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The Canadian Housing Boom Fueled by China’s Billionaires

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Re: The Canadian Housing Boom Fueled by China’s Billionaires

#11

Post by vivekd »

icantdrive55 wrote: post #5

I 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.

I agree with you that there should be restrictions on foreign investors looking to housing as investment. . . at the same time, I am worried that they are being used as scapegoats to avoid addressing much larger structural economic and legislative problems behind the inflationary price increase.

In fact I think these foreign investors are more being attracted by the already inflating prices than actually the culprit in the inflation.

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#12

Post by imh »

jackcosgrove wrote: post #9
happyslobro wrote: post #8

I 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.

Can I ask what you do for a living?

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#14

Post by cognivore »

jackcosgrove wrote: post #3

The 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.

Quarter of a million?! Maybe in 2009. Now, 1/2 a million.

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#15

Post by jackcosgrove »

cognivore wrote: post #14
jackcosgrove wrote: post #3

The 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.

Quarter of a million?! Maybe in 2009. Now, 1/2 a million.

I'm figuring for the down payment.

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#16

Post by jackcosgrove »

imh wrote: post #12
jackcosgrove wrote: post #9

Earlier quoted context omitted.

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.

Can I ask what you do for a living?

I write software.

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#17

Post by OneNoteIsFree »

icantdrive55 wrote: post #5

I 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.

I didn't know that. What if they are denied visa after that?

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#18

Post by enraged_camel »

et-al wrote: post #4
hoodoof wrote: post #2

A 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.

>>and city of Vancouver was given the authority to impose a new tax on empty homes.

I wonder how they will actually enforce this. I mean, one can furnish a home, have utilities remain active and leave a few lights on and make it look like someone is actually living there. Add some random noise generation (pretty easy to set up with home automation or other, similar methods) and you can fool basically anyone who isn't actively watching your door 24/7.

Re: The Canadian Housing Boom Fueled by China’s Billionaires

#19

Post by jmspring »

FreedomToCreate wrote: post #13

A running joke in Canada is that BC stands for "Bring Cash". This is what happens in a completely unregulated market. Good in the short term, disastrous in the long.

It's racist, but after Hong Kong and Macau, Vancouver was readily referred to as Hongcouver.

The money spilling in from Asia has been going on for a long time. 16+ years.

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