Quote:
Originally Posted by logan5
It's like metro Vancouver condos have turned into a stock or something. Most people in Vancouver cannot afford a new condo in metro, yet they're selling like hotcakes.
I'm not sure what effect tougher regulations would have on the housing market, but somethings gotta be done.
The majority of Vancouver citizens are locked out of the housing market by people who don't even live here.
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I would suggest that a large segment of Vancouver population can indeed afford to buy here. Do you have data to support your claim that a majority cannot afford?
Quote:
Originally Posted by WBC
Why is anybody with lots of cash "investing" money in real estate in the city that has had an unprecedented run up in real estate prices is beyond me. That is the equivalent to investing into already expensive stock that had just had 300% price increase.
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Because, uh, it's a desirable place to live in, and therefore it is a great place to invest speculatively. Surely that is obvious?
If you had disposable money to invest in real estate, where would you invest it? I bet you would look for a growing city that has proven to have more desirable features than other cities, in a stable country that outperformed most others through the last economic cycle.
Vancouver will always have that over other places, and therefore, it will always have inflated real estate prices, and therefore, it will always have speculators if the law allows them. This isn't new.
Blaming it on the latest wave of Chinese just smacks of racism to me. The British did it 100 years ago, the Americans did it 50 years ago, but god help the Chinese if they decide to do it.
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