[niu99]

The age of real estate tourism is upon us — and it landed, quite literally, in Richmond on the weekend.

The city’s housing market is well known as a hot spot for Asian investors, but their fervor for Richmond reached another level on Friday.

Less than 24 hours after stepping off a flight from mainland China, 19 potential property investors were rounded up onto a bus and driven, as part of a bonafide tour, to the local Remax office, where they were welcomed by realtor Steve Latham.

And after a short “welcome to Richmond” video presentation, Latham, with the help of a translator, acted as their guide for the day on the bus.

Latham took the group to see luxury properties in Richmond and Point Grey, all of which were valued between $2.5 million and $6 million.

“It was pretty successful and they were all very anxious to get out there and look at houses,” Latham said.

“They flew in on Thursday to stay at the River Rock and as well as looking at houses, they had a good look around Richmond secondary.”

A Chinese-based tour operator pulled the visit together, said Latham.

“It’s kind of a new idea. We met with someone from immigration — who these people deal with when they come over — and we began to talk about this and it kind of came from there,” he added.

“They also looked at houses in Point Grey, but they looked at houses in Richmond, all more than 2,500 square feet and all were less than five years old.”

http://img804.imageshack.us/img804/6540/filecv.jpg

http://img402.imageshack.us/img402/9413/filerik.jpg

http://img844.imageshack.us/img844/7569/filemnq.jpg
Richmond News August 15, 2011

[Meowjin]

well im poor.

government should make money off these guys. They wanna come with bundles of cash? Grab their cash.

inb4omgyousoracistheadtax

[rawr]

http://t3.gstatic.com/images?q=tbn:ANd9GcSgjc75TaHGqmjaY-CMQjI4ZgxJYkuKrKW5NWo3SatIAIwMw0_igg

[InvisibleSoul]

This sure isn't going to help drive housing prices down.

[fsy82]

fuck man..this is making things worse here. the local people cant afford houses cause these assholes from overseas are jacking up the prices

[Jsunu]

Yup, can't wait till they inflate the market so much so that no one can afford to buy, thereby making these investors sell at a significantly lower price. That or an increase in interest rates make it so.

[MindBomber]

^Our real estate prices seem high, because people insist on comparing our city to places like Phoenix or Detroit, which is completely unreasonable. Vancouver hosted the olympics less than two years ago and is consistantly rated among the most liveable cities in the world, not to mention kits beach being ranked among the top 10 in the world despite this being Canada.

So if you think our real estate is priced to high, compare Vancouver to New York, London, Paris, LA, Hong Kong or another city recognized around the world. Prices really aren't that high. If your cheap, move to Chilliwack and buy a house for $200k.
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[Carl Johnson]

if you think the sheeps in the article would have any real impact on the local housing market you have to be crazy. the smart ones bought during 08 - 09, did some reno on the property and is flipping it back to these johnny-come-lately.

[skyxx]

fuck man..this is making things worse here. the local people cant afford houses cause these assholes from overseas are jacking up the prices

So what you're saying is if they didn't come over to purchase our hoses, local people will be able to afford it? Think again, regardless if they come or not, the locals can barely afford a house.

[Phat_R]

Go fuck yourself Steve Latham

[twitchyzero]

^Our real estate prices seem high, because people insist on comparing our city to places like Phoenix or Detroit, which is completely unreasonable. Vancouver hosted the olympics less than two years ago and is consistantly rated among the most liveable cities in the world, not to mention kits beach being ranked among the top 10 in the world despite this being Canada.

So if you think our real estate is priced to high, compare Vancouver to New York, London, Paris, LA, Hong Kong or another city recognized around the world. Prices really aren't that high. If your cheap, move to Chilliwack and buy a house for $200k.
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whiners gonna whine

[jackmeister]

I don't think that many of us could afford $2.5 - 6 million mansions.

Now, if they're mass buying 300k-$1 mil properties then we should be really worried.

[TomBox_N]

The difference between vancouver and othe cities is that we have no work here. Housing can be high in other cities because propel make more. Here in van ppls wages barely increased but housing price is soaring. That's the big issue here.
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[BaoTurbo]

I seriously can't believe they got together and said "Yo since we so baller, and we want some houses, why don't we go as a group and buy them all?"

