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  #401  
Old Posted Sep 28, 2014, 5:05 AM
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Originally Posted by AudiA3 View Post
Chinese from big cities like Beijing, Shanghai and HK think that our real estate prices are dirt cheap. Same thing goes for Japanese people from Tokyo..
Excellent. Should encourage builders to build taller building to meet demand. All those empty "summer home" condo fees and taxes will help subsidize the services we all use. It is in our interest to encourage foreign ownership.
     
     
  #402  
Old Posted Sep 28, 2014, 5:24 AM
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http://www.vancouversun.com/technology/F...ver+misplaced+census/10240213/story.html

Quote:
Fears over impact of vacant residences in Vancouver misplaced: census

Concern that empty homes held by offshore speculators will turn neighbourhoods into ghost towns is overblown, according to think-tank Urban Futures

BY TARA CARMAN, VANCOUVER SUN SEPTEMBER 27, 2014

The issue

Foreign speculators have often been blamed in recent months for buying up apartments and homes that sit empty. Last month, concerned west-side residents started a blog called Beautiful Empty Homes of Vancouver, documenting vacant properties. Meena Wong, mayoral candidate for Vancouver’s left-leaning COPE party, recently promised to levy a tax against owners of vacant properties if elected. Research using 2011 census data conducted by Andrew Yan of Bing Thom Architects suggested a quarter of Coal Harbour condos are empty and Macdonald Realty reported earlier this month that a third of detached homes sold by the firm in the City of Vancouver last year went to buyers with ties to China.

However, 2011 census data, which is the most comprehensive, suggests the actual proportion of vacant properties in Metro Vancouver was much lower, just over five per cent, which was roughly on par with the national metropolitan average.

What the census measures

The census defines unoccupied units as those that were vacant on census day. These include properties for rent or sale, units that were purchased but the owners had not yet moved in, units whose occupants were away on census day and furnished units that served as second residences.

“It is important to note that the census count occurs on May 10, after the exodus of many students at the April end of the fall/winter academic term, something that has a significant impact on the number of unoccupied units counted in the census,” said the Urban Futures report, entitled Much Ado About Nothing: What the census data say, and don’t say, about foreign and temporary residents and unoccupied dwellings.

What the data show

Metro Vancouver had 5.4 per cent of its units unoccupied on census day. While this is slightly above the average of 4.8 per cent for Canadian cities, it is well below Victoria (7.5 per cent), London, Ont. and Windsor (both 6.9 per cent). Broken down, the 5.4 per cent of unoccupied dwellings represented just over three per cent of the single-detached housing stock, 6.2 per cent of apartments and 6.8 per cent of attached ground-oriented units, such as townhomes and low-rises. Single-detached units accounted for 20 per cent of all unoccupied units on census day.

With respect to unoccupied apartments, Metro Vancouver had a rate of 6.2 per cent, below the national metropolitan average of seven per cent and less than half the rate of both Windsor and London, Ont.

Within Vancouver, the highest proportion of unoccupied apartments (10 per cent) was in the University of B.C. area, which may in part be a reflection of the timing of the census, a month after most university students had left, the study notes. Surrey (9.2 per cent) and Pitt Meadows (8.7 per cent) also had above-average rates of unoccupied apartments, while North Vancouver District (2.8 per cent) and Port Moody (2.6 per cent) were among the lowest.

...........
     
     
  #403  
Old Posted Sep 29, 2014, 12:16 AM
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Clearly we need a higher rate of vacancy to drive down rental rates....
     
     
  #404  
Old Posted Sep 29, 2014, 1:10 AM
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...and there will be more. A lot more.

Quote:
Originally Posted by Asia Pacific Post
Canada tops preferred new home for Chinese

Nearly half of China's super-wealthy individuals are considering leaving the country, a new survey said with most looking to Canada citing better overseas educational and employment opportunities for their children. The global survey of 2,000 high net worth individuals by Barclays Wealth found that 47 percent of the wealthy Chinese who were questioned plan to move overseas within the next five years.

The Chinese semi-autonomous city of Hong Kong is their preferred destination, cited by 30 percent of respondents, followed by Canada with 23 percent - although earlier this year Ottawa closed an immigrant investor visa scheme that had been popular among wealthy Chinese. The results show that "better educational and employment opportunities for their children is the main pull factor for Chinese high net worth individuals", according to the survey.

China has seen double-digit economic expansion in recent decades but faces mounting uncertainty over its pace of growth. Its economic expansion has also come at great environmental cost - particularly in large cities such as Beijing and Shanghai - another factor among the country's super-wealthy in considering a move overseas.

