^ people are still in the BUBBLE of "OH, let's put it over 20% above city assessment and then tack on another 10% above market value, and add 5% more."

I know two veteran realtor (medallion club multiple yrs etc); they say it's their worse yr ever cause they don't speak a foreign language and they don't have connections to that market of crazy buyers (asians).

Don't let the door hit you on your way out.

Under your logo; Location: Shaughnessy. :rukidding:I bet you're really having a tough time.

Do you need a ride to the airport?

Yeah I guess if you don't speak Chinese or have connections, you're kind of out of luck as a realtor.

I'm intrigued as to why you thought this as a young child.
Assuming 20 years ago, houses were still really cheap.
I remember 15 years ago, the house that I was renting the basement from, was listed for sale for $400K and it was a fairly new house in east Van.

This is my speculation but...

If you were born in a poor family, and all your friends and relatives were renters, it is sometimes hard to think that you will some day own a house.
Just like if nobody in your relatives have a Lamborghini and private jet, you probably won't even think about owning one in the future.

Although poverty rate has been better in recent years, it will always exist.
https://en.wikipedia.org/wiki/Poverty_in_Canada

Poverty Rate in Canada
https://upload.wikimedia.org/wikiped..._1973-2004.png

Low Income Rate in Canada
https://upload.wikimedia.org/wikiped...ncome_rate.png

Vancouver mayor against proposed housing tax targeting non-residents
FRANCES BULA
VANCOUVER — Special to The Globe and Mail
Published Thursday, Jul. 21, 2016 9:50PM EDT
Last updated Thursday, Jul. 21, 2016 9:50PM EDT

Vancouver mayor against proposed housing tax targeting non-residents - The Globe and Mail

http://static.theglobeandmail.ca/e44...y-tax-0622.JPG
Gregor Robertson speaks during a press conference in Vancouver on June 22, 2016.
(John Lehmann/The Globe and Mail)

A new housing tax proposed this week by West Vancouver’s mayor that targets non-residents would be “discrimination,” says Vancouver Mayor Gregor Robertson.

Mr. Robertson said he doesn’t support a property tax that’s applied based on nationality when the real problem involves how housing is being used.

He also said he prefers the vacancy tax that Vancouver is planning to implement, which will be strictly aimed at people leaving properties empty because they’re holding them as an investment. But, he said, all mayors in the region really want the same thing: to ensure that housing is well used and to limit the flow of speculative global capital.


“Our focus needs to be on regulating the capital and on people holding properties that are empty for business purposes,” he said.

Mr. Robertson said no one tax or city policy is going to bring about the change needed to ensure the region’s housing is not caught up in a speculative bubble.

The issue of some form of taxation on certain property owners has been a hot topic after the mayor asked the B.C. government for the power to impose a vacancy tax, a speculation tax and a luxury tax in the face of rapidly escalating housing prices, which jumped by 30 per cent in the region in a single year. At the same time, the public conversation has been flooded with stories about vacant properties and speculators flipping houses.

The province plans to clear the way for Vancouver’s vacancy tax during a special session of the legislature next week, and B.C. Finance Minister Mike de Jong has signalled he is open to the possibility of allowing similar taxes in other communities.

Since then, West Vancouver Mayor Michael Smith has said he thinks that kind of tax would be difficult to enforce. Instead, he’s asking the province for a non-resident tax that would be applied to anyone not using their house as a principal residence. It would apply to Canadian citizens owning homes as vacation properties or as investments, as well as to any non-citizens owning property. Mayors from North Vancouver, Burnaby, Coquitlam and Surrey have come out in support of that approach.

But Mr. Robertson said a vacancy tax won’t be as complicated as critics think, as long as the province gives the city access to the data it needs. City and provincial staff teams are negotiating now over what kind of data the city will be able to access.

The mayor said it would likely include information on who gets homeowner grants, what rental income is declared on the income-tax forms of property owners, drivers’ licence information and possibly electricity-use information. That would help pinpoint a potentially vacant house.

For example, if a homeowner was not collecting the homeowner grant, or showing any indication of rental income, that would put a house on the list of possibilities to be checked. That won’t work with homes worth more than $1.1-million, because the owners aren’t eligible for the homeowner grant, so other data sets would have to be used.