And since there are so many potential investors on the bus why not just let them fight over the houses and bump the prices up :troll:

[MWR34]

RS mansion groupbuy

[white_guilt]

It's funny how this new shipment of Chinese tourists all have a propensity to make a B-line straight for Richmond. According to the article they opted Richmond over Point Grey. If I have a bizillion dollars, I would snatch up property in Coal Harbor, PG, or British Properties. No question. I can just picture them tossing aside all these brochures advertising these amazing properties in the aforementioned areas in favor of the blocky, pink/gold looking run-of-the-mill Chinese mansions that litter Vancouver. Talk about having no sense of assimilation or pioneering spirit from the get-go. From China to China-lite. Ahh C'est la vie.

[sundance1911]

.... Talk about having no sense of assimilation or pioneering spirit from the get-go. From China to China-lite. Ahh C'est la vie.


I think you are getting it all wrong.

Most, if not all of those Chinese investors have no intention of assimilating, actually I am sure the idea of assimilation has probably never crossed their mind.
They see here as their vacation home and a place for investment, they have no intention of becoming canadian.

Think about it, when white people first moved to canada, did they prefer to live with the natives, or the whites stayed in their own european circle as well?

human are all the same.

[Mr.HappySilp]

Time to increase interest rates!!!!
I might be wrong but isn't China imposing some new law to make it hard to flow money out of China?

[AlphaKappa]

i'm no racist, but :fuuuuu: :fuuuuu: :fuuuuu: :fuuuuu: :fuuuuu: :fuuuuu:

[white_guilt]

I think you are getting it all wrong.

Most, if not all of those Chinese investors have no intention of assimilating, actually I am sure the idea of assimilation has probably never crossed their mind.
They see here as their vacation home and a place for investment, they have no intention of becoming canadian.

Think about it, when white people first moved to canada, did they prefer to live with the natives, or the whites stayed in their own european circle as well?

human are all the same.

You do have a point. Then again, if they aren't going to be living there, why do they care where the houses are located? Yet they made a jump straight to Richmond where the rest of their people are. This isn't like the 1700s where the early settlers have to move in with their white kind. Of course they had to do that. They were pioneers and the natives were savages and couldn't speak the language + there was xenophobia. Plus there were like zero white people in the new world other than in the small colonies. It was them, vs everyone else and the foreign landscape. I don't know if you have noticed, but in Vancouver, white people are quickly becoming the minority. And it's not like the "local" populus, white, brown, black, 2nd generation asians etc are going to kick them out of their neighborhood for moving in or something.

[white_guilt]

Time to increase interest rates!!!!
I might be wrong but isn't China imposing some new law to make it hard to flow money out of China?

alas, easier said than done. our currency will decrease and we will no longer be able to enjoy these cross-border shopping sprees.

[wouwou]

It's a good thing honestly, Vancouver housing market has been over inflated for the past few years, and the products need to be unloaded to someone, or the bubble is going out fast and loud.

I would much rather these tourists buying up 2-3 million mansions, which I am 99% sure NONE OF THE ABOVE POSTERS will buy within the next 5 years, than buying up condos by the floor/buildings and renting them out. That would really hurt most of the people in this thread.

[wouwou]

alas, easier said than done. our currency will decrease and we will no longer be able to enjoy these cross-border shopping sprees.

if interest rate goes up, shopping sprees will be the last thing that you are gonna worry about.

[4444]

3 things - if you can't afford to buy in vancouver, don't buy in vancouver

rents are LOW in vancouver relative to capital cost, so perhaps you could buy in another jurisdiction where rentals are better (believe it or not there are places where your rental income will cover your costs & povide you with some margin) - and then use that money to pay your rent here. you'll also be exposed to, if you ask me, more upside (how much higher can vancouver prices go with limited local buying? and absolutely limited first time buyers), and definitely less downside, as you're protected by the yield you get from rentals (even in down economies, where rentals increase)

also, if mortgage rates go up, that won't chnage the foreign investors, as foreign investors won't be, for the most part, buying with borrowed money

and finally, for the 'vancouver's so special' - its not, london is a financial, and many other things, hub, NY is a financial hub, southern california (which are way cheaper) not only have significnatly larger economies, but also have what is known as the best weather in the world. Also notice that London, NY, LA, etc have populations of 8, 9, 10M... vancouver is a very pretty city, but is effectively a small hick town with VERY LIMITED industry/economy. don't get me wrong, there are some great aspects to vancouver, but its NOT a big city, so comparing to mega cities such as NY, London, its ridiculous

[RFlush]

not to mention kits beach being ranked among the top 10 in the world despite this being Canada.
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Wait, WHAT?!

