South Forest Hill Residences reviews.Rising house prices have made Vancouver a millionaire city. Rising house prices have pushed the average net worth of households in Greater Vancouver, Canada, above 1 million Canadian dollars (US $779000), making it the first “millionaire city” in Canada, according to a new survey.Please Visit: South Forest Hill Residences reviews to Get Your VVIP Registration Today!
The above survey was conducted by Yiwei, a Canadian market research and analysis firm. The average net worth of Vancouver households rose 7.1 per cent to nearly C $1.04 million (US $810000) by the end of 2015, according to the survey.
The survey also showed that the Greater Toronto area ranked second in average household net worth, rising 5.4 per cent to C $963000 (US $750000) last year.
In third place is Greater Victoria. Average household net worth in the region rose 3.4 per cent last year to C $912000 (US $710000).
The Canadian Broadcasting Corporation quoted Peter Myron, vice president of economic data at Evie, as saying on the 6th that the increase in household wealth in Vancouver was due to rising house prices, but the recent cooling of the property market could make Vancouver lose its title of “Millionaire City”.
The turnover of the property market in Greater Vancouver fell 26% in August compared with the same period last year, according to data released by the Greater Vancouver Real Estate Bureau on the 2nd.
Josh Gordon, an assistant professor at the school of public policy at Simon Fraser university in Canada, believes that this may have something to do with the 15% “exclusion tax” imposed by the government of British Columbia, where Vancouver is located, on foreign buyers.
In order to “cool” the overheated property market, the British Columbia provincial government announced on July 25 that it would impose a 15% property transfer tax on foreign buyers from August 2.
Under the new policy, with the exception of Canadian citizens and those with permanent residence in the country, all foreigners will be charged this fee when they buy homes. In addition, companies not registered in Canada or controlled by foreigners will receive the same “treatment” when buying homes.
According to the local government, the tax will be used to help local low-income residents, first-time buyers and renters.
The composite benchmark price of all residential homes in the area was C $933000 (US $727000) in August, up 31.4% from a year earlier and 4.9% from the previous three months, according to the Greater Vancouver area property Bureau.
Gordon, an assistant professor at Simon Fraser University’s School of Public Policy, said that as for the impact of “exclusion tax” on Vancouver housing prices, “We still have to look at the data for another month or two to come to a conclusion, but there are clear signs that the market is cooling.” The new tax does reduce trading activity, but the question is whether the September data can be stabilized.
William Strange, a professor at the Rottmann Management Center at the University of Toronto, said that the trend of the housing market is affected by multiple factors, and singling out one of them is wrong.
Robert Hogg, a senior economist at Royal Bank of Canada, said the gradual cooling of the Vancouver property market from its February peak was due to a number of factors, including a decline in supply dragging down demand.
Hogg also questioned whether the “exclusive tax” can permanently dampen the enthusiasm of foreign home buyers. “I don’t think this is the end of a relationship that has been going on for decades, it may just be a short break.”