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Originally Posted by !LittleDragon
Wasn't the rate cut in January? Would that not have brought higher prices since January?
I'm still not convinced on foreign money. Like I said above, I drive by a lot of properties that have been on the market for months. I've even seen a few up in Edgemont that've been on the market for at least a year. If foreigners are just parking their money, these would've been picked up in no time.
If these foreigners were actual investors, then they'd understand the concept of buy low sell high. Which is why places like LA and Florida are attracting the attention of foreign investors at the moment.
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i just used january as a base, i could have said september, as prices have been going up since sept 2014. . .. well technically 2008
Investing is not their main priority. They want to move their money outside of China. And most of these people are no longer "foreigners". Many have become permanent residences in the last few years. But the source of the money is still not from Canada.
The government doesn't want to collect the data, but from people in real estate from land titles offices, landcor, bc assessment, colliers etc, realtors, developers you would see that a lot of the buyers are not local.
I honestly don't understand how people can say it's not foreign money. Almost everyone I know says foreign money plays a huge role. It's a trickle down effect.
I'm not even saying it's a bad thing, as I think it's a good thing. I just want restrictions so it doesn't get out of hand or taxes so that we can capitalize on it better.