Kits Beach being in the top 10 in the WORLD!?:seriously:

Kits:
http://upload.wikimedia.org/wikipedia/en/thumb/b/b8/Kitsilano_Beach.JPG/800px-Kitsilano_Beach.JPG
Maldives:
http://www.mostinterestingfacts.com/wp-content/uploads/2010/03/most-beautiful-beaches-in-the-world-Maldives.jpg

:fuckthatshit:

[white_guilt]

Wait, WHAT?!

Kits Beach being in the top 10 in the WORLD!?:seriously:

Kits:
http://upload.wikimedia.org/wikipedia/en/thumb/b/b8/Kitsilano_Beach.JPG/800px-Kitsilano_Beach.JPG
Maldives:
http://www.mostinterestingfacts.com/wp-content/uploads/2010/03/most-beautiful-beaches-in-the-world-Maldives.jpg

:fuckthatshit:





LOLOLOL kits beach. *wipes tear. Oh man , that's rich.

[willystyle]

^Our real estate prices seem high, because people insist on comparing our city to places like Phoenix or Detroit, which is completely unreasonable. Vancouver hosted the olympics less than two years ago and is consistantly rated among the most liveable cities in the world, not to mention kits beach being ranked among the top 10 in the world despite this being Canada.

So if you think our real estate is priced to high, compare Vancouver to New York, London, Paris, LA, Hong Kong or another city recognized around the world. Prices really aren't that high. If your cheap, move to Chilliwack and buy a house for $200k.
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You don't have a clue about what you're saying. Better to just keep quiet in these circumstances.

I literally laughed hysterically when I read that you compared Vancouver to those large metropolitan cities.

[minoru_tanaka]

I think you are getting it all wrong.

Most, if not all of those Chinese investors have no intention of assimilating, actually I am sure the idea of assimilation has probably never crossed their mind.
They see here as their vacation home and a place for investment, they have no intention of becoming canadian.

Think about it, when white people first moved to canada, did they prefer to live with the natives, or the whites stayed in their own european circle as well?

human are all the same.
Yes they lived with the natives and had children with the natives. Ever heard of the French or the Spanish? Don't they teach history in school anymore?

[Mr.C]

not to mention kits beach being ranked among the top 10 in the world despite this being Canada.Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

I'd fail you, but I can't. I can think of at least ten beaches in the USA, not to mention places that there are real beaches, like Brazil or the Caribbean or Polynesia that are infinitely better than the ugly pile of rocks there.

@OP: What else is new? Just don't buy in Vancouver. There are awesome houses out in Langley or South Surrey that are even better than the ones in Richmond.

Plus, when and if there is an earthquake, your house in those places will likely survive. The ones in Richmond, however...

[optiblue]

Shoot, this will keep driving the prices sky high, but at least they're only looking at the multi million dollar homes. Even if I had already worked 40 years and I had a time machine to go back 10 years before the crazy boom, I wouldn't be looking at those houses.

I think the bank told my parents friends that Canada might be putting some new restrictions for foreign investors by the end of this year. Whether it'll change a damn thing I doubt it.
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[twitchyzero]

Wait, WHAT?!

Kits Beach being in the top 10 in the WORLD!?:seriously:

:fuckthatshit:

finding a decent beach right by the city is hard though. I wouldn't consider myself worldly by any means but i wouldn't be surprised if the massive beach front in Rio is heavily polluted

The only decent beach by a decent sized city that comes to mind would probably be in sydney

[Meowjin]

Fact most homes in the gvrd are a mil.
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[willystyle]

Even house prices in Surrey/Langley is heavily inflated at 600k+ each. There's no such thing as affordable housing in GVRD.

[Mr.C]

finding a decent beach right by the city is hard though. I wouldn't consider myself worldly by any means but i wouldn't be surprised if the massive beach front in Rio is heavily polluted

The only decent beach by a decent sized city that comes to mind would probably be in sydney

There are a ton of beaches around Rio. I'd say about half are polluted as fuck. Think little or no marine life near shore. The ones that face the inlet are bad. The ones that face the ocean are reasonably clean. However, Rio also has fifteen million people. Apples, oranges, etc. Try comparing Vancouver (2.8mm) with cities like Recife (4.1mm) and Salvador (4mm), for example. Their beaches will be actual clean beaches, in large cities.

[wouwou]

Shoot, this will keep driving the prices sky high, but at least they're only looking at the multi million dollar homes. Even if I had already worked 40 years and I had a time machine to go back 10 years before the crazy boom, I wouldn't be looking at those houses.

