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Metro Vancouver flippers flopped over summer

Flippers in Metro Vancouver flopped through summer 2019, with many selling for double digit percentage losses. All detached property flips over the last 90 days in Vancouver, Richmond, Burnaby ended up with the seller getting less than what they originally paid for the property. OpenHousing defines a flip as a property bought and sold within […]

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Metro Vancouver detached prices showing sharp declines in August

Metro Vancouver detached prices are showing sharp declines in August, with sellers slashing prices by as much as half to get out of the market. The Open Housing Home Price Index for Metro Vancouver detached properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 11.8% year-over-year, the August mid […]

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Metro Vancouver condo prices continue to fall in August

Metro Vancouver condo prices remain locked in a downward trajectory, with the anticipated summer boost not materializing. The Open House House Price Index for Metro Vancouver condos – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 9.5% year-over-year, the August mid month update shows. The slump, which began in the […]

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Realtor rankings: Foreign buyer exodus hits realtors hard

The rankings for Vancouver’s realtors by volume show that the foreign buyer exodus has hit realtors hard. Royal Pacific Realty Corp realtor Winnie Chung sold $172 million worth of properties between January and July 2016, which marked the last seven months before British Columbia slapped a 15% foreign buyer tax. Chung has barely managed $30 […]

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Metro Vancouver detached homes prices down 13% in July

Metro Vancouver detached home prices have dropped by 13% year-over-year, according to the latest sales numbers reported in the region. The Open House House Price Index is calculated using the generally-accepted and transparent repeat sales or Case-Shiller method. Looking at home sales reported in the last 30 days, 40 out 46 single family homes sold […]

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Featured

Metro Vancouver condo prices fall 11% from peak

Metro Vancouver condo prices have dropped by 11% from the March 2018 peak, and some recently completed condos are selling up to 30% below assessment. The Open House House Price Index for condos – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – has fallen 9% year-over-year as of today. Vancouver Looking […]

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Westbank pre-sold a big chunk of Vancouver House condos to offshore flippers

Controversial Vancouver property developer Westbank pre-sold at least 30% of all units of its Vancouver House project to flippers, with the vast majority going to offshore speculators, data sent to OpenHousing show. A real estate industry insider shared details of nearly 200 listings showing at least 118 units out of 388 have been put up […]

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Abandoned Vancouver house gutted in fire linked to immigration consultant allegedly defrauding foreign workers

The abandoned Vancouver house gutted by a fire just after midnight on Sunday appears to be linked to an immigration consultant facing a class action suit for allegedly defrauding temporary foreign workers. The heritage house at 74 W 12th Avenue is currently on sale with the owner listed as 0928129 BC LTD. According to the […]

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Featured

Realtor suggests evading taxes using bare trust loophole

A Vancouver realtor is suggesting buyers evade BC’s property transfer tax by exploiting the so-called bare trust loophole. “Save on the PTT by purchasing the shares of the numbered company that holds title as Bare Trustee,” reads the realtor comments section on the Multiple Listing Service (MLS) page for a triplex in Kitsilano. “Seller is […]

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Featured

All Vancouver flippers flopped in May

All 11 detached house flips in and around Vancouver in May 2019 ended up with the flipper losing money, with all selling for double digit percentage losses. All flips in Vancouver, Richmond, Burnaby, West Vancouver, North Vancouver and New Westminster ended up with the seller getting less significantly less than what they paid for the […]

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