[加拿大新聞] 10 terms to make sense of Vancouver's wild real estate market

Quest

Vancouver's housing crisis and real estate market are rarely out of the headlines.

As politicians look for solutions amid a seemingly endless parade of stories of everyone from families to artists being squeezed out, and court cases surface revealing the underbelly of the market, here's a list of terms to help make sense of it all:

• Snow washing: Think money laundering in a safe, respectable country like Canada. Essentially, snow washing is when international businesses hide illegitimate financial transactions in Canada, often for the purposes of tax evasion.
• Feurdai: A Chinese term that refers to rich second generation children. It's essentially new money as the parents have often earned their wealth within their lifetime.
• Bare trust: Corporations and wealthy individuals hold properties in bare trusts so they can avoid paying property transfer taxes.
• Ghost immigrant: A person who secures permanent residency, purchases property in Canada and then returns to their home country.
• Shadow flipping: Some Realtors abuse a clause in real estate contracts, known as an assignment clause, that allows them to transfer the purchase of a property to another buyer, pocketing multiple commissions along the way.
• Affordable housing: The holy grail that's nebulous in dollar amounts. The rental incentive guidelines the city has defined for for-profit affordable rental housing put it between $1,730 and $1,903 for a one-bedroom rental or between $3,365 and $3,702 for a three-bedroom unit.
• Renovictions: Evicting tenants under the guise of doing renovations in order to increase the rent.
• Speculation tax: A provincewide tax introduced in the 2018 budget that targets secondary homes that are not occupied. Some areas, like Bowen Island and Squamish, are exempt.
• Foreign buyer ban: A proposal by the B.C. Green Party earlier this year tocopy countries like New Zealand and only allow permanent residents to buy property. Premier John Horgan rejected the idea.
• School tax: A levy — intended to pay for school seismic upgrades — that would increase property tax by 0.2 per cent on homes valued between $3 and $4 million and 0.4 per cent on the value above $4 million.