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#1761 Mixed365

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Posted 29 July 2016 - 06:08 PM

I thought it was a small percentage that were foreign buyers. Now it's crashing the system as they rush to close their deals. Perhaps selling out our land on the international money market was a bigger problem than previously illustrated.... 

Technically we are all from an "international money market" and involved ourselves directly or indirectly in an "international monkey market."


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#1762 VicHockeyFan

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Posted 29 July 2016 - 06:15 PM

“Hundreds of British Columbians head into the B.C. Day long weekend facing stress and uncertainty concerning the largest financial transaction of their lives because of the provincial government’s abrupt intervention into the Metro Vancouver housing market this week,” said Dan Morrison, the president of the board, in a statement.

 

 

Some would argue that's it's not "British Columbians" that are stressed.  It's Chinese people.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#1763 LeoVictoria

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Posted 29 July 2016 - 06:47 PM

Some would argue that's it's not "British Columbians" that are stressed.  It's Chinese people.

 

The British Columbians wanting to sell their properties to them are stressed.


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#1764 rjag

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Posted 29 July 2016 - 07:28 PM

For those deals that collapse due to the tax, there may be a legal argument and challenge regarding any deposits that may be forfeited.



#1765 VicHockeyFan

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Posted 29 July 2016 - 07:30 PM

The British Columbians wanting to sell their properties to them are stressed.

 

Ha ha, I never thought of that.  Touche!  (I'd try to put that thing on top of the last e, but I might never get my keyboard back right again).


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#1766 Mike K.

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Posted 22 September 2016 - 02:41 PM

Metro Vancouver's foreign national real-estate tax makes impact on Victoria

http://victoria.citi...ct-on-victoria/

 

The province has released figures on British Columbia real-estate sales activity since the introduction of a 15% Metro Vancouver foreign ownership tax that came into effect on August 2nd.

 

Between June 10th and August 1st a total of 30,126 property sales were recorded province-wide, of which 8.4%, or 2,519, were attributed to foreign nationals. The value of all purchases was $20.5 billion, with $2.6 billion associated to non-Canadians.

 

Following the introduction of the tax the period between August 2nd and 31st shows foreign investment sharply decreased to just 1.4% of the month’s 17,808 purchases, equalling 249 transactions valued at $156 million. [Full article]


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#1767 lanforod

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Posted 22 September 2016 - 02:44 PM

Mike, how can you say activity dropped 50% when you're not comparing the same number of days? 45 foreign sales in August. 90 from June 10 to August 1. That's not a 50% drop.



#1768 Mike K.

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Posted 22 September 2016 - 03:07 PM

We're dealing with two strictly defined time periods, June 10th to August 1st, and August 2nd to August 31st. The comparison is between them, not any other period, and over the first period the province's data showed 90 transactions, and over the second period the data showed 45 transactions, or 50% less than the first.


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#1769 lanforod

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Posted 22 September 2016 - 09:17 PM

Sure, when you say it that way. It doesn't make sense for you to even put 50% less in there, when if you extrapolate that 45 sales to the same number of days, it would actually be a much lower drop, 12% or so off the top of my head, which is easily attributable to the standard drop off. The article is a bit less clear than your explanation here too.

Why don't you instead compare to August of 2015 (oh, maybe you can't as we don't have foreign buyer data for then?)



#1770 Mike K.

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Posted 22 September 2016 - 09:42 PM

I've actually never seen such detailed data before for such a short period of time.

My sense is what's actually reported as foreign purchases is only a percentage of the actual volume. My sense is in Victoria we're actually seeing two or three times what the official figures state.


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#1771 lanforod

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Posted 23 September 2016 - 07:58 AM

^ yeah, I certainly think the numbers are lower than reality. A lot of stuff gets hidden behind some Canadian based operator, when the originating money is still foreign.



#1772 Mike K.

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Posted 27 September 2016 - 11:41 AM

Flight to condos presents challenges, opportunities for Victoria buyers

http://victoria.citi...ictoria-buyers/

 

Drawn to condos and townhomes as alternatives to single-family-dwellings, record numbers of Victorian are finding themselves thrust into a world of strata minutes, depreciation reports, engineering reports, and in the case of pre-sale properties, developer contracts.

