Vancouver’s Housing Frenzy – Even Owners Want It To End

Vancouver's housing frenzy, the  volatile and hot Vancouver housing market, has sure been the centre of attention. Everyday there is yet another record broken.

Vancouver’s housing frenzy, the  volatile and hot Vancouver housing market, has sure been the centre of attention.

It seems everyday there is yet another record broken on what a home will cost.

It’s been going on for years.

And now that homes have reached astronomical levels.

It’s time to buy a  condominium or an apartment.

Because in realty, unless you are really wealthy a home is out of the reach of most people.

And the prices for condo’s and apartments seem to be on the same trajectory.

And during all of this there has been a fierce debate.

People who bemoan the fact that anything in the real estate sector is out of their reach.

Politicians have been beseeched to do something about.

Foreign buyers – mainly from China – are often seen as driving Vancouver’s hot real estate market into a frenzy.

So the politicians enacted a surtax on all foreign real estate transactions.

But to no avail, prices still kept climbing. And still are.

And the newly elected NDP government did something else to cool off the market.

In its recent budget it included an increase to the school tax, which is paid through property taxes, on homes worth more than $3-million.

When you add all the new tax  measures on housing the government will collect a total of $1.150 billion dollars over a period of years.

Needless to say wealthy homeowners are mad and have taken to social media and other media outlets saying all those taxes are forcing them out of their multi-million dollar homes.

And here is the kicker – the situation now has reached the point where a lot of homeowners want those high prices to stop and they want the government to introduce new taxes to stop Vancouver’s housing frenzy.

Go figure.

 


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