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The Foreign Buyer: Vancouver vs Victoria


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#21 pherthyl

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Posted 26 May 2015 - 12:16 PM

Who cares if there are foreign buyers? I'm not sure xenophobia is the best method of keeping housing prices affordable.

 

And there you have the reason we don't have any data on foreign investment.  As soon as anyone suggests it might be useful to have data, they get shouted down as a racist.



#22 gumgum

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Posted 26 May 2015 - 12:44 PM

My real estate management friend tells me foreign investment, especially now, is hot. We're a stable, safe nation. And given the climate in the west, foreign investment is a no brainer.

Edited by gumgum, 26 May 2015 - 12:45 PM.


#23 lanforod

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Posted 26 May 2015 - 12:47 PM

Yeah, I don't see the problem here. We WANT investment, foreign or not. This is a supply and demand issue. If we want housing prices to go down, we need to increase supply. In an area with limited land, that means increasing density.


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#24 jonny

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Posted 26 May 2015 - 12:54 PM

Yeah, I don't see the problem here. We WANT investment, foreign or not. This is a supply and demand issue. If we want housing prices to go down, we need to increase supply. In an area with limited land, that means increasing density.

 

Or start building houses on all that beautiful land on the Saanich peninsula.



#25 Greg

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Posted 26 May 2015 - 02:12 PM

And there you have the reason we don't have any data on foreign investment.  As soon as anyone suggests it might be useful to have data, they get shouted down as a racist.

Racist no, but certainly disingenuous. This thread clearly starts with a discussion about restricting foreign purchasers, not collecting data.



#26 sebberry

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Posted 26 May 2015 - 05:57 PM

Or start building houses on all that beautiful land on the Saanich peninsula.

 

Let's build on the golf courses first ;)


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#27 jonny

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Posted 26 May 2015 - 06:54 PM

Yeah, how many thousands of people could live where Cedar Hill golf course is?

#28 LJ

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Posted 26 May 2015 - 07:03 PM

Yeah, how many thousands of people could live where Cedar Hill golf course is?

Or Beacon Hill Park.


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#29 LJ

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Posted 26 May 2015 - 07:07 PM

.

 

Ditto for houses. More and more rental management agencies are handling the rental of SFD's. Five years ago you'd call Bill the landlord to fix your faucet, now you call Cornerstone.

Well there is a house near me that was bought by a Chinese national for his daughter, who lives in Vancouver. It is rented out to provide her an income, but no repairs or work is ever done on the house. It was supposed to have weekly landscaping, a couple of people show up for a couple of hours every year or so. Its an absolute mess.


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#30 Mike K.

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Posted 26 May 2015 - 07:26 PM

None of those are specific to foreign buyers.

 

Did I say that?


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#31 Mike K.

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Posted 26 May 2015 - 07:26 PM

Well there is a house near me that was bought by a Chinese national for his daughter, who lives in Vancouver. It is rented out to provide her an income, but no repairs or work is ever done on the house. It was supposed to have weekly landscaping, a couple of people show up for a couple of hours every year or so. Its an absolute mess.

 

And that's the other end of the spectrum. I know a few individuals who have foreign absentee landlords and it's not exactly a pretty picture either.


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#32 pherthyl

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Posted 26 May 2015 - 07:28 PM

Well there is a house near me that was bought by a Chinese national for his daughter, who lives in Vancouver. It is rented out to provide her an income, but no repairs or work is ever done on the house. It was supposed to have weekly landscaping, a couple of people show up for a couple of hours every year or so. Its an absolute mess.

 

But it doesn't match the narrative.  One the one hand we're supposed to believe wealthy chinese are buying up all the properties, on the other hand they need the income from crappy rentals for their kids to go to school?   Doesn't add up.

 

Fact is what little evidence we do have (the VREB surveys) indicate foreign buyers are insignificant in Victoria.   


Edited by pherthyl, 26 May 2015 - 07:29 PM.


#33 Mike K.

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Posted 26 May 2015 - 07:40 PM

No, the numbers from the VREB are not conclusive and they won't be unless we know the citizenship of the buyers, which we do not.


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#34 pherthyl

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Posted 26 May 2015 - 08:14 PM

No, the numbers from the VREB are not conclusive and they won't be unless we know the citizenship of the buyers, which we do not.

 

They are conclusive.  Whether the methodology is good is another matter. 

 

2010: 5%, 2%, 0.75%, 2.75% foreign.   You get the idea.

http://whatthesooke....-market-survey/

 

2013 island buyer survey:  2.1% from outside canada

http://vancouverpeak...ad.php?tid=5276

 

The VREB in 2013 says 1-2% of buyers are from outside canada:  https://twitter.com/...723432153554944

 

2013 buyer survey indicates 5%.   http://vibrantvictor...request/page-15


Edited by pherthyl, 26 May 2015 - 08:53 PM.


#35 Urbanistco

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Posted 27 May 2015 - 07:27 AM

Let's build on the golf courses first ;)

 

They are trying in North Saanich....

 

http://www.vicnews.c.../255722331.html



#36 lanforod

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Posted 27 May 2015 - 07:38 AM

There is land in the ALR that is not really suited for farming. That should be allowed to be developed.

As for golf courses, I don't feel like we have too many here anyways. Prospect lake is shut down, Mt Doug is probably on ALR land, at least it looks like it; Bear Mountain has contributed to housing, not the opposite.

Cedar Hill is valuable, to be sure. Saanich could probably pay for a huge portion of their sewage bill or infrastructure deficit by developing half of it and leaving a 9 hole course.



#37 LJ

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Posted 27 May 2015 - 08:08 PM

But it doesn't match the narrative.  One the one hand we're supposed to believe wealthy chinese are buying up all the properties, on the other hand they need the income from crappy rentals for their kids to go to school?   Doesn't add up.

 

Fact is what little evidence we do have (the VREB surveys) indicate foreign buyers are insignificant in Victoria.   

Oh, she is not going to school, this is part of her inheritance. I don't think wealthy Chinese are buying up all the properties, but they are starting to buy. Koreans are more prevalent in the housing market right now.


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#38 Sparky

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Posted 27 May 2015 - 08:16 PM

^^ FYI Prospect Lake Golf Course is open for business.

#39 lanforod

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Posted 28 May 2015 - 09:46 AM

^^ FYI Prospect Lake Golf Course is open for business.

Huh. big news release about the shutdown. Where was the marketing about actually opening? lol



#40 MarkoJ

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Posted 29 May 2015 - 05:52 AM

But it doesn't match the narrative.  One the one hand we're supposed to believe wealthy chinese are buying up all the properties, on the other hand they need the income from crappy rentals for their kids to go to school?   Doesn't add up.

 

Fact is what little evidence we do have (the VREB surveys) indicate foreign buyers are insignificant in Victoria.   

 

I am starting to see some significance this year in certain areas.


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