Even Banks & Government can't cool this hot market!

Sales records continue to be set"

Both the Banks and the Provincial Government, to a lesser extent, have recently made efforts to cool Vancouver's hot real estate market.

Borrowing seems to be getting tighter for first-time and move-up buyers with banks looking to 'Tripe A' clients for new/expanded mortgage lending. More and more buyers, especially Boomers, are using their existing & growing home equity to fund the purchase of an investment /holiday property with many opting for a line a credit rather than a mortgage.

Recently the Province increased the PTT (Property Transfer Tax) from 2% to 3% on any amount greater than $2 mil. In addition, the province has taken steps to control 'flipping' (assignments) by giving sellers a new tool to help them decide whether they want their contracts to be assignable. Sellers, if they choose to, must give their written authorization for the buyer to assign the contract and the original sellers will be entitled to any increase in price (Lift) in that assignment.

Recent pressure from the media/public for Government to tax foreign-absentee owners is likely to fall by the wayside. In reality, all levels of Government (Municipal, Provincial & Federal) are tentatively looking to each other for solutions to rising prices/rents while at the same time, all enjoy the tax windfall that this market brings them.

Nevertheless price and sales records continue to be set each quarter with no end in sight.

While affordability becomes a growing concern for many, the market should continue to move forward as long as international buyers see value/opportunity in Vancouver Real Estate. In addition, the growing Boomer demographic in Canada is expected to see over $750 billion in inheritance in the coming decade, much of which has already started to go towards real estate!

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"The future aint' what it used to be" (Yogi Berra)

"FULL MARKET UPDATE"- (REBGV)
Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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