West Vancouver is an exclusive oceanside suburb realtors consider the epicentre of a real estate correction in the area. This house sold this year for $7-million, far short of its list price of $16-million in 2017.Jon Buss has spent the past four months looking for a home in West Vancouver. Every weekend, he and his wife attend an open house in the exclusive coastal community, where their kids are starting school in the fall.
Realtor Mark Wiens is already seeing his clients swallow hefty losses. One recently sold for $2-million below the home’s assessed value of $6.2-million. Another turned down an offer of $4.5-million for his West Side house last year only to relist it this year for $2.39-million. The “best-case scenario” for a third is a $350,000 loss on the condo bought for $1.1-million less than a year ago.
The new, NDP government bumped it to 20 per cent. And transfer taxes were increased to 5 per cent from 3 per cent on homes valued north of $3-million, ostensibly to discourage flipping. With the Shanghai Composite Index down 25 per cent last year and the Shenzhen Composite Index falling 33 per cent, Chinese investors have been desperately looking elsewhere. But Chinese courts have begun jailing nationals for life for moving money illegally out of the country, part of Beijing’s ongoing effort to halt currency outflows, Vancouver lawyer Christine Duhaime explains.Ms. Dumaine, an expert in financial crime, represents Chinese banks hunting fraudsters in Vancouver.
But unlike New York or London or San Francisco, where the huge salaries typical of the financial and tech industries help explain the high cost of housing, local salaries in Vancouver are so low they became a selling point in the city’s bid to lure Amazon’s new headquarters to town.
Love it, bring those prices down.
GOOOD!!! MAYBE IF OUR GREEDY POLITICIANS(CASH FOR ACCESS UNETHICALCHRISTY CLARK!!) WOULD HAVE PUT A STOP TO THE 'CHINESE LAUNDERED BLOOD MONEY IN CANADA HOUSING CASINOS ETC ETC' INSTEAD OF TAKING CHINESE BLOOD MONEY THERE WOULDNT BE A HOUSING CORRECTION GOOOD FOR THE 'RULE OF
A bubble created by meddling politicians.
On luxury houses market ONLY. Media should be objective!
They are holding out for the Huawei debacle to end.
still got a LONG way down to go. easy 50% haircut coming.
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