 

This growing popularity of urban living on southern Vancouver Island has shed light on the critical importance of one aspect of the real-estate industry: contract and strata documentation literacy.

 

“Deciphering the documents and understanding the implications of what is being presented is at the heart of a rewarding real-estate purchase,” says Tony Zarsadias, co-owner of Victoria-based Condo Group Real-Estate Team. [Full article]


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#1773 Mike K.

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Posted 03 October 2016 - 09:48 AM

As per Marko's update:

 

$5 billion in real-estate sales cements 2016 as Victoria's busiest year on record

http://victoria.citi...year-on-record/


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#1774 Mike K.

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Posted 04 October 2016 - 03:25 PM

Here we go, the 10 cheapest houses for sale in Victoria's urban core! The average has jumped significantly to under $430k in the summer to nearly $485k this fall.

 

Victoria's 10 cheapest houses for sale, fall 2016 edition

http://victoria.citi...l-2016-edition/


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#1775 Mike K.

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Posted 08 October 2016 - 08:12 AM

LeoS gets the spotlight in this piece!

 

Victoria-on-a-sunny-hazy-afternoon.jpg

The impact of new federal housing regulations on Victoria's real-estate market remains to be seen.

 

New federal housing regulations zero in on secondary suites, low-income homebuyers and foreign money

http://victoria.citi...-foreign-money/

 

The federal government has announced new changes to Canada’s housing regulations as part of a plan to close regulatory loopholes, generate new revenues and force low-income buyers to undergo an affordability assessment. [Full article]


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#1776 VicHockeyFan

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Posted 09 October 2016 - 07:29 AM

Here we go, the 10 cheapest houses for sale in Victoria's urban core! The average has jumped significantly to under $430k in the summer to nearly $485k this fall.

 

Victoria's 10 cheapest houses for sale, fall 2016 edition

http://victoria.citi...l-2016-edition/

 

#5 sold yesterday for about $10,000 under list.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#1777 Mike K.

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Posted 17 October 2016 - 12:29 PM

Mortgage "stress test" regulation sets sights on lower income and first-time buyers

http://victoria.citi...st-time-buyers/


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#1778 SusanJones

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Posted 20 October 2016 - 05:24 AM

"....Over the past 18 months, the CRA looked into 13,403 files in Ontario (mostly in the Greater Toronto Area), recovering $210-million. During the same period, the CRA audited 2,366 files in B.C., for a total recovery of $30-million."

 

" As they look into real estate deals, CRA auditors are focusing their efforts on the following five issues:

  • The “source of funds” to buy or maintain and renovate a property, to see whether the owner is involved in tax evasion or illegal activities, or helping to shield the identity of a wealthy buyer;
  • “Property flipping” by real estate agents, renovators and speculators, to ensure that profits from real estate deals are properly reported to the CRA;
  • “Unreported GST/HST” on the sale of new or substantially renovated properties, in cases where houses are not used as a primary place of residence;
  • “Unreported capital gains” on secondary residences or houses sold by non-residents in Canada;
  • “Unreported worldwide income” by residents of Canada who have to report their worldwide income to the CRA. "

http://www.theglobea...rticle32447204/

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Edited by SusanJones, 20 October 2016 - 05:37 AM.


#1779 SusanJones

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Posted 20 October 2016 - 05:33 AM

Victoria 2.2

“In coming years, the Bank of Canada will raise interest rates in reaction to monetary tightening in the U.S., which will pull up on Canadian mortgage rates. The house price outlook calls for a deceleration of house price growth, not for a serious decline, though there are exceptions for smaller regions.”

 

Article & table here: http://www.theglobea...rticle32451122/

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#1780 lanforod

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Posted 20 October 2016 - 07:50 AM

They nearly dropped the interest rates this week. 5 years from now, sure, maybe the BoC rate will be back up to 2%, but somehow I doubt it without a major, unforeseen boom in our economy.

Economists have been saying for years interest rates will jump. Interest rates are at near all time lows, and have been for quite some time. It may be the new normal.



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