Bloomberg reports that Chinese buyers comprised about one-third of all home purchases in Vancouver in 2015. The data comes from the National Bank of Canada, and shows Chinese investors spent $12.7 billion on real estate in Vancouver in 2015 alone — making up 33 per cent of all purchases. Read more
B.C. government takes steps to end shadow flipping in hot housing market https://t.co/wLg5HkZMFL
— Global BC (@GlobalBC) March 18, 2016
“Shadow flipping” started appearing in the Vancouver vernacular in 2016 after a series of reports from the Globe and Mail exposing the practice in which an agent resells the property before the deal closes — without the knowledge or consent of the original seller.
Premier Christy Clark has promised a crackdown into the practice but the Real Estate Board of Greater Vancouver says she’s jumping the gun – as they are already independently investigating the practice. The real estate board also says it has “not received one single complaint” about the controversial practice. Read more
However, this week the real estate board voted at its annual general meeting to increase the fine for realtor misconduct from $10,000 to $30,000 effective immediately. More than 80 per cent members voted in favour of the increased fines for questionable practices. Read more
And finally, not a week goes by without an article like this, but Vancouver condo prices in the downtown core are skyrocketing, with the number of sales “dramatically outpacing” the number of new listings. Condos and townhomes downtown around $600,000 are especially in demand right now, as well as attached properties around the $700,000 mark in East Vancouver. Read more