the prices up and the availability down and these people arent even living there so the people who are living there either cant find anything or cant afford what they can find.
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Old 07-26-2016, 02:13 PM   #108
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This is pretty much what is happening, quick turn arounds on properties and some are in real rough shape, anything between $650 to $800 is probably a tear down. Also, a lot of the new homes are not really built with any quality what's so ever. I hate to say there are a number of Chinese and East Indian people that build quick and dirty homes but there are a number of Chinese and Indians that build cheap homes but make them look pretty for quick sales. I am sure they have a 'relative" in inspections that passes everything.
That happens in any booming market. Vancouver is white hot at the moment, so it's all the worse.

I know people directly involved in industry, and they can attest to exactly that.
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Old 07-26-2016, 03:36 PM   #109
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I think most people are disillusioned because it doesnt solve the right problem.

Great, they're taxing these people and lining their coffers, but that doesnt solve the affordable living situation.

I dont think people are upset that a whole bunch of Chinese and Indians and coming in and buying properties in BC, they're upset because this drives the prices up and the availability down and these people arent even living there so the people who are living there either cant find anything or cant afford what they can find.
The problem is actually pretty simple (so it seems), locals are being priced out of homes that in most other parts of Canada they would be able to afford.
Any policy fixes, from the demand or supply side will take time before their affects can be felt. Furthermore, nobody is even sure to what extent these changes will actually affect vancouver's real estate prices, if at all.

For now, I applaud the BC govt for taking a step in the right direction. Obviously they can't stop here, there must be further measures taken after we see how the market reacts to these taxes.
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Old 07-26-2016, 03:47 PM   #110
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Tulip bulbs. Tulip bulbs everywhere!
This time it's different!! I swear to God, it's the underlying features of this market that are different, it's not like before, that was different, this time it's elementally a different stable market that will go up forever.
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Old 07-26-2016, 03:50 PM   #111
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^
Which is why banks have just been told to stress test for a 50% drop in prices, right?
http://www.cbc.ca/news/business/osfi...test-1.3695691
Nobody is worried. Keep pumpin' it up! Craziness.
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Old 07-26-2016, 03:55 PM   #112
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Figure this is as good a place as any...

OSFI tells banks to stress test for 50% decrease in Vancouver home prices, and 40% in Toronto:

http://www.bnn.ca/osfi-tells-banks-t...2158de0d03cd44
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Old 07-26-2016, 03:56 PM   #113
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I was in Vancouver last week, and there was a Vancouver Sun artical saying 80% were in favor of a 'vacancy tax'... essentially, an extra tax on property that remains vacant in order to try and minimize this problem.

http://vancouversun.com/news/local-n...on-empty-homes

While this is at least a first step in acknowledging the problem, I'm not convinced it'll actually do anything.
make the tax high enough and it should be effective.
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Old 07-26-2016, 04:40 PM   #114
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make the tax high enough and it should be effective.


If you make it too high then there will be more motivation to find loopholes.

I guess the question is if this is for merely getting money out of China or actually investing in the real estate market.
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Old 07-26-2016, 09:58 PM   #115
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I Just Sold my Fathers Home in West Vancouver, The First Offer over the phone was for over 20% what my asking price was from a Buyer based in Guangzhou...

I Obviously have greatly benefitted from this, so its hypocritical for me to complain, but this is obviously money laundering. As often no bidding wars are taking place, people are just Dumping Money.

And This new tax wouldn't of applied to this Sale as it was Bought thru this mans son who is a Permanent Resident
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Old 07-26-2016, 10:02 PM   #116
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I Just Sold my Fathers Home in West Vancouver, The First Offer over the phone was for over 20% what my asking price was from a Buyer based in Guangzhou...

I Obviously have greatly benefitted from this, so its hypocritical for me to complain, but this is obviously money laundering. As often no bidding wars are taking place, people are just Dumping Money.

And This new tax wouldn't of applied to this Sale as it was Bought thru this mans son who is a Permanent Resident
Sounds like one of those spam emails I keep getting.
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Old 07-27-2016, 12:22 AM   #117
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Ah, Communism at work.
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Old 07-27-2016, 12:29 AM   #118
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Sounds like one of those spam emails I keep getting.
Thats literally what its like when you sell real estate in nice neighbourhoods in Van, People look at their Appraised Value, add a couple hundred grand, then sell the same day above asking. Its making it impossible even for wealthy Canadians to compete.
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Old 07-27-2016, 07:54 AM   #119
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I heard many are using this loophole and coming in through Quebec, but eventually moving to Vancouver and Toronto since nothing is stopping them.
I know a number of people who came over from Europe during the Calgary boom years. They said they would setup in Quebec, received preference because of proficiency in French, then bought a ticket to Calgary the day they landed in Montreal.

Unfortunately regardless of what Quebec wants you can't have two sets of immigration laws, as soon as people arrive they are free to go where they want.
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Old 07-27-2016, 08:07 AM   #120
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I Just Sold my Fathers Home in West Vancouver, The First Offer over the phone was for over 20% what my asking price was from a Buyer based in Guangzhou...

I Obviously have greatly benefitted from this, so its hypocritical for me to complain, but this is obviously money laundering. As often no bidding wars are taking place, people are just Dumping Money.

And This new tax wouldn't of applied to this Sale as it was Bought thru this mans son who is a Permanent Resident
I've heard dozens of stories like this, but mostly from the other side. A buyer goes to an open house to look around, and literally a Russian billionaire shows up with a blank check and no conditions. Seller tells everyone to leave.

Or a mega deals done over the phone with Chinese billionaires.

It's so ridiculous in Vancouver right now.
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