The survey also found that a significant share of Singapore's wealthy - 23 percent - plan a move abroad in the next five years, even as the city-state remains a top destination for Hong Kong's rich. In Hong Kong, 16 percent of the wealthy said they plan to move, with 44 percent of these naming Singapore as their destination. Another 31 percent anticipated going to China.

Around the world, a little over half - 57 percent - of super-rich individuals have only lived in one country, with 20 percent having lived in three or more.
The aurvey also reports that 23 per cent of Singapore's wealthy are planning to move abroad in the next five years. The Barclays report said the prospect of securing and growing their assets could be one reason that prompts the ultra-wealthy to move.

A growing proportion of HNWIs earn their wealth through entrepreneurship, rather than inheritance - more than 750 of the survey's respondents identified themselves as entrepreneurs. Barclays suggested that these HNWIs believe they need an international outlook to grow their wealth.
By the end of 2014, Asia is set to become the largest regional market by the number of millionaires. This means a new generation of HNWIs from this region are keen to expose their children to other parts of the world, the report said.

Jean-Francois Harvey, Managing Partner of Harvey Law Group, told Barclays that the practical needs of the wealthy tend to outweigh the strength of emotional ties when it comes to migrating. Despite an initial reluctance to leave their home countries, "once the process has started, they show no concern (about leaving) and they never talk about it anymore”, he said of his Asian clients.

Still, Barclays reported that Singapore has become increasingly entrenched as a destination for migrating HNWIs, along with Australia, the United States and Britain. For example, the survey found that 44 per cent of Hong Kong’s wealthy who planned to move abroad named Singapore as their destination.
Singapore has also been one of the preferred spots for the majority of wealthy emigrants from China over the past decade. Liam Bailey, Head of Residential Research at global real estate consultancy Knight Frank, told Barclays: “The reality is that most ultra-high net worth individuals in China are probably making money in China right now. So, for business reasons, they need to be relatively close — that might prevent some of them going further afield.”

These hotspots for wealthy immigrants share traits such as “buoyant property markets, luxury hospitality and leisure offerings, an abundance of international wealth management advisers, and a relative degree of political stability”
, the survey stated. Globalisation and mobility expert James Faulconbridge told Barclays: “Certain cities have become parts of that circuit and the places to be seen in where the events and the lifestyle plays out.”

http://www.asianpacificpost.com/article/6429-canada-tops-preferred-new-home-chinese.html
     
     
  #405  
Old Posted Sep 30, 2014, 1:57 AM
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Originally Posted by Klazu View Post
...and there will be more. A lot more.
There are some wild projects being proposed... This one is just south or Saskatoon....

http://www.leaderpost.com/Dundurn+mega+mall+progressing/10085541/story.html
     
     
  #406  
Old Posted Sep 30, 2014, 5:49 AM
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Originally Posted by twoNeurons View Post
Where's the hard evidence? They keep stats on this kind of thing... but curiously never release the information, like they do in other markets like Halifax.
How familiar are you with China and how things are run there? a) the place is corrupt through and through b) it is impossible to gather anything that would be considered hard evidence by western standards because the place is corrupt through and through

It common knowledge that large portion, if not a majority of the wealthy fleeing China were involved in some sort of corruption or another or were government officials. China is a very different place from Canada.

Last edited by cornholio; Sep 30, 2014 at 7:21 AM. Reason: just brain dead spelling
     
     
  #407  
Old Posted Sep 30, 2014, 6:06 AM
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Originally Posted by jhausner View Post
Here is the key phrase they use that people are missing:



Note how they slide in that linked in part phrase. Yet they don't define that. What part? 99% of the money part? or 1% of the money part? What that means is depending on your opinion of Chinese investment, the article backs your opinion. If you think all Chinese investors are corrupt bank robbers, you will think the article says it is linked a lot! If you think such a blanket assumption without facts is purely ignorant, you'll think only a small part.

These articles are just scare tactics. The truth is, Vancouver has been fairly un-affordable for decades, much longer than the current international influx of investment. I always laugh when people say the North Shore for example is being inflated in price due to Chinese investors yet I know several conveyancers that work exclusively in West Van and say 90% of the purchases are by Persian investors and barely any are purchased by Chinese.

The truth is, Vancouver is attractive for investors that are wealthy and not from North America. It's not just Chinese. It's not just corrupt business men. That happens in every attractive city. Try buying something in central-London or Manhattan. Good luck.

