{"id":7056,"date":"2017-10-02T10:10:35","date_gmt":"2017-10-02T17:10:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7056"},"modified":"2017-09-25T12:49:57","modified_gmt":"2017-09-25T19:49:57","slug":"real-estate-markets-still-reeling-from-foreigh-buyer-tax","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/real-estate-markets-still-reeling-from-foreigh-buyer-tax\/","title":{"rendered":"Real Estate Markets Still Reeling from Foreign-Buyer Tax"},"content":{"rendered":"<p style=\"text-align: justify;\">A year after the introduction of Canada\u2019s first foreign-homebuyer tax drove Metro Vancouver sales down 44%, the three most popular markets for foreign buyers have yet to recover.<\/p>\n<p style=\"text-align: justify;\">West Vancouver, Richmond and Vancouver\u2019s west side \u2013 all areas with the highest proportion of foreign buyers prior to the implementation of the 15% tax on August 2, 2016 \u2013 are all seeing lower sales now than in 2016.<\/p>\n<p style=\"text-align: justify;\">West Vancouver and Richmond are also the only major municipalities with house prices lower now than a year ago, and house prices have flatlined on Vancouver\u2019s west side, according to recent Real Estate Board of Greater Vancouver data.<\/p>\n<p style=\"text-align: justify;\">Only 52 detached houses sold in West Vancouver this August, down from 72 in August of last year, and benchmark house prices have fallen by 6.3%, the biggest drop in the Metro Vancouver region. Realtors say the price plunge is more dramatic at the high end of the market.<\/p>\n<p style=\"text-align: justify;\">\u201cThere, we have seen price reductions of 20% to 30%,\u201d said Brent Eilers of Re\/Max Masters Realty in West Vancouver.<\/p>\n<p style=\"text-align: justify;\">According to Eilers, foreign buyers today immediately discount any asking price by 15% to compensate for the tax \u201cand then begin negotiations downward.\u201d<\/p>\n<p style=\"text-align: justify;\">He points to a view-property house on Russet Way in West Vancouver that was listed last year at $4.6 million. After four price reductions, it recently sold for $2.8 million.<\/p>\n<p style=\"text-align: justify;\">\u201cThe market is extremely sluggish,\u201d Eilers said.<\/p>\n<p style=\"text-align: justify;\">In Richmond, where foreign buyers accounted for 10% of housing sales prior to the foreign-homebuyer tax, according to provincial government studies, the August benchmark price of a detached house was down 0.9% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">This compares with a 43% price increase in the previous 12 months.<\/p>\n<p style=\"text-align: justify;\">In the last year, Richmond detached sales have dropped 31% to 959 houses. The benchmark price for a Richmond house in August was $1.57 million, down from $1.7 million in August 2016.<\/p>\n<p style=\"text-align: justify;\">On Vancouver\u2019s west side, detached-housing sales so far this year are down 42% from the same period in 2016 and, as of August, the benchmark house price had been shaved by an average of $135,000 to $3.5 million.<\/p>\n<p style=\"text-align: justify;\">Neil Hamilton, a senior property adviser with Macdonald Realty Ltd., said mainland Chinese buyers had been \u201cone of the major forces driving the west-side property market over the past few years.<\/p>\n<p style=\"text-align: justify;\">\u201cRecently the Chinese government has been diligently attempting to limit the flight of capital out of [its] country. So the higher-priced Vancouver west-side markets have been experiencing a downturn in activity as a result.\u201d<\/p>\n<p style=\"text-align: justify;\">Hamilton, however, noted that the Chinese government could loosen its restrictive policies.<\/p>\n<p style=\"text-align: justify;\">\u201cI believe that this temporary downturn represents a solid buying opportunity. I can see a very strong spring 2018 market,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">But Eilers is not so sure.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is a hell of a lot better time to buy now than last year,\u201d he said, but he suspects that prices for higher-end houses will continue to decline. \u201cEventually, sellers have to adjust their price.\u201d\u2022<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/9\/prime-lower-mainland-real-estate-markets-still-ree\/\" target=\"_blank\" rel=\"noopener\">Prime Lower Mainland Real Estate Markets Still Reeling from Foreigh-Buyer Tax<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A year after the introduction of Canada\u2019s first foreign-homebuyer tax drove Metro Vancouver sales down 44%, the three most popular markets for foreign buyers have yet to recover. West Vancouver, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/real-estate-markets-still-reeling-from-foreigh-buyer-tax\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7056","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real Estate Markets Still Reeling from Foreign-Buyer Tax &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/real-estate-markets-still-reeling-from-foreigh-buyer-tax\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Real Estate Markets Still Reeling from Foreign-Buyer Tax &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A year after the introduction of Canada\u2019s first foreign-homebuyer tax drove Metro Vancouver sales down 44%, the three most popular markets for foreign buyers have yet to recover. 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