On September 22, the provincial government released its third round of data on B.C. real estate to reveal that sales to foreign nationals plummeted following the introduction of a 15-percent tax on such transactions.
Then, on October 4, the Real Estate Board of Greater Vancouver reported that property sales across the Lower Mainland continued a downward trend they’ve been on for six months now and, in September, fell below the 10-year average for the first time since May 2014.
Meanwhile, the City of Vancouver is moving ahead with plans to implement a tax on vacant homes and Ottawa is tightening restrictions on risky mortgages.
All of that might give people hope that the region’s out-of-control real-estate market might soon begin to chill. But listings that some might describe as unreasonable are still easy to find.
Take this four-bedroom, two-bathroom fixer upper on West 29thAvenue in the city’s West Side.
Asking price: $5 million even.
The author of the listing doesn’t even pretend to care about the house that sits on this 6,540-square-foot lot. Its description makes no mention of bedrooms or bathrooms. Instead, it focuses on the land.
“This is a perfect opportunity to buy a large oversized lot in the Dunbar area,” it reads.
In case you were wondering, 15 percent of $5 million is $750,000. Even for the wealthy, that’s quite a premium to pay on a teardown.
This article is part of a really fun series. Click through similar posts at the links below.