I think the bank told my parents friends that Canada might be putting some new restrictions for foreign investors by the end of this year. Whether it'll change a damn thing I doubt it.
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if BoC restricts the foreign buying, with regular Canadian family income, the housing market in GVRD will crush so hard the US will laugh

[willystyle]

I think the bank told my parents friends that Canada might be putting some new restrictions for foreign investors by the end of this year. Whether it'll change a damn thing I doubt it.
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That's not gonna happen.

[optiblue]

That's not gonna happen.

Never say never as its already imposed on other provinces in Canada. BC is turning the blind eye for now, but it's ultimately very possible. However, it won't change the market if its actually people that immigrate here and live in their purchased properties. With the increasing number of exotics and high end cars you see on the roads, it appears there are more people actually coming here to stay than there are investors. If they impose that law, you'll just see more and more expensive houses and cars, along with businesses that open up and hire locals, followed by closing down after a couple of years of losing money.

http://www.cbc.ca/news/canada/british-columbia/story/2011/04/11/bc-vancouver-ladner-residential-restrictions.html
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[jigga250]

I'd fail you, but I can't. I can think of at least ten beaches in the USA, not to mention places that there are real beaches, like Brazil or the Caribbean or Polynesia that are infinitely better than the ugly pile of rocks there.

@OP: What else is new? Just don't buy in Vancouver. There are awesome houses out in Langley or South Surrey that are even better than the ones in Richmond.

Plus, when and if there is an earthquake, your house in those places will likely survive. The ones in Richmond, however...

Don't shoot the messenger. IIRC, it was top 10 "urban beaches".

[dachinesedude]

Dunno if it has to do with the housing prices or not, but starting to notice that mainland chinese is coming in in masses while the HK people are getting the fuck out and migrating back to hk

[Manic!]

Dam Canadians:
Canadians Investing in Las Vegas Property (http://www.vegas4sale.net/canadians-investing-in-las-vegas-property/)

O Canada: Want to buy a Vegas home, eh? - Las Vegas Sun (http://www.lasvegassun.com/news/2009/mar/27/o-canada-want-vegas-home-eh/)

Canadian Real Estate Agent in Las Vegas - Real Estate, Real Estate Agent - Las Vegas, NV | Facebook (http://www.facebook.com/pages/Canadian-Real-Estate-Agent-in-Las-Vegas/89448169593)

[twitchyzero]

^ that's different
it's for leisure as well...unlike many of these that will never be lived in by the investor

[Death2Theft]

Maybe "local people" should stop competing for 2500+sqft houses that are less than 5 years old.
fuck man..this is making things worse here. the local people cant afford houses cause these assholes from overseas are jacking up the prices

[Death2Theft]

What are some places where you can have positive income on rent alone? All out east from what I see.
3 things - if you can't afford to buy in vancouver, don't buy in vancouver

rents are LOW in vancouver relative to capital cost, so perhaps you could buy in another jurisdiction where rentals are better (believe it or not there are places where your rental income will cover your costs & povide you with some margin) - and then use that money to pay your rent here. you'll also be exposed to, if you ask me, more upside (how much higher can vancouver prices go with limited local buying? and absolutely limited first time buyers), and definitely less downside, as you're protected by the yield you get from rentals (even in down economies, where rentals increase)

also, if mortgage rates go up, that won't chnage the foreign investors, as foreign investors won't be, for the most part, buying with borrowed money

and finally, for the 'vancouver's so special' - its not, london is a financial, and many other things, hub, NY is a financial hub, southern california (which are way cheaper) not only have significnatly larger economies, but also have what is known as the best weather in the world. Also notice that London, NY, LA, etc have populations of 8, 9, 10M... vancouver is a very pretty city, but is effectively a small hick town with VERY LIMITED industry/economy. don't get me wrong, there are some great aspects to vancouver, but its NOT a big city, so comparing to mega cities such as NY, London, its ridiculous

[Death2Theft]

The drug trade will keep the prices up.
if BoC restricts the foreign buying, with regular Canadian family income, the housing market in GVRD will crush so hard the US will laugh

[Death2Theft]

Quality of life in those places compared to vancouver? Least the chicks are probally friendlier.
There are a ton of beaches around Rio. I'd say about half are polluted as fuck. Think little or no marine life near shore. The ones that face the inlet are bad. The ones that face the ocean are reasonably clean. However, Rio also has fifteen million people. Apples, oranges, etc. Try comparing Vancouver (2.8mm) with cities like Recife (4.1mm) and Salvador (4mm), for example. Their beaches will be actual clean beaches, in large cities.