Langstaff Gateway Condos buzzbuzz.Vancouver school district housing sales plummeted 94%.It is not uncommon for things to go to extremes in the real estate market,and this time it is the Canadian immigrant city of Vancouver.Please Visit:Langstaff Gateway Condos buzzbuzz to Get Your VVIP Registration Today!
According to the global luxury index released by Knight Frank,a British real estate service,Vancouver dominated the world with an annual growth rate of 36.4%from June 2015 to June 2016,making it the city with the fastest rise in house prices.
The turning point came on July 25 this year,when the Canadian province of British Columbia(BC)announced that it would impose an additional 15 per cent property transfer tax on foreign buyers of residential homes in the Greater Vancouver area(including Vancouver)from August 2.
The”heat”of the Vancouver property market was extinguished instantly.”they have been desperately fighting for houses in the past few months,and after the tax increase,many investors changed their minds,and some even did not even ask for a deposit to buy a house.”Erika,who moved to Vancouver from Changsha,Hunan province,told China Business News.
According to the MLS system,which is tracked in real time by Canadian real estate agency Zolo,the average house price in Vancouver was 1.1 million Canadian dollars(about 5.6668 million yuan)as of Aug.16,down 20.7 percent from 28 days ago.The western side of Vancouver,which is rich in educational resources and attracted the attention of the Chinese,sold only three houses from August 1 to 14,up from 52 in the same period last year,down 94%from the same period last year.
Interestingly,the fall in Vancouver has attracted the attention of more Chinese buyers,and the Toronto property market is also getting more attention.
“recently,some funds have been recorded,and some of them turned out to be the forfeiture money of property buyers.”Yuan Ming(a pseudonym),a Chinese investor engaged in real estate development in Vancouver,told China Business News.
Erica told China Business News that many of her Chinese friends raised prices in Vancouver for housing in the first half of the year,and now they all regret it.
All the changes are due to a new tax on property transactions in the greater Vancouver area:an extra 15%transfer tax for foreign buyers.As soon as the news came out,the volume and price of the Vancouver property market fell.
China Business reporter looked up the MLS transaction data and found that sales of independent houses(similar to domestic single-family villas)have declined month-on-month since the new real estate tax policy was announced in BC province.In Richmond,a city in the Greater Vancouver area,for example,only three independent houses were sold in the area from July 25 to 31,compared with 12 in the week before the announcement of the new tax policy(July 18-24)and 25 the week before.In Bennabi,only three separate houses were sold from July 25 to 31,compared with seven the week before.
Wensi(western Vancouver)is rich in educational resources,and local school district houses have always been favored.At one point,there was a scene of Chinese buying houses together.But according to MLS,Wenxi sold three houses from Aug.1 to 14,compared with 52 in the same period last year,down 94.2%from the same period last year.Only one independent house was sold from July 25 to 31,down 96.3%from 27 in the week of July 11-17.
On the price side,according to the MLS system,as of August 16,the average house price in Vancouver was 1.1 million Canadian dollars(about 5.6668 million yuan),down 20.7 percent from 28 days ago,while the average price in North Vancouver was 1 million Canadian dollars(5.151 million yuan),down 17.3 percent from 28 days ago.The average price of a house in Richmond is C$779000(4.0126 million yuan),down 17.6%from 28 days ago.