Vancouver's Real Estate Market

[Ferra]

tons of money are flowing into Canada tax-free because the money maker is supposedly "non-resident"...

Why not just start taxing the inflow of money regardless of residency.
Now you can't have a father send $3,000,000 to his son in Vancouver to buy a house without paying half of it in tax.

No more family buying $3million property with a $20K income and paying pennies in taxes. (I recall Richmond's median income being something like $24K, which is absolutely a joke considering the housing cost and living expense)

[carisear]

you do know, that the goods that kid buys with his $3mil gets taxed right?

Keep the flow of money coming in. it helps us all.

Just like if you worked in Canada, and sent $1000 to your family in Haiti. why would you expect that money gets taxed? you already got taxed in your home country.

[Ferra]

Originally Posted by carisear

you do know, that the goods that kid buys with his $3mil gets taxed right?

Keep the flow of money coming in. it helps us all.

Just like if you worked in Canada, and sent $1000 to your family in Haiti. why would you expect that money gets taxed? you already got taxed in your home country.

I understand this will be unfair to some...
But at the same time, I felt that a lot of people are taking advantage of the system by paying little in tax, yet reaping in tons of benefits from our society.
Education, health care, security, and a beautiful environment...these things aren't free. People here works and contribute a significant amount of their earning to support the this society. (20-40%+)

Yet, you see so many families here pay $0 income tax, receive UCC benefits, free education, free health care...
They are also buying up scared resources (housing) they have no use for, but for speculation purpose.
(To me it is like ticket scalper buying up all the tickets because they believe it will increase in value and they can resell them for profit. Now people who truly want to see the show can't find tickets and prices skyrocketed because there are so few tickets available in the market)

FYI, all our "after-tax" income get taxed again when we buy goods too.

[will068]

Originally Posted by carisear

you do know, that the goods that kid buys with his $3mil gets taxed right?

Keep the flow of money coming in. it helps us all.

Do the benefits outweigh the negative outcomes though ?

E.g. Lax foreign residential ownership and immigration rules
- you get more tax revenue
- housing affordability dwindles

What I hate about the tax revenue argument is that all levels of Government should be have tighter fiscal policies and not waste tax revenue. Thus, they don't go money hungry when there is a new potential source of tax revenue that could destroy the way of life of the future residences (e.g. Lax foreign residential ownership -> more residential tax revenue).

You want to attract talent and money ? Why not lower corporate taxes for multinationals and dwindle down the payroll tax the majority of the middle class have more money in their pockets (I would prioritize lowering the payroll tax first of course). With more money in the pockets of the middle class, they have a propensity to spend/consume.

This is the intention of having foreign money coming our way. As in, a trade surplus, not investing in our residential real estate. Only place where I can think of that could benefit foreign residential ownership is Detroit proper.

[IGTBAR]

.

[68style]

You think those people in China paid tax on that income Carisear???? Not a chance.

Can't compete against people who don't play by the rules when you play by the rules... No referee around to throw the offending party in the penalty box in this situation.

[kr4l]

Originally Posted by 68style

Hahaha you think those people in China paid tax on that income Carisear???? Not a chance.

Can't compete against people who don't play by the rules when you play by the rules... No referee around to throw the offending party in the penalty box in this situation.

But he is right when he says keep the flow of money coming in. as a business owner, I see mainland Chinese spend lots of money which helps everyone in the end.

If you don't think so, next time you go eat, tell me the ratio of Asian to everyone else.

Also all this talk about tax. It's not going to make the house price go down. If you can't afford a house now, taxing vacant houses etc etc isn't going to change a thing.

[Alpine]

Originally Posted by soymilk

Prices for Navio at The Creek. Looking at $1000-1050 sq/ft.

That 2 Bed Plan C is incongruent with all of the other price points... i wonder what the catch is...

[murd0c]

Ive been looking in the trip-cities for a place but with this market I decided to say fuck it and bought a house in Mission. I'm beyond impressed with the pricing out there and what I could get for under 500k

[MarkyMark]

Originally Posted by murd0c

Ive been looking in the trip-cities for a place but with this market I decided to say fuck it and bought a house in Mission. I'm beyond impressed with the pricing out there and what I could get for under 500k

How's the commute?

