Research Question

Research Question

1. To What Extent has Bill 28 Impacted the Price of Real Estate in Vancouver, British Columbia?

   • Finding the price of real estate in Vancouver before and after Bill 28 Implementation
     • Difficult to find raw data tables on the price of real estate
       • Steve Saretsky's Wordpress has data on price of real estate from 2010 to 2020, although data is already processed into graphs. Graphs are interactable and can show prices upon hoviering cursor over
   • Understanding the market situation of real estate in vancouver
     • Read articles on Vancouver real estate market
       • Learn real estate market prices are driven up by foreign investment
         • Bill 28 should lead to reduced investment from foreigners
           • Checking price before and after implementation of Bill 28 to see if there is reduced investment overall
             • Analyzing Data
               • Data on real estate prices of Condominium and Single-Detached home prices analyzed
                 • The General trend of price does not correspond to law being pass as the Bill should reduce housing prices in general
                   • Looked at more data and see the property availability (supply of property) from 2010 to 2020
                     • Real estate prices correspond with the availability of properties on the market
                       • This can be explained by supply and demand
                         • Analysis reveals an increase in condominium price due to the effect of law on foreign buyers, but the price of single-detached homes do not increase.
                           • Came to final conclusion answering research question
             • Checking what might show foreign investment decreasing, despite data being on total purchases, without showing foreign or local purchase
               • Need to analyze price charts of different prooperty graphs as foreingers prefer to invest in different types of property
                 • Condominium and Single-Detached home prices will be most effected by foreigners as data from Statistics Canada shows
           • Interview conduct with field professionals
             • Ran into difficulties as only received one email reply out of interviews sent
               • Fixed this issue by going out and interview real estate agents at open homes around Vancouver
                 • Industry professionals also back this evidence and provide other information
         • Evidence and data of this found on Statistic Canada government website
           • Statistics Canada website shows that most foreigners buy apartment complexs, while also spending much more than locals on single detached homes
   • Understanding what the Bill does
     • Going to the Government website and reading about the bill, along with reading articles on the Bill
       • understanding who the bill effects:
         • Bill effects foreign individuals and corporations purchasing
     • Bill is an ad valorem tax
       • Foreign individuals and corporations are subject to an ad valorem tax
       • Ad valorem tax increases the price of purchasing and makes investment not worth it
     • Why was the bill implementeed?
       • To reduce foreign investment as sources show