Quote:
Originally Posted by whatnext
What was that one of our forumers was saying about West van demographics?
Douglas Todd: Housing bubbles bursting in Metro Vancouver's investor-driven neighbourhoods
Opinion: The people who used to invest heavily in West Vancouver real estate “have homes all over the world,” says realtor Nicole Lee. Many have now moved on, leery of B.C.'s targeted taxes.
DOUGLAS TODD Updated: March 4, 2020
“Forget Canada. We’ll go somewhere else.”
That’s what West Vancouver realtor Nicole Lee says many rich clients from Asia are telling her now that B.C. has brought in a foreign-buyers tax on housing, along with a speculation and vacancy tax.
The veteran realtor maintains Victoria’s “artificial measures” are hurting the detached luxury housing market in West Van, where she says many investors from Asia, specifically China, had been busily buying properties and, to fit their trans-Pacific lifestyle, leaving them empty for much of the year...
...An interactive Postmedia News chart of B.C. Assessment valuations of detached homes across more than 160 Metro neighbourhoods (see above) shows that in one year average prices plummeted by up to 25 per cent in tony West Van communities such as Chartwell, Upper Caulfield, Queens, Dundarave and the British Properties.
Other neighbourhoods in Metro experienced equally dramatic one-year price plunges in detached homes, especially Vancouver’s costly Shaughnessy, the University of B.C.’s super-expensive Endowment Lands and some medium-valued neighbourhoods in Richmond.
Across Metro assessments this year went down by an average of about 11 per cent...
...West Van’s Lee — whose realtor’s website features a neighbourhood map in both English and Chinese — predicted there will be about five years of “teeter-totter” prices before her region of the North Shore again sees big jumps. The people who used to invest heavily in West Van “have homes all over the world,” Lee said. Now many have moved on, even though they liked West Van’s good schools and new Asian supermarkets.
Asked how her buyers dealt with heavy traffic congestion on the Lion’s Gate Bridge, Lee said most didn’t care, since many live much of the year out of the country. “And a lot of them don’t work nine-to-five.”...
Veteran city Coun. Craig Cameron said West Van’s housing prices had been driven up by a “massive speculation frenzy” that began about five years ago, which has left an estimated 10 per cent of dwellings empty....
https://vancouversun.com/opinion/col...neighbourhoods
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I'm glad this makes a very specific distinction that is often lost around here - investor driven
neighborhoods. As in, not all of Vancouver is driven on momentum and speculation.
The market resurgence you are seeing now is end user, locals looking to buy whats affordable to live in, and that's one and 2 bedroom condos.
Its only at West Van, UBC, Point Grey levels can we start to talk about global capital. There isn't enough people in Canada to afford the houses in the BP's alone. How many Canadians can afford $20 million + homes?