The Canadian Housing Boom Fueled by China’s Billionaires
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Re: The Canadian Housing Boom Fueled by China’s Billionaires
#2A disaster for people who believe Canadian citizens and permanent residents should be able to afford to buy a home in their own city.
Great for those who own real estate and sell it.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#3The whole Pacific coast of North America is becoming a gated region, closed off from those without at least quarter of a million dollars saved up. Unfortunately I think the mild weather and beauty of that area mean prices will never go down. Middle class people are seemingly bound to live in places that are too hot, too cold, or too flat.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#4A disaster for people who believe Canadian citizens and permanent residents should be able to afford to buy a home in their own city. Great for those who own real estate and sell it.
It seems like the Canadian government is responding:
> Foreign investors will have to pay an additional 15 percent in property-transfer tax as of Aug. 2 and city of Vancouver was given the authority to impose a new tax on empty homes.
The additional tax on foreign investors is a good idea, but I wonder how it will be enforced, especially when ownership is often hidden behind trusts.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#5I can't speak for Canada, but in the USA; all a foreigner needs to buy a home is cash, and a phone call.
I'll get hammered for saying this, but I feel it's wrong on so many levels.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#6A disaster for people who believe Canadian citizens and permanent residents should be able to afford to buy a home in their own city. Great for those who own real estate and sell it.
It seems like the Canadian government is responding: > Foreign investors will have to pay an additional 15 percent in property-transfer tax as of Aug. 2 and city of Vancouver was given the authority to impose a new tax on empty homes. The additional tax on foreign investors is a good idea, but I wonder how it will be enforced, especially when ownership is often hidden behind trusts.
My instinct is that it will likely be a small source of income for the government. Will it help with affordability issues for locals? Unlikely.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#7A disaster for people who believe Canadian citizens and permanent residents should be able to afford to buy a home in their own city. Great for those who own real estate and sell it.
It seems like the Canadian government is responding: > Foreign investors will have to pay an additional 15 percent in property-transfer tax as of Aug. 2 and city of Vancouver was given the authority to impose a new tax on empty homes. The additional tax on foreign investors is a good idea, but I wonder how it will be enforced, especially when ownership is often hidden behind trusts.
[edited for accuracy]
Technically, it is a British Columbia provincial tax which applies only in the metro Vancouver area. I am curious to see what, if any, affect it has.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#8I think that the real problem is that so many people are trying to concentrate into the densest areas. That creates huge pressures, which are reflected in the price of space.
Take a look at the cities with populations below 100K. You will find lots of people who live great lives, despite not being rich. For those of us who grew up in these little island towns, living in a place like Vancouver is downright depressing, regardless of the price.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#9I think that the real problem is that so many people are trying to concentrate into the densest areas. That creates huge pressures, which are reflected in the price of space. Take a look at the cities with populations below 100K. You will find lots of people who live great lives, despite not being rich. For those of us who grew up in these little island towns, living in a place like Vancouver is downright depressing,…
I used to think you had to live in an "it" city to make it. Then I realized that I could make my life whatever I wanted to be more easily in a less expensive place. The chains were in my head.
Re: The Canadian Housing Boom Fueled by China’s Billionaires
#10I can't speak for Canada, but in the USA; all a foreigner needs to buy a home is cash, and a phone call. I'll get hammered for saying this, but I feel it's wrong on so many levels.
Especially when that cash can come from dodgy loans in the home country.