bravo festival condos floor plan.Chinese buyers are hot in the Canadian property market. The government of British Columbia hopes the tax policy on foreign buyers will cool the property market. As a result, Greater Vancouver became the first area in Canada to regulate house prices.Please Visit: bravo festival condos floor plan to Get Your VVIP Registration Today!
On October 3, the Ministry of Finance of the Canadian Federal Government announced that overseas buyers would no longer enjoy the previous preferential policy of “capital gains tax exemption from home ownership”, which came into effect from the date of the announcement. At the same time, the relevant institutions will also conduct stress tests on loan interest rates on borrowers whose down payments do not meet the normal loan standards.
When she first started looking at houses in Vancouver in May 2015, Sun Meizhen’s budget was more than C $100,000. Six months later, she finally “snatched” a satisfactory house, which cost 1.2 million Canadian dollars.
She laughs that she is “the most ordinary kind of new immigrant”: she arrived in Edmonton, Alberta in 2013 as a skilled immigrant. She moved here because of Vancouver’s good climate, many Chinese and convenient life, so she moved here and became an engineer in a company.
At first, she thought simply: as soon as she gained a foothold and didn’t want to put too much pressure on herself, she spent more than C $100,000 to buy a small apartment to make do with it, but she soon discovered that the cheapest room and living room in Vancouver cost more than C $300,000 at that time.
As a stranger in Vancouver, Sun Meizhen spent a lot of time looking at and choosing houses. As the days went by, as house prices soared, she had to raise her budget again and again. In July and August, when she decided to buy a small single-family building in one step, her plan once again failed to catch up with the change.
Sun Meizhen took a fancy to a house with an asking price of C $1 million, and several buyers were competing at the same time. She offered C $1.16 million and was finally bought by another buyer for C $1.3 million.
In the months that followed, she took a fancy to six or seven houses, all of which offer like this, all of which ended in failure. She had the impression that every time she went to see a house, “there were so many people that they seemed to have entered the vegetable market.” in the end, some houses were “broken down like urban villages in the country,” which did not prevent them from becoming targets for buyers.
“the house price really has a lower limit and no upper limit!” Finally, this time, Sun Meizhen offered C $1.2 million, which was C $200000 higher than the list price, and cancelled all the prerequisites for purchase (such as house inspection and other regular purchase links), and finally “grabbed” the current house in Richmond.
“in half a year, I paid 20% more than 30%! The market has gone crazy. ” That’s what she told China Newsweek. But she was glad she did it just in time-more than half a year later, at the same price, she could no longer buy a house of the same grade.
“when there are several buyers competing for a house, you know things are getting a little crazy. Then apartments and townhouses were looted, and then houses in the suburbs, whose prices skyrocketed. This trend is spreading too fast! ” Steve Sureski, a real estate agent, told China Newsweek. He mainly deals in apartment real estate, whose clients are mainly locals, and he often finds it hard to believe that the market has been heating up for months.
Andy Yan, an academic from Simon Fraser University, found that in July 2005, only 11 per cent of single-family homes in Vancouver were valued at more than C $1 million, compared with 91 per cent a decade later, after counting 66825 properties assessed by the British Columbia property Evaluation Agency. Other data show that since 2005, house prices in Vancouver have risen by 249%; compared with 2001, prices in West Vancouver have risen by 450%.
According to a survey released by the US Global property Consulting Research Center Demographia in January 2016, Vancouver ranked third among the 367 regions and cities in the world after Hong Kong and Sydney. The median home price in the city is $756200, which is 10.8 times the median annual household income (before tax).
The increasingly hot property market has also made it difficult for many locals who cannot afford to rent. Not long ago, a college student complained to the media that he had seen 40 people waiting in line to rent a very small singleton apartment for C $1000 a month.