61–70 of 395 posts
Meanwhile, 3 provinces in China keep facing unexpected power shortages from their hydroelectric dams, but the airport keeps landing 747s full of GPUs.
Home owners will be happy to hear this. Not yet home owners like me are screwed because rents to damn high and I can’t afford to save up for a down payment. Sorry bud.
This isn't new, nor is it only related to China. Mexico, Russia, many middle east countries, and whole slew of other places has poured billions of cash into Canadian real estate. It's done via regulated banks who turn a blind eye because there nothing illegal about how it's being done. The are skyrises being built in every major city in which 95% of the tenants are not Canadian, and they sit practically empty. Some c…
Think about it. If you had made a few million based on your having positional power in a country where you would be jailed or killed once people found out what you had been doing, you'd get the money out to somewhere your descendants would have safe access to it no matter what happened.
New Zealand has a similar housing problem. House prices are skyrocketing and pricing out young people. A 25-30% rise in the past year has meant few people are saving fast enough to get a deposit. But two or three years ago the govt. banned overseas buyers. There is no reason to suggest the ban is not effective. It even bans non-permanent residents, so plenty of legitimate residents (work visas) can't purchase propert…
So your theory is that the contained, stable number of housing buyers just decided to start paying 30% more?
Earlier quoted context omitted.
Overseas buyers just get permanent residency and citizenship and buy houses. A few years ago you just needed ~$NZ5m invested in the country and you get permanent residency. There is no way the prices are driven by domestic money. My factory supervisor brother has a house in Mangere Bridge, a blue-collar suburb, built for ~$100k 20 years ago is now well over $1m. It is batshit crazy. I hear of eye-watering prices in M…
You think the price of 500k houses has been driven to 1m thanks to people who can throw around 25m?
New Zealand has a similar housing problem. House prices are skyrocketing and pricing out young people. A 25-30% rise in the past year has meant few people are saving fast enough to get a deposit. But two or three years ago the govt. banned overseas buyers. There is no reason to suggest the ban is not effective. It even bans non-permanent residents, so plenty of legitimate residents (work visas) can't purchase propert…
Overseas buyers just get permanent residency and citizenship and buy houses. A few years ago you just needed ~$NZ5m invested in the country and you get permanent residency. There is no way the prices are driven by domestic money. My factory supervisor brother has a house in Mangere Bridge, a blue-collar suburb, built for ~$100k 20 years ago is now well over $1m. It is batshit crazy. I hear of eye-watering prices in M…
They were sad about it.
It's fucked.
New Zealand has a similar housing problem. House prices are skyrocketing and pricing out young people. A 25-30% rise in the past year has meant few people are saving fast enough to get a deposit. But two or three years ago the govt. banned overseas buyers. There is no reason to suggest the ban is not effective. It even bans non-permanent residents, so plenty of legitimate residents (work visas) can't purchase propert…
Notice that there is no comparable craze on the stock market. P/E has gone somewhat up sure but it's just out of anticipation of record corporate profits in the coming quarters - which is not unjustified given rampant inflation and deficit of everything which everyone is now making tons of money trying to fill.
Because smart people never invest in real estate (at least not in residential real estate, especially not in single family, detached houses).
In Russia, we have a proverb - "best thing to do about fools is not trying to stop them".
Earlier quoted context omitted.
I'm not sure Australia should be held as an example of a healthy housing market.
The apartment I lived in before had a few hundred sold, with most sitting empty. The building managers mentioned most of the owners were Chinese, and would rather not rent it out than drop the rent prices, so they had to constantly carry out inspections on apartments that had never been lived in, for a few years now. Absolutely depressing. The bit that weirded me out most was the post boxes. They were quite big, but…
Earlier quoted context omitted.
What happened to the punitive taxes for unnocupied homes I read about a couple of years ago? If I recall it was a "tax" 1% of the property value every month after the first 12 of vacancy I can't imagine that going into effect and rent/house prices _not_ going down
That tax applies to the city of Vancouver. Most houses in Canada are outside of Vancouver.
https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy...