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"Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

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Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#241

Post by rybosworld »

jeffbee wrote: post #155
uLogMicheal wrote: post #142

Earlier quoted context omitted.

It's not a matter of if they get paid, it's the unfair advantage this gives in an already competitive market. 2/3 of these properties are probably rented out at inflated prices and the two probably pay the mortgage of the third owners live in. This is a free money glitch, aka fraud.

If the market will bear the rent, why does changing the nationality of the owner improve anything?

The market's not bearing rent so much as existing property owners are colluding to prevent new construction.

If new construction wasn't so aggressively blocked in some major cities (San Francisco, Boston, all of Canada it seems), then the rents would not be nearly as high as they are.

Wealthy property owners are behaving a lot like a cartel in many places.

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#242

Post by xcrunner529 »

ashconnor wrote: post #224
diego_moita wrote: post #163

Earlier quoted context omitted.

As an immigrant into Canada: even if that description were true, it still would make it a lot better than the majority of other countries in the world. Luckily, Canada is a lot better than your description.

The comment is complete hyperbole and isn't even correct. Real estate is bigger in the US than Canada. Every developed country is running into immigration and housing issues. Canada isn't alone and isn't even the worst case.

Isn’t allowing everyone and essentially recruiting immigrants a major cause of the housing crisis and expenses in Toronto?

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#243

Post by filoleg »

nimbius wrote: post #123
ilrwbwrkhv wrote: post #108

I have said this over and over again: Canada is the most overrated of all the developed countries. The whole country is a gigantic house of cards propped up by real estate, with horrible service quality, terrible healthcare, no jobs, ZERO innovation, risk taking and entrepreneurship. Having lived and travelled extensively, most Canadians want a house somewhere in the woods instead of doing something meaningful with t…

>most Canadians want a house somewhere in the woods instead of doing something meaningful with their lives or try and innovate to build something. to be fair most Canadians were promised this as part of their countries stratospheric growth under neoliberalist policies. that they are not capable of it is no fault of their own. that they want this is at all is not a bane. > Where US got the best talent from India, Cana…

> dividing immigrants into "good ones" and "bad ones" is pretty vile, but as an american i must acquiesce we've played that game for a long time. before hispanics it was asians, before asians it was europeans (the irish particularly.)

This is just an entirely incorrect reading of what the grandparent comment said.

They are not saying that immigrants from some places are good, and immigrants from some other places are bad (or immigrants of one ethnicity vs. another). Regardless of whether you agree with them or not (which is a very valid thing to disagree with, if that’s how you feel), they explicitly said that the US gets “good” immigrants from those groups, while Canada gets more “mediocre” immigrants from those exact same groups.

There is no classification or separation by nationality/ethnicity going on in the grandparent comment, despite you treating it like there is.

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#244

Post by m3kw9 »

raydev wrote: post #231
m3kw9 wrote: post #140

Earlier quoted context omitted.

Despite what you have “heard” the heath care system is quite nice

How quickly can you book an appointment with your family doctor? How did you acquire your family doctor?

Most times you can do walk ins same day, but finding a family doctor depends on location so my experience can be different

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#245

Post by xcrunner529 »

robocat wrote: post #239
quink wrote: post #191

Earlier quoted context omitted.

Guardian, December 2023: > The wealth tax contemplated by New Zealand Labour would have required couples to pay an annual levy of 1.5% on any assets they held over a $10m threshold. The estimated $3.8bn in revenue would have funded income-tax cuts for the vast majority of Kiwis. Labour’s potential coalition partners, the Greens and the indigenous-led Te Pāti Māori, ran on similar platforms. > Plus the relentless atta…

> I’m not seeing the problem. The problem is what is the incentive to keep working once you've earned a house and bach? Why bother save for retirement if your savings are to be taken from you at a significant percentage per year? A few percent is a huge penalty (see index funds versus mutual funds), and the wealth tax is on top of taxation of salary and dividends. assets over $1m - a threshold the party thought would…

lol what? That’s the same old tax argument over again. I thought you all were motivated by things other than money? You know, that entrepreneurial spirit?

The incentive is it’s still a fuckton more money. You’re not taxed at 100% and in turn you live in a country with better services. The amount of money wasted by the rich is hilarious when combined with this take.

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#246

Post by xcrunner529 »

christkv wrote: post #213
quink wrote: post #191

Earlier quoted context omitted.

Guardian, December 2023: > The wealth tax contemplated by New Zealand Labour would have required couples to pay an annual levy of 1.5% on any assets they held over a $10m threshold. The estimated $3.8bn in revenue would have funded income-tax cuts for the vast majority of Kiwis. Labour’s potential coalition partners, the Greens and the indigenous-led Te Pāti Māori, ran on similar platforms. > Plus the relentless atta…

What leads to is no willingness to invest in anything other than bonds to ensure you have enough money to pay the tax.

150k from 20m of assets? Really? Lmao

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#247

Post by m3kw9 »

canadiantim wrote: post #206
m3kw9 wrote: post #140

Earlier quoted context omitted.

Despite what you have “heard” the heath care system is quite nice

I’d like to strongly disagree with you. Parts of the health care system are quite nice, but other parts have completely collapsed causing multi year delays for basic healthcare services or even finding a family doctor, which is not quite so nice.

What is your experience in finding a doc?

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#248

Post by evilfred »

m3kw9 wrote: post #140
ilrwbwrkhv wrote: post #108

I have said this over and over again: Canada is the most overrated of all the developed countries. The whole country is a gigantic house of cards propped up by real estate, with horrible service quality, terrible healthcare, no jobs, ZERO innovation, risk taking and entrepreneurship. Having lived and travelled extensively, most Canadians want a house somewhere in the woods instead of doing something meaningful with t…

Despite what you have “heard” the heath care system is quite nice

1 million British Columbians who can't find a family doctor, and thousands who have to wait 6+ months for cancer treatment , disagree with you

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#249

Post by [deleted] »

thisisnico wrote: post #165
ilrwbwrkhv wrote: post #108

I have said this over and over again: Canada is the most overrated of all the developed countries. The whole country is a gigantic house of cards propped up by real estate, with horrible service quality, terrible healthcare, no jobs, ZERO innovation, risk taking and entrepreneurship. Having lived and travelled extensively, most Canadians want a house somewhere in the woods instead of doing something meaningful with t…

As a Canadian, living in Southern Ontario, I couldn't agree more with your assessment. Somehow we are ranking #1 on so many charts for quality of life etc. I'm starting to believe these sites and reviews of Canada are paid for. We were an incredible country before Trudeau took office. His aggressive immigration policy, no economic policy or plan, and creation of infighting on social issues, not tackling any of the co…

[deleted]

Re: "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

#250

Post by __loam »

ilrwbwrkhv wrote: post #108

I have said this over and over again: Canada is the most overrated of all the developed countries. The whole country is a gigantic house of cards propped up by real estate, with horrible service quality, terrible healthcare, no jobs, ZERO innovation, risk taking and entrepreneurship. Having lived and travelled extensively, most Canadians want a house somewhere in the woods instead of doing something meaningful with t…

> Having lived and travelled extensively, most Canadians want a house somewhere in the woods instead of doing something meaningful with their lives or try and innovate to build something.

Do you ever think about what you're writing and think "I'm an ass hole"?

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