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Vancouver real estate prices not the fault of foreign buyers, says new report

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  • #16
    Placeholding because you speculate that prices will go up substantially more than inflation plus your holding costs so you had better get in now before it's too late is.... speculation.

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    • #17
      Asking prices for the house in Vancouver area is just too much and this will hurt any ability for buyers to buy a house
      Edmonton Rocks Rocks Rocks

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      • #18
        Originally posted by highlander View Post
        Placeholding because you speculate that prices will go up substantially more than inflation plus your holding costs so you had better get in now before it's too late is.... speculation.
        Ok fair enough. I have no horse in this race, just trying to make a devils advocate distinction. I guess there is none in the sense.

        how do people feel about a moratorium on multiple purchases vs one sole purchace?

        I would think much of the inflationary damage is done by multiple speculators trying to be wannabe developers although I could be wrong.
        "if god exists and he allowed that to happen, then its better that he doesn't exist"

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        • #19
          An effective way of penalizing speculators who allow properties to remain vacant would help prevent artificial shortages. That should have a direct effect on rental prices, which would in turn discourage at least some would-be buyers and start to bring sale prices into line.

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          • #20
            This is all a bit of a non issue really. Vancouver (or any Canadian city for that matter) doesn't even make the top 10 of expensive real estate markets worldwide.

            http://www.telegraph.co.uk/finance/p...?frame=3220486
            "The only really positive thing one could say about Vancouver is, it’s not the rest of Canada." Oink (britishexpats.com)

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            • #21
              With all the back lash I got saying the city/province could ban smoking in condos(and they can) to save massive fires from happening I'm surprised the idea of legislating what people must do with property they own isn't getting the same responses.

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              • #22
                ^ Nobody is proposing to make it illegal to keep a property vacant, just to re-jig the property tax system so there is a financial disincentive for doing something that distorts the real estate market.

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                • #23
                  Chinese buyers make up almost 40% of transactions, 9% of population - Auckland

                  Interesting "unscientific" study done in Auckland that looked at surnames of people buying properties. I wonder if same in Vancouver?

                  Real-estate figures leaked to the Labour Party, which cover almost 4,000 house sales by one unidentified firm from February to April, indicate that people of Chinese descent accounted for 39.5 per cent of the transactions in the city in that period.

                  Yet Census 2013 data shows ethnic Chinese who are New Zealand residents or citizens account for just 9 per cent of Auckland's population.

                  http://www.nzherald.co.nz/nz/news/ar...ectid=11478719

                  Last edited by moahunter; 10-07-2015, 02:31 PM.

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                  • #24
                    Vancouver real estate is a Mainland Chinese buyers' market, study says

                    Wow...

                    Groundbreaking study shows 70 per cent of detached homes sold in a six-month period on Vancouver's west side went to Mainland Chinese buyers; many of them housewives or students with little income.

                    ...

                    Yan said his findings show major migration forces are at work, and real estate in Metro Vancouver is now a global commodity.

                    “I think the bigger question to be studied is what happens when the driver for your residential market is wealth, not wages? That is a major public policy issue.”
                    http://www.theprovince.com/business/...289/story.html

                    So, the way to get a single family home in Vancouver, is go work for the chinese government, "somehow" get your hands on millions of dollars, and launder it through your spouse...

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                    • #25
                      Blame politicians for metro Vancouver real estate

                      Some interesting analysis in this article:

                      http://www.vancouversun.com/business..._lsa=6753-9290

                      There are more than a million Chinese households with more than 2 million dollars, and six in ten of them want to leave China. The top destination - Vancouver.

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                      • #26
                        Vancouver though is trying to stop "shadow flipping"
                        http://www.cknw.com/2016/03/19/163034/

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                        • #27
                          Foreign buyers crushing home owner dreams

                          A bit sad when an engineer and a lawyer are priced out:

                          http://www.ctvnews.ca/business/forei...tudy-1.2893140

                          Sometimes I agree with NDP. You should have to prove residency, work status or citizenship to buy a house IMO, it shouldn't just be a regular speculation instrument, or eventually the .01% will own all the housing on earth. As pointed out though, too many people are making too much money for this to change, including Vancouver citizens who purchased at the right time.

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                          • #28
                            First, people in Vancouver need to adjust to living in townhomes and condos. No one is owed a piece of land.

                            Second, if we decide there is a speculation problem, we should address the action of speculation and not the people who are doing it. The problem is not that foreign people are speculating. The problem is that rampant speculation is happening. Targeting a single group of the people who are doing it misses the problem and sets a dangerous standard.
                            Last edited by Jaerdo; 08-05-2016, 09:10 AM.

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                            • #29
                              BC gov't should ban foreign buyers from real estate for 10 yrs to cool down hot market
                              Edmonton Rocks Rocks Rocks

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                              • #30
                                Originally posted by moahunter View Post
                                A bit sad when an engineer and a lawyer are priced out:

                                http://www.ctvnews.ca/business/forei...tudy-1.2893140

                                Sometimes I agree with NDP. You should have to prove residency, work status or citizenship to buy a house IMO, it shouldn't just be a regular speculation instrument, or eventually the .01% will own all the housing on earth. As pointed out though, too many people are making too much money for this to change, including Vancouver citizens who purchased at the right time.
                                The average sale price of a single-detached home in Metro Vancouver was $1.4 million
                                That really isn't that expensive... In most cases that represents a fairly decent sized plot of land. You wouldn't get anything near that size for that money in many popular cities. Rip down the ugly sheds that pass for SFHs in North America, build something genuinely desirable on it, and in a few years time you'll be quids in.
                                "The only really positive thing one could say about Vancouver is, it’s not the rest of Canada." Oink (britishexpats.com)

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