If you follow the news in the busy Vancouver area, you know all about the huge asking prices of real estate, the debacle over the fact that the market is being overinflated by a bunch of foreign investors who are skirting the law to own property there, and how everyone’s a fuss about it. The situation makes sense. The solution has been found, and many are hoping that it is a sign of all sorts of relieving things to come.
Firstly, the foreign purchasers have been thrown off the scent of having a lot of real estate simply because of the fact that they are being charged a large taxation of 15% in order to own property in Vancouver. Even if you have deep pockets, this has got to be a little painful for many people who are trying to find a way to make money fast.
Eddie Yan, Burnaby realtor
Secondly, these same investors have moved on to a shiner and newer toy, namely Toronto. They are starting to buzz around and pick up the property there that is needed to make the most out of the situation there. So, most feel that they won’t be coming back to Vancouver, even if the tax were to be taken off for one reason or another. Once something bigger and better comes along, the interest peters out and leaves the market stabilizing itself.
Thirdly, as mentioned briefly, things are starting to even out and make life a little more enjoyable for those who are looking to get into the world of real estate. The pressure is off when it comes to fighting with foreign investors who are taking all of the sales, and those who are hoping to buy a home in the future and starting to feel that this dream may actually come true so that they can have safe spaces to enjoy with their loved ones.
Fourthly, this seems to be a leak-proof solution. Who knew that all it would take was the threat of having to spend more money to make these guys back off so that Vancouver would be able to repair itself. Vancouver lovers and glad to see these monsters moving on to Toronto. They’ve had their time in Vancouver, and the pests will be able to find new things to get their teeth into other places in the country.
Everyone is starting to feel more confident about the market, now, seeing that these people are starting to get their names in the bid now, when looking at property. There isn’t as much demand, and where there is demand, it is in competition with other local business people, a fact that, while it may not be important to some, means a lot to those that are into supporting their local economy.
The danger has passed and those who are watching the horizons for any sign of the foreign clouds coming back their way, and finding that it is getting easier and easier to believe that this really could be a permanent solution.