“The final step on verification and enforcement is still to be determined,” Mr. Robertson said, adding that he’s confident the province will work with the city, because otherwise the tax would be unworkable.

“It would be difficult without access to the province’s data,” he said.

The city had hoped that the government would empower the B.C. Assessment Authority, which calculates the value of all properties in the province, to create a “residential-vacant” category and use provincial information to determine what was likely vacant.

The government declined to do that, saying it would leave it up to the city to create and enforce a new vacant-home tax once new legislation provides that power.

Mr. Robertson said the speculation and luxury taxes are still needed, along with vigorous Canada Revenue Agency action, to catch people trying to flip houses, while avoiding taxes on their profits by claiming they are principal residences.

^

I'm not taking sides, but as many have said already, it's too easy to circumvent the "non-resident" requirement.

Either way, back to the market thing... I think the market is definitely slowing down comparing to earlier of the year.

My family member made an offer on a small unit in Yaletown that I thought was fair everything considered. Seller's realtor laughed at the "lowball" offer and owner rejected it. Only for them to call back a month and half later to see if his offer was still standing and they'd take that offer. :fuckthatshit:

Now I just advise my cousin to truly lowball them as there are so many choices out there right now that fit both his budget and IMO better options. Last thing we heard was the seller fired the original realtor as she was acting against their best interest. :lawl:

We are in a stage of the market that it's back to a more balanced market and if you are looking to sell, don't expect multiple competing offers, but rather look at the true number that you want and you should take the deal as soon as it hits. Of course if you could afford to wait... do that and see if anything changes.

Haha Gregor Robertson. Let's invent a tax scheme which will create a few more pointless government desk jobs all the while appearing to be "doing something" about the situation. What a win win situation for him because fuck those racist Aussies looking out for their own people.

Guess it's hard to be a change agent when the broad he sleeps with got him by the balls. Dude probably wish people would just leave him alone so he can lego some bike lanes.

Timpo was 100% right. My parents were not home owners. None of my family was. And now finally in my mid 20's my gf and I bring in about ~110k gross. But with no downpayment and the housing market to continue infating at a stupid rate, I still think ill be a renter for ever. I can't afford to rent and high prices AND save enough (fast enough) at the same time

curbing capital flows is like peeing against the wind

Oh boy, you guys are definitely going to want to read this. It's a really long piece, but it seems to be really well informed and fact checked.

Mysterious wheeler-dealer at centre of a web of B.C. real estate deals | The Province

this market will not end well - eventually the government will have to act (if they don't, the people will via their vote).

this guy has been doing some really good investigatory journalism for a while now. makes a difference from the regular drivle in the local papers.

him, ian young, and kathy tomlinson are doing some great investigative work

they do some eye opening but fact checked stuff...

support them if you can and buy the papers they write for - they're a dying breed

Says the man who has been preaching doom and imminent collapse for Vancouver real estate for who knows how long now. You, like Garth Turner, are just too predictable.

The funny thing about you is that you are actually supposed to be a "investment" guru. I am wondering how come you have never heard of one of the most basic tenets of investing: a bull market always rides on the back of cynicism.

BREAKING NEWS: BC brings in 15% property tax for foreign buyers
The new tax will take effect on August 2nd and will apply to foreign nationals or foreign-controlled corporations that buy homes in BC. This would mean a $300,000 tax on a home worth $2 million.

http://www.news1130.com/2016/07/25/m...c-legislature/

It's about bloody time Crusty and her Liberals did something to make housing more affordable.

Does Crusty's chances of getting re-elected as Premier in the May election next year improve after the introduction of this tax? :lawl:

will that slow anything down? our dollar is weak compared to USD and will whatever tax they will impose really going to matter to millionaires or corrupt/dirty money you want to launder? i recall hearing to launder money you only get 50% back. throw it in real estate with a tax seems like you're still coming out on top.

at least more tax $ for gov't to spend on bike lanes i guess Kappa

Its a bittersweet feeling, the damage has been done already for us (20's to 30's) but hopefully this can help the next generation a bit. Too little too late

More gov't money for Teachers and Nurses.
Just another fee for the wealthy foreign buyer.
Poor locals can't complain gov't is not doing anything.

:inout: