Over the years, I’ve owned 6 houses in the north shore/West Vancouver area.My original house cost me $17,000,It would now sell for approx $750,000.My last house in West Vancouver cost me $350,000,it was a one level home,built around an in-ground pool.Two years ago this house was bull dozed into the swimming pool.
The new owners paid 1.3 million dollars for the property and built a mansion on the site.NOTE .unfortunately I did not own the house at that time.The harsh reality is that very wealthy immigrants have been largely responsible for the horrendous price inflation.
Another hard to face reality, is that first time home buyers will have “an extremely difficult time in amassing a downpayment “.Young people in Vancouver looking for a starter home would need…………………… !,a huge inheritance.
2 .$150,000 a year salary(at least) 3, win the lottery, 4.rob a bank,and not get caught.5 become a major drug importer,and not get caught.Also,house and apartment rental costs are staggeringly high Young people often have to move 20–30 km’s out of Vancouver in order to find an affordable rental unit, or try to find an affordable house or apartment.This means that they’ll need a very dependable vehicle for hour long ,twice a day commute,andon top of this,they’ll be faced to pay some of Canada’s highest gas/diesel prices.
I don’t think there will be much change, based on reports from City Hall so far.If you can afford to leave a home empty in Vancouver, the extra tax cost will not impact offshore owners.It will likely free up some property owned by non-resident Canadians.