[Mr.C]

Originally Posted by kr4l

But he is right when he says keep the flow of money coming in. as a business owner, I see mainland Chinese spend lots of money which helps everyone in the end.

If you don't think so, next time you go eat, tell me the ratio of Asian to everyone else.

Also all this talk about tax. It's not going to make the house price go down. If you can't afford a house now, taxing vacant houses etc etc isn't going to change a thing.

Speaking as a business owner too, I'd rather have a lot of middle-upper class residents vs a few ultra-rich.

[elite_baller46]

Originally Posted by murd0c

Ive been looking in the trip-cities for a place but with this market I decided to say fuck it and bought a house in Mission. I'm beyond impressed with the pricing out there and what I could get for under 500k

buy a house for me homie. call me and i'll bring my hoes party

[murd0c]

Originally Posted by MarkyMark

How's the commute?

just bought it yesterday but I work in poco so I will find out Sep1 when I take possession

[yray]

Originally Posted by kr4l

But he is right when he says keep the flow of money coming in. as a business owner, I see mainland Chinese spend lots of money which helps everyone in the end.

If you don't think so, next time you go eat, tell me the ratio of Asian to everyone else.

Also all this talk about tax. It's not going to make the house price go down. If you can't afford a house now, taxing vacant houses etc etc isn't going to change a thing.

Just put a lien on condos that are suspect airbnb


kill two birds with one stone

[threezero]

Mildly related to the thread?

Mainlander fugitive that defaulted on a 10million dollar (in cad) loan from Chinese bank buying up luxury properties in BC
Chinese bank claims fugitive bought luxury B.C. real estate - British Columbia - CBC News

Tldr: guy borrows 10mil from Chinese bank using his company. Withdraws all the money and immediately brought 8mill worth of housing in BC

[Tapioca]

Originally Posted by IGTBAR

Here's a question - considering how crazy the market is, would any of you sell a 1 bedroom condo in Burnaby now, and eat the approx $8k cost of early mortgage repayment penalty? Or wait it out?

What's wrong with keeping it as a rental property? If you bought it a few years ago, chances are with the current rental market, you'll be able to keep it cash flow positive for a while. Most of the buildings in Brentwood are coming up to the 10 year mark now, so there shouldn't be too many issues for the next 5-10 years. The 20 year mark is when the big things come up, such as new windows, new elevators, etc.

If I recall, you and your husband are high income earners. What's wrong with a bit of exposure to real estate in your portfolio?

[Timpo]

Originally Posted by Ferra

tons of money are flowing into Canada tax-free because the money maker is supposedly "non-resident"...

Why not just start taxing the inflow of money regardless of residency.
Now you can't have a father send $3,000,000 to his son in Vancouver to buy a house without paying half of it in tax.

No more family buying $3million property with a $20K income and paying pennies in taxes. (I recall Richmond's median income being something like $24K, which is absolutely a joke considering the housing cost and living expense)

I'm not an economics professional, but if someone is purchasing something in Canada, isn't it kinda good for Canadian economy in a way?

Essentially, they're bringing in Chinese money into Canada.

A lot of people complain when Canadian money goes overseas and lose their business...very typical for online shopping.

[Timpo]

Chinese bank claims fugitive bought luxury B.C. real estate
B.C. Supreme Court order freezes Shibiao Yan's assets while bank tries to get back $10 million loan
By Jason Proctor, CBC News Posted: Jun 27, 2016 4:24 PM PT Last Updated: Jun 27, 2016 4:24 PM PT

Chinese bank claims fugitive bought luxury B.C. real estate - British Columbia - CBC News


This $3.5 million home in Surrey B.C. is one of four Lower Mainland homes a Chinese bank claims are owned by a fugitive who defaulted on a $10 million loan. (Homelife Benchmark Realty Corp.)

A major Chinese bank has obtained a court order in B.C. freezing the assets of a businessman accused of fleeing China and buying "luxury" Lower Mainland homes after defaulting on a $10 million loan.

In an application brought before a B.C. Supreme Court judge last week, lawyers for China CITIC Bank claim Shibiao Yan and his wife bought more than $8 million worth of properties in Surrey and Vancouver over a three-month period beginning in June 2014.

