Although an $89 billion dip in home equity across Metro Vancouver could impact recent homebuyers, longtime homeowners will see little impact.
STEPUP, which describes itself as a 91裸聊视频済rassroots non-partisan movement by concerned B.C. citizens,91裸聊视频� released a report this week about an $89.2 billion loss in home equity across the region between April 2018 and April 2019.
Much of that loss would have been in Vancouver, at $43.6 billion.
The report was prepared by Paul Sullivan, senior partner at Burgess, Cawley, Sullivan & Associates Ltd.
Sullivan said that although Premier John Horgan91裸聊视频檚 government may be attempting to lower housing prices, 91裸聊视频渢hey are simply removing billions of dollars from the B.C. economy.91裸聊视频�
91裸聊视频淭his provincial government suggests you don91裸聊视频檛 deserve to have that real estate 91裸聊视频榳ealth91裸聊视频� and should pay even more, on top of rising income taxes, the highest gas prices in North America and ballooning ICBC and utility fee increases,91裸聊视频� Sullivan said.
91裸聊视频淭he impact of the school tax surcharge on homes assessed at over $3 million, for example, means an average 35 per cent increase across Vancouver.91裸聊视频�
But Tsur Somerville, an associated professor at the UBC Sauder School of Business, believes that 91裸聊视频渋n any meaningful sense the average homeowner is fine.91裸聊视频�
91裸聊视频淎nyone who been in the housing market is still way ahead,91裸聊视频� Sommerville said, pointing to Point Grey homeowners outraged by the report.
Point Grey resident Ric Pow, who was quoted in STEPUP91裸聊视频檚 report, said he and his wife have 91裸聊视频渉ave been taxed out of our home.91裸聊视频�
The Pows have owned a home in Point Grey for 33 years but say their home 91裸聊视频渉as lost 25% of its value since the NDP took power.91裸聊视频�
But Somerville said homeowners who91裸聊视频檝e been the housing market 91裸聊视频渉ave done so well, they91裸聊视频檝e been so lucky in the lottery of life that I think arguing about it is somewhat socially irresponsible.91裸聊视频�
The movement, he said, is 91裸聊视频渁 grassroots movement of the rich.91裸聊视频�
The people who will be negatively affected by this equity loss, Somerville said, are recent first time homebuyers.
91裸聊视频淎nyone who91裸聊视频檚 bought near the peak of the market about a year ago isn91裸聊视频檛 looking at any gains, but just declines in equity.91裸聊视频�
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