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Home Sales take a Huge Dip in Vancouver BC since new 15% tax introduced

Started by JOE, August 26, 2016, 07:47:43 AM

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JOE

August 26, 2016, 07:47:43 AM
According to News Reports, Down as much as 80% compared with the same time as last year. A major driver of the economy, its sure to have repercussions.



http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile">http://www.theglobeandmail.com/news/bri ... ice=mobile">http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile



https://shawglobalnews.files.wordpress.com/2016/08/home-sales.png?w=1024&h=678">



...a temporary dip or here to stay?

Anonymous

#1
August 26, 2016, 09:06:47 AM
Quote from: "JOE"According to News Reports, Down as much as 80% compared with the same time as last year. A major driver of the economy, its sure to have repercussions.



http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile">http://www.theglobeandmail.com/news/bri ... ice=mobile">http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile



https://shawglobalnews.files.wordpress.com/2016/08/home-sales.png?w=1024&h=678">



...a temporary dip or here to stay?

What a huge drop..



Time will tell if this is the new trend.

Anonymous

#2
August 26, 2016, 07:18:42 PM
Quote from: "JOE"According to News Reports, Down as much as 80% compared with the same time as last year. A major driver of the economy, its sure to have repercussions.



http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile">http://www.theglobeandmail.com/news/bri ... ice=mobile">http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile



https://shawglobalnews.files.wordpress.com/2016/08/home-sales.png?w=1024&h=678">



...a temporary dip or here to stay?

Housing sales would slow even without the tax.

Anonymous

#3
August 26, 2016, 08:16:31 PM
If there is a dramatic drop in prices, it might be good news for some people looking to own their first home..



But, it might cause a lot of pain too and maybe have a negative ripple on even the national economy.

 ac_dunno

cc

#4
August 26, 2016, 10:52:51 PM Last Edit: August 27, 2016, 01:50:17 AM by cc
It will



Does the tax apply only to "houses" or does it include condos and town houses?



Edit - aw. So only for Metro Vancouver



Rare to see a tax or rule by a Provincial Govt directed at a specific area only - but maybe a good call that didn't  go far enough afield



Prolly will push foreign buyers to outside of Vancouver  .. like right here where we have MANY foreign owners already
I really tried to warn y\'all in 49  .. G. Orwell

cc

#5
August 26, 2016, 11:50:47 PM
I'm looking out my office window right now - the 3 quite new towers in town have several times more lights out than lights on (maybe 4 or 5 to 1)



while our a bit older and 1/2 as tall tower has lights on most all units every mid evening



 we have prolly 10 - 15 % Chinese, and all are full time contributing residents here - The new towers, not so much
I really tried to warn y\'all in 49  .. G. Orwell

Anonymous

#6
August 27, 2016, 05:39:04 AM
House prices in Winnipeg have seen steep increases over the past decade. And half of this city is built on a flood plain. :ohmy:

Anonymous

#7
August 27, 2016, 09:37:52 AM
House prices have dropped in the Czuk, but not to the extent I thought they would....yet.

Anonymous

#8
August 28, 2016, 09:19:24 AM
Quote from: "JOE"According to News Reports, Down as much as 80% compared with the same time as last year. A major driver of the economy, its sure to have repercussions.



http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile">http://www.theglobeandmail.com/news/bri ... ice=mobile">http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile



https://shawglobalnews.files.wordpress.com/2016/08/home-sales.png?w=1024&h=678">



...a temporary dip or here to stay?

Toronto's real estate is over priced too. We will see if public pressure forces Wynn to introduce something similar to what BC has.

Twenty Dollars

#9
August 28, 2016, 11:22:39 AM
In Northern California one sees many many help wanted signs. Very few House for sale signs. Sonoma, Marin counties.. Forget about it.

Anonymous

#10
August 28, 2016, 05:39:38 PM
Quote from: "seoulbro"
Quote from: "JOE"According to News Reports, Down as much as 80% compared with the same time as last year. A major driver of the economy, its sure to have repercussions.



http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile">http://www.theglobeandmail.com/news/bri ... ice=mobile">http://www.theglobeandmail.com/news/british-columbia/vancouver-region-home-sales-continue-to-slide-after-foreign-buyer-tax/article31528523/?service=mobile



https://shawglobalnews.files.wordpress.com/2016/08/home-sales.png?w=1024&h=678">



...a temporary dip or here to stay?

Toronto's real estate is over priced too. We will see if public pressure forces Wynn to introduce something similar to what BC has.

The foreign real estate transaction tax was a populist move by the government of BC facing an election next year. I could certainly see the premier of Ontario copying it if she thinks it will buy her votes.

Anonymous

#11
August 28, 2016, 06:26:43 PM
I heard maybe a year ago a real estate association in Calgary anticipated more foreign purchases of homes in this city..



I have not heard anything since.

Anonymous

#12
August 28, 2016, 08:34:41 PM
Quote from: "Fashionista"I heard maybe a year ago a real estate association in Calgary anticipated more foreign purchases of homes in this city..



I have not heard anything since.

That is a good question. I am sure there are foreign buyers across the country. But, have they started to look outside Toronto and Vancouver in increasing numbers?
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