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First, your numbers are incorrect: https://beta.theglobeandmail.com/real-estate/bcs-foreign-buyertax-has-some-buyers-looking-for-aloophole/article36520663/?ref=
by raquo 9y ago
First, your numbers are incorrect: https://beta.theglobeandmail.com/real-estate/bcs-foreign-buyertax-has-some-buyers-looking-for-aloophole/article36520663/?ref=http://www.theglobeandmail.com& https://beta.theglobeandmail.com/real-estate/bcs-foreign-buy...
10-14% of buyers SELF REPORTED as foreign, across METRO VANCOUVER, not some fancy neighbourhoods. That's the base minimum possible percentage of foreign buyers.
Then the 15% tax was introduced and dropped foreign purchases down to to 3-4%. Do you really think the ~8% stopped buying? No, they just used one of the trivially available loopholes like sending in their astronaut family or buying through a trust company. And many buyers were doing that even before the tax was introduced.
- refurb 9y agoSo if they are using loopholes to continue to buy, why are housing prices dropping? Maybe because foreign buyers don't have that much of an impact on the market?
- raquo 9y agohttp://www.chpc.biz/uploads/9/7/9/5/9795010/chart-canada_10_orig.jpg http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-canada_10_... I would love a portal to that universe in which Vancouver housing prices are dropping. There was a short drop due to uncertainty around the tax and the elections / new government, but it is over, and it was tiny compared to insane price increases that immediately preceded it. I don't know why you keep saying things that aren't true and yet can be checked online in under a minute.
- refurb 9y agoYou agree that prices dropped and yet claim I said something incorrect? Sounds like we agree.
- raquo 9y agoOh please, no one can genuinely fail reading comprehension that hard. I've shown very clearly that a temp drop in prices does not support your narrative. And that the prices are now back to an all time high. You can stop pretending that you opinion is based on facts now, not fooling anyone.