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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

#261

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…

I would posit that the US is headed down a similar road with christofascism in the red states. They seem to be in a race to the bottom when it comes to freedom and prosperity. Texas once moderated that but no more, I'm due to move out of this in a couple of months and probably in a nick of time. So Canada might not be alone.

Those christofascist states have been seeing immigration inflows, are recently leading economically, and generally aren’t as screwed up reproductively where families are treated as expendable resources to be exploited for labour until they burn out like in blue states and Canada.

The left has done many nice things to ensure human rights and hedonism (not saying that negatively) but in the process all the values and traditions they deemed unimportant in the name of progress are catching up with them and I only seeing this intensify over time unless blue states and Canada have a serious come to Jesus moment. The current reality of blue states is they can ONLY exist in a world where places even more regressive than the red states exist and supply them with a constant supply of population to burn through and oddly nobody on the left seems to be all that concerned with this even though it will collapse blue state values and economics in less than a century as global population plateaus.

The American red states don’t strike me as a paragon of morality but they do strike me as one of the most relatively sustainable and affluent and “normal” cultures in the developed world, and affluent goes a long way.

If you’re expecting Canada to be a refuge from a conservative wave you’re likely to be disappointed because it and the blue states have much of the same systemic problems and it will be pressured to reform in much the same way.

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

#262
post #180

Earlier quoted context omitted.

What's funny is that if we substitute Canada with Russia in your comment, every word of it still holds true. I suppose "stable" and "stagnant" are two sides of the same coin.

Calling China Russia's security guarantor is a stretch at best. The military difference between the two, while growing, is no where near the difference between the USA and Canada. I would argue Russia's nuclear arsenal is a far more reliable guarantor of their security then China would ever be.

Also has China ever claimed to be Russia’s security guarantor?

The US and Canada, if nothing else, are both in NATO.

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

#263

Earlier quoted context omitted.

Yeah, Russia is Chinas Canada

What an insane take

The US does not make a cultural claim to any part of Canada, except possibly jokingly Alberta, which might actually be "Alberta jokingly makes a threat to secede to the US" (the US does not really want alberta and its disgustingly sulfurous oil).

China is constantly threatening to invade the Russian far east and retake haishenwai

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

#264

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 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.

OP is comparing Canada to other developed nations. Canada is pretty subpar compared to most places in EU or US on all fronts: weather, housing, quality of life, innovation and salaries.

We have people renting a single bed in the same room for 600$/mo in Toronto.

I suppose that however if you are an immigrant from a war torn country or a developing country, Canada would look like heaven.

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

#265

Earlier quoted context omitted.

> 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.

The whole point of a business is to make a profit: I worked hard because I am middle aged and had no retirement savings - my other choice was FIRE or to suck on the government's teat. Running a "business" for status is defined as a hobby.

1 in 10 businesses survive. Why bother starting one if you don't get your 10x return? If you've got one, why bother trying to be a serial entrepreneur if it's all gonna be taxed? Do you think New Zealand should leave the entrepreneurship to the USA and we can just buy what we need from US multinationals?

> The incentive is it’s still a fuckton more money.

It just isn't. The people I know earning way more than I don't have anything significantly better. Mostly a nice house and a nice car and if they're lucky a bach.

Marginal incentives matter. Over 50% of my personal income goes on taxes including GST.

My life is similar to most any professional worker. I have never owned a new car. I know solo-mums that didn't work for over a decade with more equity in their home than me. My biggest expense is tax, my second biggest is my mortgage.

> The amount of money wasted by the rich

Just the rich eh? Everybody else is so much more careful! Watch out with your stereotypes - I'm guessing you don't like them applied to yourself?

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

#266
post #180

Earlier quoted context omitted.

> Canada is the most overrated of all the developed countries You're also a politically stable energy and resource exporter bang next to a global economic superpower and security guarantor. Oh, and access to two oceans and soon a third. Canada has plenty of problems. But it's also tremendously blessed.

What's funny is that if we substitute Canada with Russia in your comment, every word of it still holds true. I suppose "stable" and "stagnant" are two sides of the same coin.

Russia are frenemies at best. They are allies today, but they have fought border skirmishes in recent times, and they are worried about Chinese moving to and eventually taking over the Russian Far East

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

#267

Earlier quoted context omitted.

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.

Yes, but there's Canada's climate. If you try to live in a tent outdoors in Canada you will likely die.

You can do it Vancouver. Seattle and Vancouver’s homelessness problem are remarkably similar, only differing in how Canada handles it better than the Americans do.

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

#268
post #188

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…

I worked with an Indian migrant to Canada. He was very good at his job, a great team player, and overall an amazing guy. Your description is unfair.

[deleted]

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

#269

Earlier quoted context omitted.

> if both the lender and borrower are willing participants Eventually this behavior goes overboard and everything crashes. In the meantime, law-abiding people are screwed by the bubble. Then they are made to pay for the clean up. Fraud is costly, and rationalizing it contributes to the problem.

> this behavior goes overboard and everything crashes Maybe... but you need to keep in mind most of these people are not really building a bubble. Unlike the subprime mortgage crisis, where things were built on inflated valuations, many borrowers in this "scheme" do have more than enough funds to cover the entire mortgage. It's just that their capital is relatively illiquid. This is also why the high interest rates h…

[deleted]

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

#270

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…

> 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. Canada has generally had a more conservative financial industry, which is a large part of why they were able to escape the 2008 mortgage crisis, and that, in turn, has lead to a stronger real estate market. Additionally, the recent…

It's also hard when you're spending money educating your citizens for those high paying tech jobs and over half of them go to the USA [1] [2] [3] [4].

That and lack of venture capital/funding and, I've heard, increased government barriers compared to the USA, reduce the number of local tech companies.

The one bright spot in the past decade are the AI hubs in Toronto and Montreal - but they seem to be mainly satellite offices for USA companies.

[1] https://sexxis.github.io/classprofile/ , 2021 UWaterloo SWEng profile

[2] https://uw-se-2020-class-profile.github.io/profile.pdf , 2020 UWaterloo SWEng profile

[3] https://krishn.me/syde-2018-profile.pdf, 2018 UWaterloo SysDesEng profile

[4] https://joeyloi.com/SYDE2017classprofile.pdf, 2017 UWaterloo SysDesEng profile

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