UDI Vancouver Luncheon - Foreign Buyers Tax: Opportunities and Consequences

VIDEO  from the event.

PHOTOS  from the event.



On July 25, 2016 the Provincial Government announced that effective August 2, 2016 an additional 15% Property Transfer Tax (PTT) will apply for purchasers of Metro Vancouver residential real estate who are foreign nationals or foreign-controlled corporations.

This announcement is the latest in taxation measures created in response to increasing housing prices. It is uncertain what combined impact these taxes will have on the housing market. 

As our first Luncheon of the new season, we have invited acclaimed local economists and real estate lawyer to share their insights on the Foreign Buyers Tax (Bill 28) and its implications for our industry and the local economy. 



Please join us to hear their opinions in a panel discussion moderated by Neil Chrystal, President and CEO of Polygon Homes.

   

Featured Panel:

• Tom Davidoff, Associate Professor and Director, UBC Centre for Urban Economics and Real Estate
• Helmut Pastrick, Chief Economist, Central 1 Credit Union
• Tsur Somerville, Associate Professor and Director, UBC Centre for Urban Economics and Real Estate
• Arnon Dachner, Partner, Dentons Canada LLP
• Neil Chrystal, President & CEO, Polygon Homes Ltd. 

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BIOS

NEIL CHRYSTAL
Neil manages all aspects of Polygon's home-building activities in Greater Vancouver, and currently serves on the Board of Executives of the Urban Development Institute – Pacific Region. Neil joined Polygon in 1987, after graduating from the Urban Land Economics program at the University of British Columbia. A North Shore native, he is active in hockey and other team sports, as well as helping raise his three children.

TOM DAVIDOFF
Tom Davidoff is an Assistant Professor at the Sauder School of Business, University of British Columbia. He previously served as an assistant professor at the Haas School of Business, UC Berkeley. Tom is an editor at the Journal of Housing Economics. His research on housing prices and retirement finance has appeared in the American Economic Review, The Journal of Public Economics, The Journal of Urban Economics, Real Estate Economics, and elsewhere.

Tom has also worked in the real estate development industry for Forest City Ratner Companies and as a senior economist at the Council of Economic Advisors. Tom's PhD is from MIT and he has degrees from Harvard and Princeton. Tom is a Fellow Candidate at the Homer Hoyt Institute.

HELMUT PASTRICK
Helmut Pastrick is Chief Economist for Central Credit Union 1, the central financial facility and trade association for the B.C. and Ontario credit union systems.

Pastrick is the editor of the Economic Analysis of British Columbia and the Economic Analysis of Ontario publications. These sources provide authoritative, unbiased analyses and insights on the provincial economy. Typical issues include forecasts of provincial and regional economies, housing markets and nonresidential construction. In addition, Pastrick provides economic analysis and forecast services to the credit union system. 

Prior to joining the Central 1 Credit Union in 1997, he spent many years with the Canada Mortgage and Housing Corporation in BC analyzing and forecasting the provincial housing market and economy. Helmut Pastrick is former President of the Association of Professional Economists of BC, a member of the Canadian Association for Business Economics, and the BC Economic Forecast Council. 

He is frequently called upon by the media to provide comments on economic events; and his presentations are in demand by many organizations and groups, including credit unions, trade and professional associations, and service clubs. Central 1 represents a consumer-oriented, full-service retail financial system that serves 2.9 million members and holds $80 billion in assets and is owned primarily by its member credit unions, 45 in B.C. and 113 in Ontario. 

TSUR SOMERVILLE 
Tsur Somerville is an associate professor, Director of the UBC Centre for Urban Economics and Real Estate, and holder of the Real Estate Foundation Professorship in Real Estate Finance at the Sauder School of Business at UBC.  His areas of primary research are real estate development and housing markets.  He has published in a wide range of academic journals and served on the boards of the leading academic organizations in urban economics and real estate. Dr. Somerville received his Ph.D. in Economics from Harvard University and his BA from the Hebrew University (Israel) in Economics and East Asian Studies. 

ARNON DACHNER
Arnon practises in the Real Estate Development Group advising clients on all aspects of real estate transactions from acquisitions and financing, corporate structure and organization, through development approvals and construction, to sales and leasing. He also acts for traditional and mezzanine lenders in financing transactions.

Arnon's expertise includes advising investors participating in debt or equity real estate investments and counselling both private and institutional clients on real estate and general corporate/commercial legal matters. He has experience in syndication, joint ventures, partnerships and more unconventional investment and financing structures. Arnon has prior experience in real estate sales and property management.