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11-02-2015, 08:36 AM
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#4151 | | I contribute to threads in the offtopic forum
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Originally Posted by Hondaracer  If you're selling in under a week at asking, you/your realtor probably undervalued your home IMO.
It's not greed to get what the market is paying. | if that's directed at my comment, what i wanted for it != asking price. we got > than asking, and >> than assessed.
What i wanted was more than what most people thought we'd get for it, i was told "you could get lucky" - we had great places as comps, so i knew exactly where it priced, but figured someone would want to pay that little extra for what this house had, I was right.
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11-02-2015, 08:43 AM
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#4152 | | I have named my kids VIC and VLS
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Was speaking more just in general, detached single families are a little tougher to gauge because someone could walk in and fall in love with the place instantly, where as in condos/townhouses you typically know what you're getting and it's a dime a dozen
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11-02-2015, 08:43 AM
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#4153 | | WOAH! i think Vtec just kicked in!
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| Vancouver real estate is a Mainland Chinese buyers' market, study says Groundbreaking study shows 70 per cent of detached homes sold in a six-month period on Vancouver's west side went to Mainland Chinese buyers; many of them housewives or students with little income Quote:
The dominant influence of Chinese investors in Vancouver has finally been proven with comprehensive data.
In a recent six-month period about 70 per cent of all detached homes sold on Vancouver’s west side were purchased by Mainland China buyers, an academic case study shows.
Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income.
And 18 per cent of the 172 homes purchased were not mortgaged by banks. That means roughly $100 million in questionable cash was poured into Vancouver’s west side from August 2014 to February 2015, much of it from China. Total value of all homes sold in the study period was $525 million.
David Eby, the NDP MLA for Vancouver-Point Grey, told The Province he helped city planner and researcher Andy Yan undertake the B.C. land-title study because many of his Vancouver west side constituents have complained about hollowed-out neighbourhoods, absentee investors, property flipping, and suspicions of money laundering and unfair tax avoidance.
Eby said the study fills a data gap in Vancouver and “bears out the anecdotal feelings that people have about Mainland China buyers.”
“We’re still at the point where we won’t even admit we have an issue, while other jurisdictions have studied this or taken action,” Eby said. “It’s my hope this data shows that this money has a profound influence.”
Canada does not collect data on foreign ownership, and the citizenship of buyers in Yan’s study is not clear. But Yan established that 66 per cent of all buyers had “non-anglicized” Mainland China names.
Ethnic Chinese comprised 73 per cent of all buyers. Five per cent of buyers were corporations, but the people behind the investment vehicles were not identified. Of 32 homes sold for more than $4 million, 94 per cent of owners were ethnic Chinese and the rest were corporations.
The study also showed that five of eight homes owned by “students” were bought outright with cash at an average value of $3.2 million.
Tax experts have raised concerns that offshore investors are exploiting tax code loopholes to evade GST and capital gains. Housewives and students with little or no declared income can live briefly in Vancouver and flip properties tax-free, reports say, while claiming a home is a primary residence. In some of these so-called “astronaut” family arrangements, the real homebuyer lives and works in China while flowing money through relatives into Vancouver in order to store wealth.
Also, recent academic studies have shown that about 30 per cent of households in some of Vancouver’s wealthiest west side neighbourhoods, where Chinese migrant buyers are dominant, declare meagre incomes much below their annual housing costs.
Ownership Patterns of Single Family Homes Sales on the West Side Neighborhoods of the City of Vancouver: A Case Study from ayan604
Eby said Yan’s findings mean the provincial government must look at the tax implications of “astronaut” families and investment from China, and answer some tough questions.
“When you see all the homemakers and students on the titles buying $3-million homes with mortgages, it really supports the idea that money from somewhere else is coming in,” Eby said.
“The questions that come up for me are: China is an authoritarian state that has lots of issues with corruption. Is the money coming into Vancouver the kind we want to be encouraging? And are we doing everything we can to make sure we leverage this investment to benefit British Columbians as much as possible? Or is this just benefiting the super-car dealerships on Burrard Street?”
In an interview, Yan said he was surprised that housewife is the prime occupation of Vancouver west side home buyers, with 52 homemakers out of a total 228 individual buyers in the study. “Business person” was the next highest occupation, at 42.
Yan noted the majority of the homes were mortgaged through Canadian banks. This suggests the banks offer services to facilitate investment from high-net-worth investors who face strict rules against transferring more than $50,000 per year from China. The study did not look at details of financing arrangements and how foreign exchange transfers were made.
Yan said his findings show major migration forces are at work, and real estate in Metro Vancouver is now a global commodity.