Overall Metro-Vancouver is actually fairly affordable still. If you are willing to live in the suburbs like most people do in other major cities, then you can afford to buy. I've already purchased several places without issue on my own dime saved up by simply working. I attribute that to not being stubborn and needing to buy my first home in Kits or Point Grey like many people who complain seem to expect.

Comparing Vancouver to Regina or Halifax is also a bit ridiculous. Completely different towns. It's like comparing London to Kamloops or Fort Nelson or Islamabad.
How has Vancouver been unaffordable for decades? The house I am in right now as I type has quadrupled in value in just over a decade. Thats east Vancouver for you if you were wondering. Its nice if you are riding the bubble but that does not give you a very good idea of how damaged the market is. And its not just China, its mostly China yes, but it is corrupt third world countries and their wealthy fleeing in droves. Although China is a extra special case of a tinder box that can go up in flames at any moment, thats because they actually have a functioning and active system of government that allows them to turn full throttle and re nationalize anything and everything and stript any rights or any wealth, on a whim. Thats why everyone that has accumulated a pile of money wants out, they can't even build a gated community and hire guards to live in comfort, in China, because it can all be taken away from them once the other 97% of the population start getting tired of unfulfilled promises and corruption that they themselves cant profit from.
     
     
  #408  
Old Posted Oct 1, 2014, 4:17 AM
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With up to 300,000 "Canadians" in Hong Kong, the Sun speculates about what that could do to housing prices here if a crackdown causes many to flee:
http://www.vancouversun.com/news/Will+Hong+Kong+crackdown+lead+influx+Canada/10247155/story.html

I put Canadians in quotes as to me you aren't a real citizen if you just bought a passport as a security policy, with no committment to country or democratic values. If making a fast buck is the most important thing in your life, then live with your choices. Best exemplified by this quote from the article: Even though Chan generally supports the ideals of the pro-democracy movement, he said most middle-class and affluent Hong Kong residents, including his relatives, don’t really care about the protests, with many finding it annoying.

That's democracy for ya, so "annoying" and getting in the way of making money.
     
     
  #409  
Old Posted Oct 1, 2014, 6:07 AM
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Originally Posted by whatnext View Post
With up to 300,000 "Canadians" in Hong Kong, the Sun speculates about what that could do to housing prices here if a crackdown causes many to flee:
http://www.vancouversun.com/news/Will+Hong+Kong+crackdown+lead+influx+Canada/10247155/story.html

I put Canadians in quotes as to me you aren't a real citizen if you just bought a passport as a security policy, with no committment to country or democratic values. If making a fast buck is the most important thing in your life, then live with your choices. Best exemplified by this quote from the article: Even though Chan generally supports the ideals of the pro-democracy movement, he said most middle-class and affluent Hong Kong residents, including his relatives, don’t really care about the protests, with many finding it annoying.

That's democracy for ya, so "annoying" and getting in the way of making money.
I don't think "real Canadians" necessarily care that much about democracy or politics either to be honest.
     
     
  #410  
Old Posted Oct 9, 2014, 2:28 AM
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This could be a little off topic but..

"Most of the 30,000 rich Chinese who have recently moved to British Columbia told authorities they would settle elsewhere in Canada"

"the deception has cost BC access to about C$2 billion in interest-free five-year loans, the Post calculates."

http://www.scmp.com/news/world/article/1...eception-costs-british-columbia-billions
     
     
  #411  
Old Posted Oct 9, 2014, 2:43 AM
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Originally Posted by Henbo View Post
This could be a little off topic but..

"Most of the 30,000 rich Chinese who have recently moved to British Columbia told authorities they would settle elsewhere in Canada"

"the deception has cost BC access to about C$2 billion in interest-free five-year loans, the Post calculates."

http://www.scmp.com/news/world/article/1...eception-costs-british-columbia-billions
Not surprising. Quebec still has an open door, cash grab investor immigrant program, but how many do you think are really interested in settling there? So we get to contend with the spiralling house prices and they get the cash.
     
     
  #412  
Old Posted Oct 9, 2014, 4:59 AM
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I dunno... if I moved to the Prairies and spent one winter there... I'd high tail it Vancouver.
     
