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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
How is this surprising? If everything is done legally, you'd see far less baller Chinese here in GVR. Imagine, even the current Chinese leader Xi Jingping has a declared net worth of less than 2M with an income of 22k per year.
Real estate is probably the easiest way to launder money and has been for years. No surprise about these illicit funds in real estate. But the government couldn't give a f*ck less because they see it as money coming into the country. Which is all they care about.
You guys would be shocked at all the deaths that get reported as suicides or overdoses in the dtes, yet if you know the locals (even as a volunteer) you hear witness statements to the contrary, but a lack of diligence, evidence, and dare I say publicity, get things swept under the rug
The scope of dirty Chinese money goes beyond real estate deals and authorities for the most part have decided to turn a blind eye.
Australia has been cracking down on foreign buyers because there's been pressure from citizens, the same needs to be done by our politicians but doubt that will happen any time soon. Too many people getting rich from dirty money.
Australia has foreign ownership restrictions as well as extra taxes for foreign buyers. They even seize $million dollar properties where buyers break the rules. They have stats that track whose buying.
Then you have BC and Canada where we don't even want to track. Say no to collecting data, say no to restrictions or taxes that can help our services.
Then we also have many people that think - hey RE prices are only high because of low interest rates, Chinese buyers have NO affect on RE prices. Who the fuck says it can't be both?, it's not one or the other. The two are not exclusive. You telling me that chinese mainlander buying a $3 million dollar detached home is not affecting prices?
Anyone who even brings up the topic in the media is automatically called a racist so you can't even have a proper debate or discussion publicly.
Watch our RE market fall like a deck of cards IF the laws eventually change or they make examples of a few people. The west side will probably take the biggest hit, followed by Vancouver.
But I have my doubts that anyone will do anything any time soon; too many people, beyond RE, are making money from this influx of Chinese money .
Watch our RE market fall like a deck of cards IF the laws eventually change or they make examples of a few people. The west side will probably take the biggest hit, followed by Vancouver.
But I have my doubts that anyone will do anything any time soon; too many people, beyond RE, are making money from this influx of Chinese money .
lol yeah...maybe in a couple hundred years after we're all dead
__________________ "There's a lot of dead people who had the right of way." "Never argue with stupid people, they will drag you down to their level and beat you with experience." "I have a lot of beliefs, and I live by none of them. They're just my beliefs, they make me feel good about who I am. But if they get in the way of a thing I want, like I wanna jack off or something, I just do that."
How come even with the strict control on real estate to foreigners, house prices haven't gone down at all over there?
There's still a lot of demand in Australia, there prices are still high. but they havn't gone apeshit crazy where it's gone up like 30% this year like they do in Vancouver.
their controls are not "strict", and they aren't saying they cant buy. they just have restrictions. they allow foreign buyers to buy NEW houses and not "used" housing stock. and they are taxed. if you are buying million dollar houses, what's an extra $20-$30K in taxes?
They actually debated about their policies. New houses will allow continue construction and demand for material/services/jobs etc. They also collect hundreds of millions of tax money each year which goes to community services etc. It's a win win. Not sure why our politicians are so ignorant about this.
They actually debated about their policies. New houses will allow continue construction and demand for material/services/jobs etc. They also collect hundreds of millions of tax money each year which goes to community services etc. It's a win win. Not sure why our politicians are so ignorant about this.
Because anyone who tries to bring it up is automatically labelled as a racist, or discriminatory, etc. And as we all know, this is Canada, and being politically correct is far more important than being, well, political.
The only reason the whole #DontHave1Million campaign wasn't instantly denounced as a racially motivated rally was because the main organizer was a Chinese woman...
How come even with the strict control on real estate to foreigners, house prices haven't gone down at all over there?
My dad's close friend invested in Australia because their only daughter went studying there and married a local ABC. From an investment perspective, they are doing pretty bad.
They/daughter invested into 4 properties in Melbourne when the exchange rate of USD:AUD was near parity with low interest rate. (1M USD invested for the DP of 4 units, 75% LTV)
Even with the low interest rate, they are still cashflow negative, so every month, they need to put some money out of pocket to cover the payment.
Why not sell? Well, they bought it at the height of the whole Australian RE frenzy back in 2010. They'd actually lose money (in AUD term) if they were to sell today. And unless the money is reinvested on AUD-denominated assets, seeing from their original investment term (1M USD), they actually lost 30% in 5yrs. So, they only way is to keep on repaying it and hope the AUD would strengthen again in the future.
Here is a chart of Australian RE for anyone interested
Australia is actually do a lot of things right. They're going to start legislation that states if you don't vaccinate your kid, they're not going to give you certain child subsidies. They're doing a lot of things right there, wish Canada had competent politicians to do the same.
Australia is actually do a lot of things right. They're going to start legislation that states if you don't vaccinate your kid, they're not going to give you certain child subsidies. They're doing a lot of things right there, wish Canada had competent politicians to do the same.
They have gone through like 5 Prime ministers in the last 5 years or so? since 2010 or something like that.
Maybe it's because if their politicians get canned all the time. Who knows??
Look at us, we have the same guys year after year - Harper, Gregor, Clark. Maybe we are just to complacent?
All that did was lead me to the page of some russian douchenozzle.
For some reason I get a little shadenfreude when I see an Asian princess who may or may not be dating an eastern european douche who is prettier than she is. That said, it's the same feeling I get when I see a chubby little asian guy with a hot blonde chick, so don't think I'm not being fair here.
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