Quote:
Originally Posted by Red
Now something changed in Tor and Van. I think it's the new mortgage/HELOC rules and higher bank scrutiny. But that would surely hit us as well, no? If not then why?
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I wouldn't consider that a major impact on the Vancouver market at all.
The biggest reason for Vancouver's slow down is the lack of wealthy immigrant money coming in this year.
Last year, we had a large amount of luxury homes/condos being purchased by wealthy immigrants, mainly from China.
This year, they're not active.
Iran hass also tightened the ability to move money out of it's boarders and has a low dollar; which has hurt that large wealthy Vancouver ethnic group as well.
This is why the detached housing market and luxury market in particular is way oversupplied compared to most years, but the entry-mid level market isn't as far off.