“I think the bigger question to be studied is what happens when the driver for your residential market is wealth, not wages? That is a major public policy issue.”
Yan’s findings add weight to a report this summer from Macdonald Realty Ltd. that said Mainland China cash accounted for 70 per cent of the company’s sales of homes worth $3 million or more in Vancouver’s west side, east side, and downtown core.
A recent Royal LePage report said patterns of offshore investment seen across Vancouver are accelerating in Richmond, Burnaby and Surrey.
This year, facing calls from the city of Vancouver to limit property speculation, Premier Christy Clark’s government said there’s no data to support “the perception” that foreign speculators are driving Metro Vancouver’s market out of reach for locals.
Clark relied on a report from the B.C. Real Estate Association that claimed foreign cash accounts for less than five per cent of Greater Vancouver home sales.
| Vancouver real estate is a Mainland Chinese buyers' market, study says
I've been saying this all along. Too many deniers like garth turner and Real estate boards/ developers. saying Foreign buyers don't have any influence.
Who else can afford paying millions of dollars for detached homes?
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11-02-2015, 08:50 AM
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#4154 | | OMGWTFBBQ is a common word I say everyday
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^ lol i think everyone knew that to begin with.
Doubt anything will be done much about it though
study will probably be brushed aside or outright ignored by Crusty and co.
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11-02-2015, 09:03 AM
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#4155 | | WOAH! i think Vtec just kicked in!
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Originally Posted by 6o4__boi ^ lol i think everyone knew that to begin with.
Doubt anything will be done much about it though
study will probably be brushed aside or outright ignored by Crusty and co. | if you go back on this forum a year or two back. there were many that said foreign buyers had no affect on housing prices. Hell, even news articles were trying deny it.
The asians knew all along. I find a lot of white people don't know about it. They just think it's only low interest rates, easy lending etc. You'd be surprised how many people I meet that are ignorant of how mainland buyers affect the market, or why they even want to move their money here etc.
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11-02-2015, 09:11 AM
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#4156 | | I contribute to threads in the offtopic forum
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Originally Posted by iEatClams if you go back on this forum a year or two back. there were many that said foreign buyers had no affect on housing prices. Hell, even news articles were trying deny it.
The asians knew all along. I find a lot of white people don't know about it. They just think it's only low interest rates, easy lending etc. You'd be surprised how many people I meet that are ignorant of how mainland buyers affect the market, or why they even want to move their money here etc. | to play devil's advocate, this is a study of Vancouver's West side, one neighborhood of the greater Vancouver market (though it would just push locals from west to east, or north, or wherever.
Is this not the same study that said it was Chinese people with mortgages? Bank mortgages, not bags of cash, behind mainland Chinese home buys: study
same day, similar data, different article... either way, it's a mix of everything, there is a cash buyer influence, there is a cheap debt effect, there is a hysteria effect. all i know is, you have to be crazy to buy into this shit (real estate) at these valuations
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11-02-2015, 09:34 AM
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#4157 | | WOAH! i think Vtec just kicked in!
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Originally Posted by 4444 to play devil's advocate, this is a study of Vancouver's West side, one neighborhood of the greater Vancouver market (though it would just push locals from west to east, or north, or wherever.
Is this not the same study that said it was Chinese people with mortgages? Bank mortgages, not bags of cash, behind mainland Chinese home buys: study
same day, similar data, different article... either way, it's a mix of everything, there is a cash buyer influence, there is a cheap debt effect, there is a hysteria effect. all i know is, you have to be crazy to buy into this shit (real estate) at these valuations |
fundamentally, yes the prices/valuations are crazy insane. but supply and demand and one can argue that prices are where they are because there is a lot of demand for them and not enough supply. The valuations may not be crazy for the foreigners. Will there be a decreased demand from foreign buyers? I don't see that happening. I think we will continue to see chinese buyers buying in Canada in the years to come. Even if they implement restrictions or enforce a tax, it still wont stop them (they still continue to buy in Australia, singapore, London etc).
I can see a decrease in RE prices happening if the canadian dollar goes back up to par again which will decrease the purchasing power for some of the foreigners.
Foreign buyers, easy lending, low rates, speculators. I think if you remove/reduce foreign buyers there will be a lot less speculators though. (same can be said about easy lending and low rates but not to the same degree).
Here's an article mentioning how banks are increasing mortgage limits for the foreign buyers to cash in on the wave.
Royal Bank scraps size limit on newcomer mortgages to keep up with Chinese demand: Royal Bank scraps size limit on newcomer mortgages to keep up with Chinese demand - Business - CBC News | |
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11-02-2015, 10:13 AM
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#4158 | | I don't get it
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Originally Posted by Hondaracer If you're selling in under a week at asking, you/your realtor probably undervalued your home IMO.
It's not greed to get what the market is paying. | Yes and no. If the market was willing to pay more, I would have received the offers that reflected that. A unit similar to mine in the same building sold for $12k over asking a week prior. It was 70sq/ft larger, and had a couple features mine didn't have. I think I got relatively close to what the market reflects. Many others in my price range have sat for awhile (2 - 4 months). The reason mine sold is that it's a desirable unit with a nice layout, in a great location.
A dime a dozen condo seems to sit for an average of 60 - 120 days unless it's a true bargain.
Detached homes and condos cannot be compared in this market.
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11-02-2015, 10:24 AM
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#4159 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by iEatClams Vancouver real estate is a Mainland Chinese buyers' market, study says Groundbreaking study shows 70 per cent of detached homes sold in a six-month period on Vancouver's west side went to Mainland Chinese buyers; many of them housewives or students with little income Vancouver real estate is a Mainland Chinese buyers' market, study says
I've been saying this all along. Too many deniers like garth turner and Real estate boards/ developers. saying Foreign buyers don't have any influence.
Who else can afford paying millions of dollars for detached homes? | Is Captain Obvious or Timpo working on that market study??
This is old news. -hardly groundbreaking. 
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11-02-2015, 10:51 AM
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#4160 | | What hasn't Killed me, has made me more tolerant of RS!
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Originally Posted by 4444 to play devil's advocate, this is a study of Vancouver's West side, one neighborhood of the greater Vancouver market (though it would just push locals from west to east, or north, or wherever.
Is this not the same study that said it was Chinese people with mortgages? Bank mortgages, not bags of cash, behind mainland Chinese home buys: study
same day, similar data, different article... either way, it's a mix of everything, there is a cash buyer influence, there is a cheap debt effect, there is a hysteria effect. all i know is, you have to be crazy to buy into this shit (real estate) at these valuations | They can't bring in that much cash without someone getting suspicious. Thus they get a mortgage and bring in their cash gradually. Don't be fooled by the fact they are taking out mortgages. Money laundering is not something you want to rush.
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11-02-2015, 12:33 PM
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#4161 | | RS Veteran
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I'm wondering what effect Chinese buyers are having on Vancouver Island. There are rumours and the odd media story about them buying in Victoria and Nanaimo.
My sister is moving back from Edmonton to Victoria and put an offer on this house below. Has a suite but just 3 bed 2 bath total so you are living in a 2 bedroom. All buyers were getting inspections done prior to making an offer.
The sellers were not viewing offers until Sunday. There were 13 offers and it was sold way over asking. Very hot market in Victoria. Partly driven by buyers not wanting to deal with the commute from Langford. 1879 Townley St MLS®-357571 for Sale | RE/MAX | |
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11-02-2015, 12:42 PM
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#4162 | | I contribute to threads in the offtopic forum
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can anyone link me to a study conducted on an gov't artificially controlling the price of real estate? can be any country/city etc
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11-02-2015, 12:51 PM
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#4163 | | Orgasm Donor & Alatar owned my ass twice!
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Originally Posted by TouringTeg I'm wondering what effect Chinese buyers are having on Vancouver Island. There are rumours and the odd media story about them buying in Victoria and Nanaimo.
My sister is moving back from Edmonton to Victoria and put an offer on this house below. Has a suite but just 3 bed 2 bath total so you are living in a 2 bedroom. All buyers were getting inspections done prior to making an offer.
The sellers were not viewing offers until Sunday. There were 13 offers and it was sold way over asking. Very hot market in Victoria. Partly driven by buyers not wanting to deal with the commute from Langford. 1879 Townley St MLS®-357571 for Sale | RE/MAX | A bit surprised to see that Chinese buyers are dipping into RE on the island as well. There is no Richmond nor major Chinese malls there. If they don't speak very much English, it makes me wonder how they are gonna survive there.
(Or, maybe they are just planning to turn Esquimalt into the next Aberdeen Center?  )
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11-02-2015, 01:26 PM
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#4164 | | Willing to sell body for a few minutes on RS
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Originally Posted by TouringTeg I'm wondering what effect Chinese buyers are having on Vancouver Island. There are rumours and the odd media story about them buying in Victoria and Nanaimo.
My sister is moving back from Edmonton to Victoria and put an offer on this house below. Has a suite but just 3 bed 2 bath total so you are living in a 2 bedroom. All buyers were getting inspections done prior to making an offer.
