Real Estate Talks

Airbnb condo fined $46k.

https://www.straight.com/news/1371856/v ... fined-over

Just received a threatening letter from the BC government. "Declare Now" I have until March 31st to declare my status for the speculation tax. Will receive a demand for 2% of the assessed value, if I don't make the dateline. "Over 99% of British Columbians are expected to be exempt from this tax...R...

There's a substantial rise in vacancy tax next year. In addition, various exemptions are being lifted. Steve has his numbers and opinions here ... https://stevesaretsky.com/how-the-bc-speculation-vacancy-tax-increase-will-impact-the-market-in-2020/ IMO, the most significant impact will be on land ba...

Working so well that West Vancouver wants to pile in ... "West Vancouver wants power to impose own vacancy tax .... Mayor says city wants to target foreign owners sitting on houses like 'safety deposit boxes' .... "This is a real problem," Booth said in a phone interview with CBC's The Early Edition...

Here's the moment of truth. To stop global warming before the tipping point, net Greenhouse Gas Emissions (GHG) must be zero by 2050. To appreciate the amount of work that has gone into climate research, follow through with the 'Special Report on Global Warming of 1.5 °C'. https://en.wikipedia.org/w...

demand is still strong. Supply is improving...

https://stevesaretsky.com/apartment-ren ... cord-high/

Still, we need construction of 20k units to gain some breathing space.

Here's the October 2018 report from CMHC on rental vacancies. Burnaby had a significant spike in vacancies in purpose-built and private apartments. Prices should be soft from the oversupply around Metrotown. But, vacancies are still tight in CoV and Surrey. Have to wait for another recession before ...

Here's step back from the trenches... "Fighting climate change may be cheaper and more beneficial than we think In a cartoon that went viral before the Copenhagen climate summit in 2009, a conference presentation lists some of the side benefits of reducing greenhouse gas emissions, from cleaner air ...

Yes, the government intervention has been successful. Foreign buyers out... "This West Vancouver mansion just sold for less than half its asking price. It’s not the only one" https://globalnews.ca/news/5314158/homes-west-vancouver-selling-discounts/ Not surprising, entry level homes hold up well. On...

I was in Toronto visiting the Toronto Islands. On the Ward and Algonquin Islands, there was extensive flooding, even with several feet of flood barriers added to the shoreline. In fact, in the low areas, a light swell had the water level lapping at the top of their temporary barriers. Those resident...

Here's something from Saretsky…


"Pre-Sale Absorption Rate Drops to 20% Prompting Developers to Cancel Projects"

https://stevesaretsky.com/pre-sale-abso ... -projects/

Looks like it's all working as planned.

Heads Up...

"Burnaby council passes ambitious plan to protect rental housing stock"

https://www.straight.com/news/1246261/b ... sing-stock

Hard to believe that the amount is so large, but...

"Money laundering funded $5.3B in B.C. real estate purchases in 2018, report reveals"

https://www.cbc.ca/news/canada/british- ... -1.5128769

Fraser Valley definitely …

"Fraser Valley Condo Assignment Listings Hit Record High"

https://stevesaretsky.com/fraser-valley ... cord-high/


Market has downside since the speculators have not been shaken out.

This will possibly have an equally great impact … tax evasion and money laundering.

"B.C. introduces law to prevent money laundering, tax evasion in real estate"

https://www.cbc.ca/news/canada/british- ... -1.5082253