Chinese Investors Driving Up Metro Housing Prices

[Vin]

Originally Posted by whatnext

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.

Ye olde Canadians swore allegiance to the king back then and look what that took us: better than the Americans! Lol!

Fact is, Hong Kong is way too small to sustain itself: it still needs the hinterland to prosper. They have to fight for their own democracy but ultimately, for their rice bowl's sake, still needs China.

[casper]

Originally Posted by whatnext

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

Is this a problem? Places like Miami and Las Vegas have a large percentage of condos purchased by non-locals. Building more housing (if the owners don't use them in the short term) is still a good move in the long term.

If the foreign investors were no buying property we would likely just have fewer building going up and more vacant lots.

[SpongeG]

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[casper]

Originally Posted by SpongeG

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Is this a reality television show targeting the local Asian community or is it a show targeting TV in China?

The one truth about reality television, is it seldom reflects reality. The reason it is popular is its dirt cheap to make.

Should we start to get worried when we have real estate reality television about Vancouver targeting the TV stations in China?

[red-paladin]

Part of being a world city is that there are TV shows about your city in China

[theKB]

Originally Posted by casper

Should we start to get worried when we have real estate reality television about Vancouver targeting the TV stations in China?

They would just have to start showing people on Love it or List it Vancouver who can actually afford to do renovations or for that matter purchase their homes today instead of 20 years ago!

[SpongeG]

it's a web show not a TV show, it airs on youtube

[AudiA3]

Who do you guys think bought this penthouse in Vantage for $1.588mil? It was in the market for less than a month. I doubt a local family did..

http://www.vancouversbestlistings.com/Ac...enue-vantage-burnaby-north-bc#viewdetail

[VarBreStr18]

Originally Posted by Vin

This is more like a dictatorship in an ultra-corrupted regime. Unless some Pinochet takes over the helms of Ottawa, this will not be so.

I would actually be very uncomfortable living in such luxurious high rise amongst the less fortunate. Such a glaring display of wealth. "See what I have...and you dont have !!!"
Where is this city?

[VarBreStr18]

Originally Posted by Xerx

I don't think "real Canadians" necessarily care that much about democracy or politics either to be honest.

It is just the rule of supply and demand in a free market. dont blame the developers when there is a constant stream of buyers. Once the buyers are exhausted, the market will return to normal. Timing is everything in real estate.

[VarBreStr18]

Originally Posted by AudiA3

Who do you guys think bought this penthouse in Vantage for $1.588mil? It was in the market for less than a month. I doubt a local family did..

http://www.vancouversbestlistings.com/Ac...enue-vantage-burnaby-north-bc#viewdetail

Again still red hot Brentwood real estate
for the developer

[VarBreStr18]

Originally Posted by Vin

This is more like a dictatorship in an ultra-corrupted regime. Unless some Pinochet takes over the helms of Ottawa, this will not be so.

Where is this city??

[AudiA3]

Originally Posted by VarBreStr18

Again still red hot Brentwood real estate
for the developer

Hey buddy, can you confirm if the incremental price increase for Plan A1 & A2 is still $1,250/floor in the second tower?

[trofirhen]

Originally Posted by VarBreStr18

It is just the rule of supply and demand in a free market. dont blame the developers when there is a constant stream of buyers. Once the buyers are exhausted, the market will return to normal. Timing is everything in real estate.

I agree with your overall 'economic theory.' It's really quite basic, well-proven, and true.
The question in Vancouver's case is ...["once the buyers are exhausted] .....
This is a particular case in which the flow of buyers is so large, that this hyper-heated market may go on indefinitely, and therein lies the egg of the serpent.

[VarBreStr18]

Originally Posted by trofirhen

I agree with your overall 'economic theory.' It's really quite basic, well-proven, and true.
The question in Vancouver's case is ...["once the buyers are exhausted] .....
This is a particular case in which the flow of buyers is so large, that this hyper-heated market may go on indefinitely, and therein lies the egg of the serpent.

I have to agree this supply of buyers may go on for a very very long time ( i would not say indefinitely). Hate to admit this fuel is created by "rich Chinese". The fact is :even in Hong Kong alone, there are no less than 30000 people holding Canadian passports. With the unrest in Hong Kong now, these 30000 will want to come back to Canada... where do you think the Hong Kong Chinese like?:
Toronto or Vancouver. Just imagine 30000 more families move back to Toronto and Vancouver. Also the offsprings of these 30000 families would like to study in Canada too.
When the Chinese took over Hong Kong,they promised 50 years of no change. Only bearly 17 years, there is already changes. Will those 30000 families want to wait for another 33 years for changes.???

[dleung]

Originally Posted by VarBreStr18

I have to agree this supply of buyers may go on for a very very long time ( i would not say indefinitely). Hate to admit this fuel is created by "rich Chinese". The fact is :even in Hong Kong alone, there are no less than 30000 people holding Canadian passports. With the unrest in Hong Kong now, these 30000 will want to come back to Canada... where do you think the Hong Kong Chinese like?:Toronto or Vancouver. Just imagine 30000 more families move back to Toronto and Vancouver.

You missed a "0", actually it's 300,000 Canadians in Hong Kong

It's the largest community of Canadians outside Canada and the US. Near 85% of Canadians in Hong Kong are Canadian-born, a figure higher than Canada itself (80.2%).

http://en.wikipedia.org/wiki/Canadians_in_Hong_Kong

[Tourist9394]

How will persistent low oil prices affect the real estate market in Vancouver? Looks like more foreign buyers, since the exchange rate dropped so much.

[WarrenC12]

Alberta will take a big hit, not Vancouver so much.

Low oil prices are typically good for the economy.

[casper]

Originally Posted by WarrenC12

Alberta will take a big hit, not Vancouver so much.

Low oil prices are typically good for the economy.

Overnight Canadian properties are on sale and deeply discounted. Buy your $5M property and they will toss in a cottage on one of the islands.

[st7860]

People like to say its investors driving up prices while others say its the 5% down payment mortgages that Canadian's can get driving things up..