'Global significance for China'

The court documents claim Yan, who was president of the Tanyuan Wood Company in Shijiazhuang, China, withdrew RMB 50 million from a line of credit he obtained on behalf of his company.

The bank claims the 56-year-old provided a personal guarantee for the money.

The loan came due last summer. But the bank claims Yan and his family had already fled to the Vancouver area.

Yan could not be reached for comment. He was not represented at the ex parte hearing and none of the allegations against him have been proven in court.

The lawyer who represents the bank, Christine Duhaime, would not comment on the proceedings, but tweeted that the case was of "global significance for China".

Woo-hoo! Just won major litigation application in the Supreme Court of global significance for China! ‼️🍾 So proud of our Duhaime Law team.

— @cduhaime
The court case comes amid ongoing speculation about the role of offshore money and cash from wealthy Chinese investors in particular, in driving the out-of-control Lower Mainland real estate market.

Last year, Canada's anti-money laundering watchdog FINTRAC claimed to have stepped up enforcement activities in Vancouver's real estate market. A report prepared for the agency suggested the real estate sector was at "significant risk" for money laundering.

At the time, a representative of a company that works with foreign governments and banks to recover funds told CBC that he had been hired by a number of Chinese banks to track down money in B.C.

Yan is not accused of any criminal wrongdoing.

Houses in Surrey, Vancouver

Last week, Justice Gregory Bowden issued a temporary Mareva injunction against Yan, freezing his assets as the bank tries to make good on an arbitration ruling it claims to have obtained in March, ordering Yan to pay RMB 50 million plus RMB 2 million interest.

That amount works out to a little more than $10 million Cdn.

According to the court documents, Yan incorporated a company in B.C. called TYMY Investments in March 2014, and his 36-year-old wife paid $2.5 million for a house in Vancouver a month later.

The bank claims Yan applied for the loan in June 2014, but did not reveal that he had a residence or any interests outside of China. He was allegedly given a line of credit in June 2014 and withdrew the entire amount within days.

The documents claim Yan bought three homes in Surrey in the next three months, one worth $1 million, one worth $3.1 million and one worth $2.3 million.

An affidavit sworn by the bank's vice-president says the loan became due in June 2015, but Yan could not be found; he is now believed to be living in British Columbia with his wife and daughter.

As part of the court proceedings, the bank filed pictures of three homes in Surrey allegedly bought in Yan's name, and one bought in the name of his 36-year-old wife.

One of the affidavits says a London-based investigation firm provided the bank with documents it retrieved from "the periphery" of the Vancouver home including a destroyed MasterCard in Yan's name, several torn banking letters and an undated note in Mandarin with characters identical to those in the loan agreement.

[IGTBAR]

.

[heleu]

Tear-down up for auction: 'Unlivable' Burnaby home for sale to highest bidder | CTV Vancouver News

I wonder how this will go? I bet it's going to be crazy.

[Tapioca]

Originally Posted by IGTBAR

It's a tough call - the thing is, it would be good to have a bigger downpayment for our next move, which, btw we have not figured out at all yet.

Many people have said over the years that when it comes to your primary residence, don't try to time the market. Buy what you can reasonably afford according to your needs.

It sounds like you're trying to time the sale of your investment property so you can get the maximum return for your future primary residence. The way I see it is to first decide where and what you want to buy as your primary residence. When you find the right home, if you need to sell your investment property to increase your down payment, 10-20K isn't going to mean much in the grand scheme of things. You'll just have to put off doing a kitchen reno or something.

[IGTBAR]

Originally Posted by Tapioca

Many people have said over the years that when it comes to your primary residence, don't try to time the market. Buy what you can reasonably afford according to your needs.

It sounds like you're trying to time the sale of your investment property so you can get the maximum return for your future primary residence. The way I see it is to first decide where and what you want to buy as your primary residence. When you find the right home, if you need to sell your investment property to increase your down payment, 10-20K isn't going to mean much in the grand scheme of things. You'll just have to put off doing a kitchen reno or something.

Well, when you put it that way

[Harvey Specter]

Didn't think I would see this day come but tear downs in the Fraserview area of Vancouver are now selling for $2.3+ million so new homese in that area will be going for $3.5+ and inching close to $4 million in the months and years to come. Unreal.

