Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
1–10 of 75 posts
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#2From the article, 50% of homes sold in Seattle and its suburbs are foreign investments. That's absolutely insane - totally disincentivising people from actually living there from trying to buy a home. Guess it's time to find another city.
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#3Well done, Vancouver city council! The housing market in Vancouver is totally bananas
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#4Well done, Vancouver city council! The housing market in Vancouver is totally bananas
Sounds like Seattle (and many other cities) should consider doing the same thing that Vancouver did since it appeared to be effective.
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#5Well done, Vancouver city council! The housing market in Vancouver is totally bananas
The tax in question was enacted by the government of British Columbia. You may be confusing this with the "vacant homes tax" which the City of Vancouver enacted recently?
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#6Seattle should immediately enact a 25% foreign buyer tax and an extra annual property tax assessment for vacant foreign owned homes.
Likewise, Midwest cities that are economically in the dumps could offer incentives to attract foreign buyers.
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#7From the article, 50% of homes sold in Seattle and its suburbs are foreign investments. That's absolutely insane - totally disincentivising people from actually living there from trying to buy a home. Guess it's time to find another city.
> From the article, 50% of homes sold in Seattle and its suburbs are foreign investments.
The article does say that, but as a Seattle resident, that really does not sound right to me. As a counterpoint, this article[1] in the Seattle Times says:
Chinese money now accounts for about 55 percent of all homes purchased by foreigners in Washington, the Realtors association says.
and
“It’s definitely helped in driving prices up,” Riley said. In some parts of the Eastside, in particular, she said “we’ve had a large influx of international buyers coming in. They’re the buyer about 50 percent of the time right now.”
That's 50 or 55% in some parts of the market, not the Seattle metro market as a whole. That's a lot more believable.
[1] http://www.seattletimes.com/business/real-estate/seattle-bec...
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#8I am beginning to think there is another housing bubble, but this time I am not exactly sure how it would play out if it burst assuming there is one forming. Would it affect the Chinese economy? The economy in each US city? The larger US economy? The global economy?
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#9There should be similar laws all over. In a global economy, if "regular people" have to compete with multi-millionaires and billionaires who can move capital wherever, whenever they want, housing where any decent paying jobs are located will continue to become more and more unaffordable.
Please note: I'm fully aware this isn't the ONLY reason for ridiculous housing prices.
Re: Vancouver Housing Tax Pushes Chinese to $1M Seattle Homes
#10From the article, 50% of homes sold in Seattle and its suburbs are foreign investments. That's absolutely insane - totally disincentivising people from actually living there from trying to buy a home. Guess it's time to find another city.
I find that number... Odd.
I've spent a fair amount of time pulling together King County Recorder's office data, and I don't believe that number unless they're all doing business as... strings that look an awful lot like names.