     
  #413  
Old Posted Oct 9, 2014, 10:47 AM
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Originally Posted by whatnext View Post
With up to 300,000 "Canadians" in Hong Kong, the Sun speculates about what that could do to housing prices here if a crackdown causes many to flee:
http://www.vancouversun.com/news/Will+Hong+Kong+crackdown+lead+influx+Canada/10247155/story.html

I put Canadians in quotes as to me you aren't a real citizen if you just bought a passport as a security policy, with no committment to country or democratic values. If making a fast buck is the most important thing in your life, then live with your choices. Best exemplified by this quote from the article: Even though Chan generally supports the ideals of the pro-democracy movement, he said most middle-class and affluent Hong Kong residents, including his relatives, don’t really care about the protests, with many finding it annoying.

That's democracy for ya, so "annoying" and getting in the way of making money.
The ignorance of this statement boggles the mind.

Based on something you've read (and by the way, Chan in that article is talking out of his ass -- there have been tens of thousands of people in the streets from all walks of life supporting the student movement), you've tarred all Canadians in HK as money-grubbing opportunists who are simply holding their passports as a security policy. Oh, and they are all against the pro-democracy movement. Nice way to generalize.

This is not about democracy getting in the way of making a 'fast buck'. The protests have had a real impact on many people's livelihoods, particularly on retail and transport -- so of course there is concern. What if YOU were paying retail rents of C$10k per month as part of your family business and your sales receipts dropped 50-75% because of the protests? What if instead of taking 3 hours to do your delivery run, it takes 6 hours? I'll bet you'd be pretty upset too.  HK doesn't have the generous unemployment benefits that Canada has.  You don't work, you don't get paid. What if someone from your family has a heart attack and the ambulance taking them to hospital gets stuck in traffic because key roads are blocked? Idealism -- meet Reality.

At least take the time to find out what is really going on before making throwaway comments that display your absolute lack of empathy and understanding of the situation.

Last edited by Hourglass; Oct 9, 2014 at 2:46 PM.
     
     
  #414  
Old Posted Oct 9, 2014, 4:25 PM
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Originally Posted by Hourglass View Post
The ignorance of this statement boggles the mind.

Based on something you've read (and by the way, Chan in that article is talking out of his ass -- there have been tens of thousands of people in the streets from all walks of life supporting the student movement), you've tarred all Canadians in HK as money-grubbing opportunists who are simply holding their passports as a security policy. Oh, and they are all against the pro-democracy movement. Nice way to generalize.

This is not about democracy getting in the way of making a 'fast buck'. The protests have had a real impact on many people's livelihoods, particularly on retail and transport -- so of course there is concern. What if YOU were paying retail rents of C$10k per month as part of your family business and your sales receipts dropped 50-75% because of the protests? What if instead of taking 3 hours to do your delivery run, it takes 6 hours? I'll bet you'd be pretty upset too. HK doesn't have the generous unemployment benefits that Canada has. You don't work, you don't get paid. What if someone from your family has a heart attack and the ambulance taking them to hospital gets stuck in traffic because key roads are blocked? Idealism -- meet Reality.

At least take the time to find out what is really going on before making throwaway comments that display your absolute lack of empathy and understanding of the situation.
>I find this opposition of opinion, and the one post quoted within the reply, painted rather in 'black and white.' Either you're a money -grubbing opportunist who bought a Canadian passport rather like a Swiss bank (well, sort of), with resident rights, who park their money here, live here with no regard for Canadian culture or values, or you're a 'good guy' an overseas-born, now Canadian citizen, who holds values and tolerances of behaviour:
... {like the first, second, and occaisionally third-generation Chinese kids most of us went to school with. Like the kids whose grandfathers helped build the CPR into Vancouver in 1886. And remember that Chinese-Canadian auto dealer Ken Chang, who talked like a born Canadian, and ended each commercial clanging a huge brass gong!}
There was inclusive humour and goodwill then, and it shoud cointinue. There was, and is, a 'social synthesis' that usually occurs, and people have a natural instinct to want to 'fit in.'
***************

There are shades of grey here that have not been examined.
Yes, to be frank, there are irreverant and arrogant opportunists, but I think they're rather a minority.
And yes, there are big houses and apartments vacant much of the year.
The world political/ecomic system has led to this situation, and it simply "is." Everyone will have a different perception of it, but whatever the outcome, we have to deal with it simply because what is, is.

(on a tangent I could go off on how Vancouver needs to develop a stronger more versatile economy to get income levels up, but that's another thread...)

Equally, there are Chinese (in this instance, since the discussion is about HK) who dress, talk, and think like the Canadian-born folks they are.
There are also of course simply pragmatic, business-people who continue to make money in HK, intending to return to live here, with real money behind them, usually including their kids' education. Knowledge is power.
They usually adapt to Canadian values quickly - at least the families I knew. The kids, especialy, wanted to "Westernize" ASAP.

