Vancouver's Real Estate Market

[Eff-1]

Ultimately I gotta blame the government for this mess.

They opened the doors to immigration beyond what it should have been, taxing a social system that was already at the limits.

They didn't crack down on employers (like fast food franchise owners) from abusing the TFW program to find staff.

They let post secondary schools charge sky-high tuition fees to subsidize Canadian students, and many of those students came in with no intention of studying, but instead working to get permanent residency.

All of the above are a result of poor government oversight and policy making.

I don't blame the Indians coming over here and here's why:

If you live in a country like India, and someone offers you an opportunity to go to Canada (or the USA, or Europe, etc) 99% of people will obviously take it.

The entire culture and economy of India is based on handshake deals, loopholes and corruption/bribes. People over there don't follow the rules like most of us do in Canada. In a country of a billion people, people feel like they can do what they want and there is little chance of ever being noticed or caught. It's a society very much like The Hunger Games.

So yeah, the Indians come over here because they reaized they can enroll in school (or even fake school) because it's a back door to PR. To them, that's just normal stuff.

And they don't see any issues with abusing the TFW program either because if they were back home, everyone would be doing the same thing.

Not saying they are totally blameless, but the gov't ultimately started this mess.

[HonestTea]

Originally Posted by whitev70r

I'm no expert but it feels like we are at the bottom or close to it in terms of prices for condos. Builders are cancelling projects, developers are going belly up, the supply of new units will slow to a crawl = less supply. But the x factor is how people feel in the next 3 yrs (Trump's presidency) and the economic unpredictability. We are seeing rise of unemployment, job loss, etc., prob due to effects of tariffs.

I'd agree. We're close to the bottom and with rate cuts on the horizon as well.

It's better to have more options now and find the one you absolutely love vs. bidding wars and FOMOing into something less desirable.

This is especially true if you're looking for a place to live or hold for 5-10 years and not to flip in a year or two.

[unit]

Originally Posted by Eff-1

Ultimately I gotta blame the government for this mess.

They opened the doors to immigration beyond what it should have been, taxing a social system that was already at the limits.

They didn't crack down on employers (like fast food franchise owners) from abusing the TFW program to find staff.

They let post secondary schools charge sky-high tuition fees to subsidize Canadian students, and many of those students came in with no intention of studying, but instead working to get permanent residency.

All of the above are a result of poor government oversight and policy making.

I don't blame the Indians coming over here and here's why:

If you live in a country like India, and someone offers you an opportunity to go to Canada (or the USA, or Europe, etc) 99% of people will obviously take it.

The entire culture and economy of India is based on handshake deals, loopholes and corruption/bribes. People over there don't follow the rules like most of us do in Canada. In a country of a billion people, people feel like they can do what they want and there is little chance of ever being noticed or caught. It's a society very much like The Hunger Games.

So yeah, the Indians come over here because they reaized they can enroll in school (or even fake school) because it's a back door to PR. To them, that's just normal stuff.

And they don't see any issues with abusing the TFW program either because if they were back home, everyone would be doing the same thing.

Not saying they are totally blameless, but the gov't ultimately started this mess.

also the immigration companies that take advantage of them by selling them lies and extorting them.
if they didnt make canada out to be some sort of promised land where you can easily get work and buy a house, raise a family, live like a canadian, etc... then this problem wouldn't have gotten so out of control.
if they only knew that they would have to be living with roommates for years before even having a chance to have their own room or own apartment, and living paycheque to paycheque and probably never paying off their debts at home from people who lent them money to come here in the first place, many of them wouldn't come.

[Eff-1]

^ 100%. The immigration consultants saw the loophole and rather than being like "oh we shouldn't do that, there might be consequences for everyone later on" they were like "perfect!". Indians never think about consequences, lol.

[EvoFire]

Originally Posted by Eff-1

^ 100%. The immigration consultants saw the loophole and rather than being like "oh we shouldn't do that, there might be consequences for everyone later on" they were like "perfect!". Indians never think about consequences, lol.

This honestly is kind of true and it's a cultural thing. They see what they see and have no mind of what may follow down the road.

So many times I've had to clean up technical debt at work because of that mindset.

[Harvey Specter]

It’s not just Indians; mainland Chinese have been abusing student visas, birth tourism, and moving money through real estate for years now.

At the end of the day, the blame lies mostly with policy and enforcement failures, not with people simply taking opportunities that were presented to them. The system itself incentivized it.

[Badhobz]

True. All this bs lies with the liberal government. You can’t fault people for wanting to come to a first world country. Like I’ve said before, that greedy ass turd wanted the cheap labor and wealth these “students” would bring and like a typical politician, couldn’t see past these two points to the broader damage done by such a policy.

This is why I wanted the Pee Pee guy and the cons. This isn’t just turds idea, I’m sure the entire liberal caucus came up with this hare brained immigration scheme.

[is350]

Originally Posted by Eff-1

Ch28?? Are you still in the market?

I don't know who that is...

[is350]

One more question for y'all, are the banks still tightening up mortgage amount to 3x annual income max? or are they easing up to 4x annual income now? Assuming no debt, good long term relationship with bank and decent credit over 800.

Thanks!

[Eff-1]

Originally Posted by is350

I don't know who that is...

Famous RS user who kept asking if now was the "right time" to buy for like six years lol.

[Eff-1]

Originally Posted by Harvey Specter

It’s not just Indians; mainland Chinese have been abusing student visas, birth tourism, and moving money through real estate for years now.

At the end of the day, the blame lies mostly with policy and enforcement failures, not with people simply taking opportunities that were presented to them. The system itself incentivized it.

There's one big difference though between the Indians and Chinese.

The Chinese brought lots of money. It's easier to excuse cultural differences and/or bad behavior when one brings lots of wealth.

Indians... not so much. Haha

[JDMDreams]

Yes, what has India brought to the table.

[Badhobz]

Naan. Samosas. Paneer. Butter chicken.

All delicious.