House values in Greater Vancouver - international

Hi David
Thank you for Centapede.  On December 30th you said "hundred/thousands of
non-residents are selling their Canadian properties."
Do you have any idea why?
Mxxxxxxxxxxx
=======================================
david ingram replies:
everyone has a different reason.
Some were going to invest in Texas, others to buy a house in the US, others
just "because".
What is interesting is the number which indicates to me a prevailing
international lack of confidence in the immediate foreseeable growth of the
prices in Greater Vancouver. I think it means that the Olympic factor has
already run its growth in BC.
When it will return, I do not know.  In the meantime, I still think that
anyone who does not own should buy.  If it goes down 10 or even 20% in eh
short run, it does not matter because they did not buy it to sell
immediately.  And if it does go up another 10%, they have to earn three
times as much to pay the increased purchase, the interest and the tax to
have that much left over.
i.e. - if the home goes up $50,000, you have to make $200,000 to pay it off
in the long run.  i.e., with interest over 20 year, the $50,000 increase in
price which had to be borrowed will increase to $120,000 or so at 5%.  You
have to earn $200,000 and pay $80,000 tax to have the $120,000 left over.
david
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