Billions in 'unknown' funds flowing into Canada's housing market [video]

Post by TedDoesntTalk » Fri, Jul 30, 2021, 7:35 AM UTC

yunohn wrote: post #78

tannhaeuser wrote: post #40

Earlier quoted context omitted.

Investment is a basic aspect of life; housing has been traditionally an investment to earn a living when you retire, whether individually or as part of a pension funds. The problem appears to be the monetary policies of central banks and rampant public debt, and the low interest rates, inflation, and lack of alternative investments that go with it.

> housing has been traditionally an investment to earn a living when you retire, whether individually … Do you mean that people are expected to buy additional houses to make money from, after retirement? I don’t think that’s ever been the case.

Post by mixmax » Fri, Jul 30, 2021, 7:36 AM UTC

catmanjan wrote: post #99

exporectomy wrote: post #32

Earlier quoted context omitted.

New Zealand did that a couple of years ago. House prices continued to skyrocket as if nothing had happened. It's local people who keep buying them and paying through the nose.

Imagine if a rich king comes to a small village and insists on buying a loaf of bread from the baker for $100 rather than a penny Now the butcher knows the baker is hungry and has $100, so he ups his prices to get the most value But the butcher needs knives and the blacksmith knows he can afford more now too The kings left town but the damage has been done, will probably take some time for things to go sane again

Post by CTDOCodebases » Fri, Jul 30, 2021, 7:37 AM UTC

BelenusMordred wrote: post #51

sunstone wrote: post #11

Earlier quoted context omitted.

In Australia if I recall correctly, foreign buyers are only able to buy newly built homes. Canada would benefit from a similar rule, it would stimulate more housing and not impact the demand for existing homes.

> foreign buyers are only able to buy newly built homes In theory, yes, in reality the largest single residential purchase in the country was $35m and splashed all over the front page of newspapers. It took them 5 years later to realise it was an illegal purchase by a foreigner after he had a different dispute with the tax office. If that sale slips through what hope do you actually have for any others?

Post by digislave » Fri, Jul 30, 2021, 7:38 AM UTC

ttul wrote: post #72

rishav_sharan wrote: post #52

Earlier quoted context omitted.

Did it have any effect? From what I hear, Vancouver has one of the costliest real state markets in Canada

It’s utterly bonkers. The median single family home in Vancouver costs CAD $1.9M (USD $1.5M).

Post by CTDOCodebases » Fri, Jul 30, 2021, 7:40 AM UTC

fastball wrote: post #25

sunstone wrote: post #11

Earlier quoted context omitted.

In Australia if I recall correctly, foreign buyers are only able to buy newly built homes. Canada would benefit from a similar rule, it would stimulate more housing and not impact the demand for existing homes.

In Indonesia, only citizens or businesses with part ownership by citizens are allowed to own property, and I think this is probably the right way to go for most other countries as well. Unlike the vast majority of other human endeavors, land actually is a zero sum game, at least until we are a space-faring species.