[quasi]

Originally Posted by Timpo

Chinese bank claims fugitive bought luxury B.C. real estate
B.C. Supreme Court order freezes Shibiao Yan's assets while bank tries to get back $10 million loan
By Jason Proctor, CBC News Posted: Jun 27, 2016 4:24 PM PT Last Updated: Jun 27, 2016 4:24 PM PT

Chinese bank claims fugitive bought luxury B.C. real estate - British Columbia - CBC News


This $3.5 million home in Surrey B.C. is one of four Lower Mainland homes a Chinese bank claims are owned by a fugitive who defaulted on a $10 million loan. (Homelife Benchmark Realty Corp.)

A major Chinese bank has obtained a court order in B.C. freezing the assets of a businessman accused of fleeing China and buying "luxury" Lower Mainland homes after defaulting on a $10 million loan.

In an application brought before a B.C. Supreme Court judge last week, lawyers for China CITIC Bank claim Shibiao Yan and his wife bought more than $8 million worth of properties in Surrey and Vancouver over a three-month period beginning in June 2014.

'Global significance for China'

The court documents claim Yan, who was president of the Tanyuan Wood Company in Shijiazhuang, China, withdrew RMB 50 million from a line of credit he obtained on behalf of his company.

The bank claims the 56-year-old provided a personal guarantee for the money.

The loan came due last summer. But the bank claims Yan and his family had already fled to the Vancouver area.

Yan could not be reached for comment. He was not represented at the ex parte hearing and none of the allegations against him have been proven in court.

The lawyer who represents the bank, Christine Duhaime, would not comment on the proceedings, but tweeted that the case was of "global significance for China".

Woo-hoo! Just won major litigation application in the Supreme Court of global significance for China! ‼️🍾 So proud of our Duhaime Law team.

— @cduhaime
The court case comes amid ongoing speculation about the role of offshore money and cash from wealthy Chinese investors in particular, in driving the out-of-control Lower Mainland real estate market.

Last year, Canada's anti-money laundering watchdog FINTRAC claimed to have stepped up enforcement activities in Vancouver's real estate market. A report prepared for the agency suggested the real estate sector was at "significant risk" for money laundering.

At the time, a representative of a company that works with foreign governments and banks to recover funds told CBC that he had been hired by a number of Chinese banks to track down money in B.C.

Yan is not accused of any criminal wrongdoing.

Houses in Surrey, Vancouver

Last week, Justice Gregory Bowden issued a temporary Mareva injunction against Yan, freezing his assets as the bank tries to make good on an arbitration ruling it claims to have obtained in March, ordering Yan to pay RMB 50 million plus RMB 2 million interest.

That amount works out to a little more than $10 million Cdn.

According to the court documents, Yan incorporated a company in B.C. called TYMY Investments in March 2014, and his 36-year-old wife paid $2.5 million for a house in Vancouver a month later.

The bank claims Yan applied for the loan in June 2014, but did not reveal that he had a residence or any interests outside of China. He was allegedly given a line of credit in June 2014 and withdrew the entire amount within days.

The documents claim Yan bought three homes in Surrey in the next three months, one worth $1 million, one worth $3.1 million and one worth $2.3 million.

An affidavit sworn by the bank's vice-president says the loan became due in June 2015, but Yan could not be found; he is now believed to be living in British Columbia with his wife and daughter.

As part of the court proceedings, the bank filed pictures of three homes in Surrey allegedly bought in Yan's name, and one bought in the name of his 36-year-old wife.

One of the affidavits says a London-based investigation firm provided the bank with documents it retrieved from "the periphery" of the Vancouver home including a destroyed MasterCard in Yan's name, several torn banking letters and an undated note in Mandarin with characters identical to those in the loan agreement.

Sad part is even if he has to pay it back he'll be ahead with the gains he would have seen in the market. He should just sell everything, give them there money and move on.

[Gululu]

kind of related (housing/reno) question:


I Need to buy screen frames with opening for push out windows. Need 30+ of these rectangular hinged openings. Anyone know where to get them. not a contractor.



thought i would post here because of the traffic. Thanks.