Saturday, 28 May 2011
west side property, especially HKS , is going up 10-15% a month- which is normal and sustainable so no need to worry yet. 95% of sales are to mainland chinese who are buying multiple properties and flipping them to each other. the houses are still sitting empty all year long. the one's that actually live here in them are using the school system, hospitals yet don't pay taxes or contribute to the city in any way other than consumption taxes and property taxes. maybe this is just what the city wants....every house to be valued over 2 million so they can collect large property taxes. nobody who works in this city can afford to live near the best schools and have no chance of buying a house in this market which is now almost completely dominated by foreign buyers and specultors. how can companies hire workers to come and work in vancouver? company headquarters will all move elsewhere which will result in large losses of capital for this city. wake up gov't. time to put foreign ownership rules in place. vancouver's homes should not be treated like stocks and bonds and as places to wash money- some of us, although getting fewer by the day, actually live and work here.