The sellers were not viewing offers until Sunday. There were 13 offers and it was sold way over asking. Very hot market in Victoria. Partly driven by buyers not wanting to deal with the commute from Langford. 1879 Townley St MLS®-357571 for Sale | RE/MAX | Greater Victoria seemed to hit a bit of a flat spot around 2012-2014 but seems like it's trickling up again, but I don't know if it's "hot" again.
That house your sister put an offer on is in a very desirable area, it's practically Oak Bay, barely a kilometer from the beach, of course it's going to have a massive premium over something a km or two northwest in Saanich.
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11-02-2015, 01:35 PM
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#4165 | | Willing to sell body for a few minutes on RS
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Originally Posted by Traum A bit surprised to see that Chinese buyers are dipping into RE on the island as well. | They've been here for a while. I know specifically of a few beach drive teardowns - replaced with big mansions projects, owned by non-resident Chinese.
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11-02-2015, 01:38 PM
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#4166 | | OMGWTFBBQ is a common word I say everyday
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Victoria is the most British city in North America. Professionals who grew up in Point Grey and Kits who don't want to move to a bohemian neighbourhood such as Strathcona or the Drive would probably find Victoria quite appealing. Perhaps they owned a condo and are cashing out to buy detached on the island? If you're a lawyer in Van, you can be a lawyer on the island.
I could even see myself living on the island. Better climate, slower pace of life, but close enough to Vancouver if you want the big city experience for a few days or need to fly internationally. Plus there's a decent selection of old Bimmers on the island that are always up for sale.
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11-02-2015, 02:19 PM
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#4167 | | Willing to sell body for a few minutes on RS
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It's kind of funny, because I have met SO many former Brits, Ontarians and Albertans that have moved here, but I can count on one hand the number of people I've met who have made the move from Vancouver to Victoria.
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11-02-2015, 02:54 PM
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#4168 | | Rs has made me the man i am today!
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Originally Posted by Great68 It's kind of funny, because I have met SO many former Brits, Ontarians and Albertans that have moved here, but I can count on one hand the number of people I've met who have made the move from Vancouver to Victoria. | I moved to Victoria from Vancouver about 6 years ago for work and loved it there. Nicer weather, nicer people, lower cost of living, great roads within 10 mins from my house. Only moved back b/c my wife lives in Vancouver and we knew we wanted to be near our retired parents.
Between the pay cut to come home and the change in cost of living I basically cut my standard of living in half.
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11-02-2015, 06:48 PM
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#4170 | | WOAH! i think Vtec just kicked in!
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^ I don't know how Clark and Robertson can even defend this? Like why make it a race thing at all? It's easy, we have the data, let's put some sort of restrictions or tax on it.
The city still gets the investment money / property tax revenue and the developers still get to build new homes/condos. The local citizens will benefit from tax revenues and city services that will hopefully be used to upgrade roads/infrastructure or community services.
Only losers really are foreign buyers who will have to pay a bit more in terms of taxes - but whats a a bit more when you are already shelling out $2-4 million dollars? It hasn't deterred them in other jurisdictions around the world.
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11-02-2015, 06:50 PM
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#4171 | | RS Veteran
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Just spoke to our realtor who said it was listed at $639,900 and sold for $751,000 no subjects.  | |
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11-02-2015, 06:51 PM
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#4172 | | I Will not Admit my Addiction to RS
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oh my gawd the market is so damn hot right now. but so little supply. and believe me its about to pick up even more. hold on to your houses people
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11-02-2015, 06:59 PM
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#4173 | | RS Veteran
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^ Not sure if srs but there is definitely less supply in desirable neighbourhoods.
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11-02-2015, 08:05 PM
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#4174 | | To me, there is the Internet and there is RS
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Originally Posted by TouringTeg I'm wondering what effect Chinese buyers are having on Vancouver Island. There are rumours and the odd media story about them buying in Victoria and Nanaimo.
My sister is moving back from Edmonton to Victoria and put an offer on this house below. Has a suite but just 3 bed 2 bath total so you are living in a 2 bedroom. All buyers were getting inspections done prior to making an offer.
The sellers were not viewing offers until Sunday. There were 13 offers and it was sold way over asking. Very hot market in Victoria. Partly driven by buyers not wanting to deal with the commute from Langford. 1879 Townley St MLS®-357571 for Sale | RE/MAX | We are seeing more Chinese coming to Nanaimo. The last 2 gas stations that have sold were bought by Asian investors. They are also buying houses.
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11-02-2015, 08:41 PM
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#4175 | | Proud to be called a RS Regular!
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I'm just wondering how this "study" differentiates between Mainland Chinese and CBCs/Hongers/Taiwanese? Or is everyone with a Chinese sounding last name just lumped into the Yellow category?
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