‘A reality check’: Housing prices continue to drop in Vancouver

“My prediction is we are going to see prices end up at the 2015 and 2016 range, without the infusion of Chinese money and all the speculators, coupled with the [new] speculation tax, empty homes tax and a 20-percent foreign buyer’s tax,” says Vancouver realtor Ian Watt, who provided The Globe and Mail with several recent examples of price drops. “Prices will continue to fall for another 48 months or more, especially for real estate over $2-million.

“It’s the dream home you can now afford,” she says. “Some clients will say, ‘I will wait till it’s even lower.’ But now is the lowest, and I’m talking about Vancouver west side. This is the time to buy. Why wait for 10 years later? You work hard, and a home is everything.” Ms. Yang says many of her clients are investors from China and it’s become difficult to transfer money into Canada because of new Chinese controls on the flight of capital. As well, the province’s new 20-per-cent foreign-buyers tax, among other new taxes, is putting them off.

Ms. Yang cites the new Speculation and Vacancy Tax as a deterrent for her clients, which is 2 per cent for foreign buyers and satellite families. On a $6-million home, she says, that is a lot of money for an investment property. She has clients that are satellite families who are renting out their basements.

The owners sold the house for less than they’d purchased it four years ago and 14 per cent under assessed value.On the west side of the city, at 2149 W. 35th Avenue, in Quilchena, someone bought the character house on a large 66-foot-by-130-foot lot in 2014 for $3.15-million. It was listed several times in 2018, as high as $5.188-million. It finally sold in February this year for $2.88-million – lower than the purchase price five years ago, and $1-million less than the assessed value.

WELL I GUESS THE BC GOVT GOING AFTER 'CHINESE LAUNDERED MONEY IN CANADA HOUSING!!' WITH NO HELP FROM THE 'CASH FOR ACCESS!!''SHADY DEALS!!'COMMUNIST CHINESE STATUE!!''NATIONAL SECURITY THREAT!!''UNETHICAL!''LYING!' TRUDEAU GOVT HAS DONE SOME GOOD

What happened to the rest of the city in this ridiculously distorted rendering? vanpoli vanre asianbuyers

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