Lots of interesting stuff.
The HAM areas are still on fire YOY- Richmond, West Van and Van West. While the hot money flows out of China, these places will sizzle.
However, where the local tax-payers live things are VERY different.
Look at the Benchmark prices.
These areas are negative YOY (SFH):
Port Moody
Sunshine Coast
These areas are negative over the last three years!
Squamish (-15%)
Maple Ridge
Port Moody
Lots of areas flat or negative for apartments YOY and over three years.
MOI = 6
FVREB Just in HERE
No time to look through in detail. MOI = 7.6
These numbers are all much more bearish than we all expected. Only 7% of the 79 poll respondents expected a > 3% SFH average price drop.
ReplyDeleteWe will have to see if this is just the summer doldrums (been there before) or the real thing.
Please post any MSM reaction, that is as important as the numbers.
There is this one from the G and M.
ReplyDeleteOf course the G and M has always been more bearish and calling the alarm on the housing bubble. Unlike the local rags which are dependant on RE advertising:
http://tinyurl.com/3pya9ne
And here is the Vancouver Sun. Very different from the Globe. Basically the RE Board press release. And this passes for critical journalism. sigh...
ReplyDeletehttp://tinyurl.com/3jfcal5
True, a few more months of heavy drops in the average and slowing sales could start the panic again. Oh how I look forward to it.
ReplyDeleteI dont wish bad on most owners, but sooner or later things will get ugly, and I would prefer sooner.
Okanagan sales a little stronger for July.
ReplyDeleteSame level of PR admissions this year as last year
ReplyDeletehttp://www.vancouversun.com/news/Welcome+still+immigrants/5216402/story.html
"But Canada’s tax laws also contain gems that appeal particularly to the super-rich. For one thing, high-net-worth immigrants can benefit from a five-year tax holiday under the Immigrant Investor Program if they store their investment assets in a trust held outside Canada. The program dates back to the 1980s, when U.S. companies were setting up branch plants in Canada, and it permitted American executives to move here without facing a double whammy of taxation. Today it allows immigrants to become Canadian citizens without immediately incurring taxes on assets they accumulated before moving here. Any income they earn in Canada is taxable at our rates. Other countries are paying attention. Earlier this year, when the Financial Times in London reported on efforts by the British government to attract more high-net-worth immigrants, it noted that Britain attracts just a tiny fraction of the number of rich migrants Canada does."
http://www2.macleans.ca/2011/07/19/the-great-white-tax-haven/
Last year, Investors (principal applicants) landed here were 3,200 (excluding family members of 8k+). Half of that landed in B.C.
This year's quota is 7,000 (Federal + Quebec).