MAY METRO VANCOUVER HOUSING REPORT

The sales pace for May 2019 home sales was subdued while the rate of price decline slowed down considerably. The spokeperson for REBGV cited "High home prices and mortgage qualification issues caused by the federal governmentís B20 stress test remain significant factors behind the reduced demand that the market is experiencing today"

TAX PITFALLS: FOREIGN ONWERS CLAIMING TO BE ďRESIDENTS OF CANADA

The B.C. court decision requiring notary public Tony Liu to pay his client more than $600,000 for  because Liu failing to determine whether the Vancouver house his client was buying for $5.5 million had been owned by a tax resident of Canada.

As a result, the Canada Revenue Agency did not get paid, at the time of the sale, the 25 per cent capital gains tax it charges non-resident sellers of Canadian property on any profit they make on the sale.

When the CRA later demanded the buyer to pay the $600,000 in taxm, the buyer, in turn, sued Liu, arguing Liu failed to discover the seller was not a tax resident of Canada.

CHINESE INFLUENCE ON VANCOUVER HOUSING MARKET

Just how much is Asian immigration affecting the local housing market? Are Mainland Chinese purchasers to blame for pushing housing values so high that many locals canít afford to buy?

Itís an ongoing, often hotly debated topic in Metro Vancouver. And a conclusive answer seems even more elusive as Mainland Chinaís government progresses firmly along the path of change.