Vancouver, Bc

[gregb]

Interesting that sellers want the surging prices to end with government taxation.

https://www.nytimes.com/2018/06/02/business/economy/vancouver-housing.html

 

[timd354]

Interesting that sellers want the surging prices to end with government taxation.

https://www.nytimes.com/2018/06/02/business/economy/vancouver-housing.html

The article quotes one retired guy who has owned his house since 2000 and does not mind losing a couple hundred grand out of the millions in equity that he has on paper. I would guess that if they were to interview more recent home buyers who have little or no equity, they would have found that these people would have had a completely different opinion. Vancouver has been a disaster in the making for a long time with wealthy Chinese buyers looking for a place to park their assets driving housing prices into the stratosphere and completely out of reach of most locals.

 

[Randolph Kinney]

Interesting that sellers want the surging prices to end with government taxation.

https://www.nytimes.com/2018/06/02/business/economy/vancouver-housing.html

That's one way to stifle property speculators and foreign buyers. I love the tax idea.

The New Democrats raised British Columbia’s foreign-buyer tax to 20 percent of a home’s purchase price, from 15 percent. (Ontario has a 15 percent tax.) In addition, the party plans to impose higher property taxes on second homes, on families whose primary breadwinner’s earnings come from money abroad and on homes valued at more than 3 million Canadian dollars ($2.3 million). Vancouver has passed a number of local measures, including a tax on empty homes.

And Canadians, like Americans, expect to make money from the investment.

So when is California going to adopt similar taxation?

 

[Restrain]

My son lived in Vancouver. The single family home just doesn’t exist. My son lived in the first floor, basement was rented out to another family. Larger homes that would be single family homes in the US are split up and rented to multiple families.