Foreigners who buy residential property in the Vancouver area will have to pay an extra 15-per-cent tax as part of a B.C. government plan to slow the foreign speculation that many blame for making the region’s homes the most unaffordable in Canada.

The change to the province’s property transfer tax announced on Monday means an extra $300,000 in taxes for people from abroad buying a home for $2-million. Detached houses in the area typically run around that or higher. The surprise move comes after the government tracked all residential real estate transactions across British Columbia over four weeks in June and July and found foreign citizens who were not permanent residents bought just more than a billion dollars worth of property.

READ MORE

Cardero is the newest addition in Coal Harbour. 

Breathtaking views of the North Shore and Coal Harbour from Cardero's presentation centre. 

Please message me if you're interested in this development as I have VIP Access. 

Link:  Cardero

From 2016 onward, the double-digit increases in house prices continued at an average annual rate of 17 per cent. A single-family home in Vancouver purchased in that year is now worth somewhere in the neighbourhood of $80-million. Vancouver is now a resort city populated only by the world’s wealthiest.

The good news is the city has never been more multicultural, with money launderers from all parts of the globe living here for at least one week of the calendar year in order to avoid paying the city’s empty-home tax. The rotating cast of sheiks and warlords gives the city a special flair.

READ MORE

SOLD a few days ago and got my client a record breaking price in Richmond!  Congrats to my seller, J.L.!  I'm excited for you as you embark on your next chapter! 

Thank you everyone for following, liking, and sharing our social media posts! Your support is greatly appreciated! Here are the lucky winners to 1 of 2, $50 gift cards to White Spot, Earl's, Boston Pizza, The Keg, Boathouse, Hy's Steakhouse or The Glowbal Group:

@chief_bear_tran - Instagram like
@marcicisst - Facebook like

Congrats, Don and Marcy! I will be reaching out to you shortly. Please stay tuned for the next giveaway!

New data show foreign buyers purchased 5 per cent of the homes sold in and around Vancouver over three weeks last month and, on average, spent about $400,000 more than Canadians in these transactions, the first statistical hint of the impact offshore money might be having on the region’s overheated market.

Economists say the 5-per-cent figure is high enough to be a factor in the surging cost of Metro Vancouver’s housing stock, but B.C. Finance Minister Mike de Jong wouldn’t comment on how the two might be linked.

Across British Columbia, foreign buyers purchased about 3 per cent of homes between June 10 and June 29, a rate similar to the 4-per-cent tracked in New York State, according to figures released last month by the National Association of Realtors in the United States. Mr. de Jong’s office said the province had no comparative data from other parts of Canada, but official statistics released earlier this year found foreigners owned 3.3 per cent of of all condos in Greater Toronto, slightly down from 3.5 per cent in Metro Vancouver.

Read more

Real Estate Board of Greater Vancouver (REBGV) reports that last month's residential property sales decreased 6.6% compared to May 2016 sales.  

REBGV's President said, "Since March, we've seen more homes listed for sale in our market than in any other four-month period this decade."

For more in-depth information on May's market, please click:

Greater Vancouver:  REBGV June 2016 Stats Package

Fraser Valley:  FVREB June 2016 Stats Package

NEW LISTING! Please like (for 1 ballot) and share (for an additional 2 ballots) for a chance to win 1 of 2, $50 dollar gift cards to White Spot, Earls, Boston Pizza, The Keg, Boathouse, Hy's Steakhouse or The Glowbal Group! All participants ballots will be thrown into a draw and picked randomly by our lovely office staff! 

Please add me on Facebook or follow me for upcoming contests and promotions!  For more chances to win, please like for one ballot or two for every retweet on Instagram and Twitter: 

Facebook:   sterlingwongrealty 

Instagram:  sterlingwongrealty 

Twitter:  sterlingnwong