**ok, as this is about HK itself and Beijing .... what hourglass said about someone dying, stuck in traffic, really hit home; it's painful. Yet didn't we all, knowing of the possibily of Beijing oppressions, somewhere in the back of our minds see these sorts of conflicts possibly materializing? ... I did. Did anyone else?
     
     
  #415  
Old Posted Oct 9, 2014, 4:31 PM
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The story even made the front page of Hong Kongs largest newspaper.

It might also be the largest non-censored english newspaper in China

I apologize for the large size

     
     
  #416  
Old Posted Oct 9, 2014, 6:46 PM
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Originally Posted by Hourglass View Post
The ignorance of this statement boggles the mind.

Based on something you've read (and by the way, Chan in that article is talking out of his ass -- there have been tens of thousands of people in the streets from all walks of life supporting the student movement), you've tarred all Canadians in HK as money-grubbing opportunists who are simply holding their passports as a security policy. Oh, and they are all against the pro-democracy movement. Nice way to generalize.

This is not about democracy getting in the way of making a 'fast buck'. The protests have had a real impact on many people's livelihoods, particularly on retail and transport -- so of course there is concern. What if YOU were paying retail rents of C$10k per month as part of your family business and your sales receipts dropped 50-75% because of the protests? What if instead of taking 3 hours to do your delivery run, it takes 6 hours? I'll bet you'd be pretty upset too.  HK doesn't have the generous unemployment benefits that Canada has.  You don't work, you don't get paid. What if someone from your family has a heart attack and the ambulance taking them to hospital gets stuck in traffic because key roads are blocked? Idealism -- meet Reality.

At least take the time to find out what is really going on before making throwaway comments that display your absolute lack of empathy and understanding of the situation.
So basically you're saying "Forget the revolution, it costs small business too much and is inconvenient". A sentiment Red China's authoritarian rulers are no doubt happy to encourage.

If the Americans had felt that way they'd be swearing allegiance to Queen Elizabeth right now.
     
     
  #417  
Old Posted Oct 9, 2014, 6:48 PM
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Yet more data showing they aren't building those high rise condos for us:


“...The Vancouver high rise condo market is becoming increasingly disconnected from the local economy and from local buyers,” Schliewinsky said “ In the past year, the new high-rise condo market has shifted so much away from its historical basis that it really can't be considered as a ‘Vancouver’ housing market anymore.”

Over the past 12 months the average asking price for new high-rise condos in Metro Vancouver has increased by 26% and the average price per square foot by 16%, according to Strategics. And, based on what developers are paying for land, future condominium prices appear destined to keep rising...

...“Based in interviews with sales staff in these projects, 60% are targeting investors and 70% are targeting "immigrant" buyers,” Schliewinsky said. “Without Chinese buyers, there won't be much local demand to support the Vancouver high-rise market. At the end of September, there were an 5,600 unsold high-rise units in new projects and another 1,460 units still to be released in projects now marketing.”...


http://www.biv.com/article/2014/10/build...m_term=0_6d3015fdef-be538efc35-210823833
     
     
  #418  
Old Posted Oct 9, 2014, 7:10 PM
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Originally Posted by whatnext View Post
At the end of September, there were an 5,600 unsold high-rise units in new projects and another 1,460 units still to be released in projects now marketing.”...[/I]

http://www.biv.com/article/2014/10/build...m_term=0_6d3015fdef-be538efc35-210823833
Might this be why I see TV adverts for Mechanica (sic?) every 15-20 minutes on Breakfast Television?
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  #419  
Old Posted Oct 9, 2014, 9:43 PM
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Just wondering if you guys think wealthy Albertans buying up real estate on Vancouver Island, the Okanagan, and in the BC Rockies driving up prices making it hard for locals to buy in their own cities is any better? Alberta is a lot closer than China but its still "other people" driving up our own real estate prices.
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  #420  
Old Posted Oct 9, 2014, 11:21 PM
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Originally Posted by whatnext View Post
So basically you're saying "Forget the revolution, it costs small business too much and is inconvenient". A sentiment Red China's authoritarian rulers are no doubt happy to encourage.

If the Americans had felt that way they'd be swearing allegiance to Queen Elizabeth right now.
No, I'm saying that the issues in HK are far more complex than 'democracy' vs 'making a fast buck' (your words, not mine).

Unfortunately, not everything in life can be boiled down to a memorable one-liner.
     
     
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