vanity

Just came across this today: Petition urges restrictions on foreign investors buying Vancouver homes | CTV News

Sign here if you are interested: https://www.change.org/p/premier-chr...ket/u/10324691

6400 signatures so far!

Former Lancastrian

So 6400 racists then

vanity

The comments really show the anguish of many residents

MrHyperPants

As much as foreign investment in property makes house prices expensive, which sucks. If its stopped it would put me and many others with skilled trades out of a job imo as work would slow down.

ExKiwilass

Does anyone else find it ironic this petition is posted on an immigration board

scilly

yes indeedy


especially as the "immigrant' owners being targeted are easily visible minorities

Shard

Restrictions are not the way to go. Better to influence vacancy issues and overseas investment returns through more aggressive property tax.

scilly

nothing will happen ...............

you can't go all out to attract "foreign investment", and then force the people who have bought to sell their investment


Yes, it is annoying to see so-called empty houses,

yes, it must be annoying to be unable to buy a house because the prices have risen so high, but a large part of the house price is due to the enormous increase in the value of the land because Vancouver has no land to develop outwards.

I have no idea what the answer is ........... but I'm pretty sure it isn't a petition to restrict foreign investment or take away property from foreign investors. Rspecially when it is visible minorities that are being targeted.

scrubbedexpat091

Foreign investment doesn't mean immigrant, I would not have an issue with higher tax rates or something for those who are simply buying with no intention to ever live here.

Wouldn't agree with restrictions on actual immigrants intending to move or have moved to Canada, while suppose it could technically be called foreign investment initially, I don't consider it that way since the person is also investing their time to Canada by living and working here.



But realistically, doubt it would solve any issues, housing in Vancouver will likely never return to a point an average income household can buy, and probably see a lot more people renting for life.

scilly

Which would mean that Vancouver becomes like so many European cities, where people live in rented apartments all their lives.

Several financial advisors have been suggesting that retired people in Vancouver who are looking at downsizing, should rent not buy a condo ro apartment

They've crunched the figures, and suggest that the annual maintenance costs, taxes, etc plus what seem to be quite regular "assessments" for repairs could become a burden as one gets older and is trying to live on a pension.

By renting, the retired person is able to put the money from the house sale into a RRIF or other plan, and live on a monthly draw from that plus whatever other pension(s) they might have ............. and not suddenly be faced with big money worries.

R I C H

Aren't they? Purchase of property in Australia, for example, is restricted to those with PR status, unless you have $5m or more to invest - would a similar rule in BC slow down property inflation on the west coast?

scrubbedexpat091

I'd only buy a condo if it was going to lead to a house potentially in the future, but these days condos and houses are so high, buying a condo probably won't do much to get into a house...

I look at all the taxes, strata fees and such condo owners have to pay + the taxes, and buying a condo can end up costing more then just renting it and not bothering with paying anything but rent directly.

I also wouldn't want to be tied to a building for 10 or 20 or 30 years however long it would take to pay off, at least when renting condos or apartments, you can move easier if the building goes down hill.


Where we are condos do not do well value wise over time, so I see no point to buying one.


I'd consider a town house though, since they seem to go in value still.

But not owning the land itself is a big turn off for me and owning, I don't want to own a part of a building and be told what to do still like I am renting but not really renting..

And the biggest reason I want to own is for a yard and not gonna happen with a condo....

scilly

well, you are subject to at least as many rules when you own a condo or strata as when you rent an apartment .................. they all have councils, all owners are on the council, the council sets the rules with the approval of the owners, and sets new rates for fees, maintenance etc etc.


We have a friend who lives in a condo building for over 55's. Small cats and dogs allowed. She went to the strata council meeting 2 weeks ago ............. and said it was one of the worst experiences of her life, watching all the infighting, back stabbing, etc etc!

She's only been living in that building for 10 years, plus 3 years before that in another condo building.


There can even be controls on having visitors to stay ....... and I don't just mean children.

My niece owned a 2 bedroom condo in Abbotsford. She had just moved in when her sister came to visit from England, a slightly longer than usual 3-4 week stay, but with the intention of helping to re-paint the unit. Within 2 hours of sister arriving, the secretary of the condo council was knocking on the door wanting to know who this person was and how long she would be staying! She added a reminder that there was a limit on visits.

Shard

Interesting. However, the problem with restrictions is that they will slow down actual development, which in turn will impact the local economy through loss of jobs and foreign investment. If instead you make property expensive to hold vacant, rental supply increases and if sufficient, would exert downward pressure on property values (as potential buyers would find renting a sufficiently attractive alternative).

KuroKuro

It's funny to read this as I'm currently looking to move because my room mate & I are currently fighting due to her boyfriend staying over at ours more than I'm comfortable with. I wonder if she's aware of this too. XD

The reality for me is I can't afford to live alone, and living with other people is hell. Hearing that I'll probably never be able to live in a place where I can do what I want to is pretty depressing. I'll be living in beige coloured basement suites the rest of my life, I guess. XD