Canada's 'housing bubble' deemed close to bursting

[crazycrazydoesdoes]

Originally Posted by dleung

My dad's a unionized contractor, we bought the family house when it was $400K, and we contribute about $3-5K to charity around every thanksgiving... while "hiding behind our high gates and hedges" and siphoning funds back to Red China, of course.

I think he meant the more "intangible" or "social" kinds of contributions that second generation Canadians are better at, like community gardens and bake sales lolol. That's the only way people like him can feel superior because dollars-wise it's the newcomers who subsidize the old timers

[st7860]

Originally Posted by crazycrazydoesdoes

I think he meant the more "intangible" or "social" kinds of contributions that second generation Canadians are better at, like community gardens and bake sales lolol. That's the only way people like him can feel superior because dollars-wise it's the newcomers who subsidize the old timers

I hereby and solemnly declare , with formality, pomp, circumstance, and with a red seal of wax, +1

[lio45]

Originally Posted by st7860

Canada does not and has never sold passports.

Let's just say that the immigrant investor program was a tiny bit more subtle than that, but the result wasn't very different in practice: you wanted to come to Canada and had enough spare money to invest, there was a program designed expressly to open the country's doors to people like you.

(... is there any country on this globe that actually plainly "sells passports" anyway? When people say that, they don't mean it literally...)

[Acajack]

Originally Posted by lio45

Let's just say that the immigrant investor program was a tiny bit more subtle than that, but the result wasn't very different in practice: you wanted to come to Canada and had enough spare money to invest, there was a program designed expressly to open the country's doors to people like you.

(... is there any country on this globe that actually plainly "sells passports" anyway? When people say that, they don't mean it literally...)

What if you're a really good soccer player and an oil-rich Gulf state is looking to build a national team?

[st7860]

Originally Posted by lio45

Let's just say that the immigrant investor program was a tiny bit more subtle than that, but the result wasn't very different in practice: you wanted to come to Canada and had enough spare money to invest, there was a program designed expressly to open the country's doors to people like you.

(... is there any country on this globe that actually plainly "sells passports" anyway? When people say that, they don't mean it literally...)

Some countries in Europe such as Latvia are sort of known for that. Buy a piece of real estate and you're in. With the now cancelled Canadian program, it was more like loaning money risk free instead of actually investing. There were a few articles last year that said people that immigrated using the skilled worker and other categories paid more income taxes which may be true however income taxes are not the only way Canada would benefit.

People say Chinese come and buy up Vancouver but guess who many of the builders are, they aren't Chinese. There is a specific group that everyone in Metro Vancouver will know that builds most of the homes.

[lio45]

Considering that a Latvian passport is a EU passport nowadays, I am certain those aren't just simply "available for sale".

And I am also sure that I can literally make the exact same statement as you did ("Latvia does not and has never sold passports") and have it be factually correct. It's pointless, because no one means it 100% literally.

[Stryker]

Originally Posted by lio45

Let's just say that the immigrant investor program was a tiny bit more subtle than that, but the result wasn't very different in practice: you wanted to come to Canada and had enough spare money to invest, there was a program designed expressly to open the country's doors to people like you.

(... is there any country on this globe that actually plainly "sells passports" anyway? When people say that, they don't mean it literally...)

This is a big duh.

There's a 101 ways to manipulate canada's point system with a bit of cash.

Creating "jobs", getting family members into the country by paying the tuition needed to get student visas(probably the most common), the list goes on and on.

Again what is most troubling, is that it's the best option when one has illegitimate money.

[Xelebes]

Originally Posted by someone123

Here's an interesting article about wealth inequality (it includes a link to the actual paper): http://www.economist.com/blogs/freeexchange/2015/03/wealth-inequality

The biggest differences between the two is Rouganis implicating specific policy while Piketty implicates natural processes. Rouganis asks to review policy while Piketty is promoting a haircut. Interesting.

[rbt]

Originally Posted by lio45

Considering that a Latvian passport is a EU passport nowadays, I am certain those aren't just simply "available for sale".

Numerous countries sell residency, sometimes permanent, but nobody sells citizenship outright. Citizenship nearly always requires some prolonged period of residency (often around 5 years), good behaviour, good health (mental health often gets special mention as a reason for rejection), and a cultural/language exam of some type.

[cornholio]

Originally Posted by Stryker

This is a big duh.

There's a 101 ways to manipulate canada's point system with a bit of cash.

Creating "jobs", getting family members into the country by paying the tuition needed to get student visas(probably the most common), the list goes on and on.

Again what is most troubling, is that it's the best option when one has illegitimate money.

THIS. It is very easy to manipulate if you have cash and are in a corrupt country where you can buy papers and references.

[st7860]

Originally Posted by lio45

Considering that a Latvian passport is a EU passport nowadays, I am certain those aren't just simply "available for sale".

And I am also sure that I can literally make the exact same statement as you did ("Latvia does not and has never sold passports") and have it be factually correct. It's pointless, because no one means it 100% literally.

Yes however more than one country in that general area is known for having loose paths to residency. Canada has strict security checks.

Also since my neighbors( for example the one that built a new place with a coach house in the back) dont bring drive bys or other nasty things I dont care what they buy or where they spend their money

[cornholio]

I am not at liberty to say the final sale price, but my siblings house was sold in less then a week from the date of being listed for 10%++ over asking price which was listed already 15%++ over the assessed value. Between 5-10 offers. It was not a investment but meant to be a long term family home, it generated over half a mill in profit in 5ish years. As he said good luck Vancouver, not a place for me anymore. Just one word, crazy.

[st7860]

That isn't crazy. It's the market. You did say beforen you know a guy who wants to move his family to tsawassen or something like that just because it's close to Richmond. Some people prefer to live in the country and others prefer to live in the city

[cornholio]

Originally Posted by st7860

That isn't crazy. It's the market. You did say beforen you know a guy who wants to move his family to tsawassen or something like that just because it's close to Richmond. Some people prefer to live in the country and others prefer to live in the city

Oh no. Its crazy. A 100% appreciation in 5 years for a 🞵🞵🞵🞵 box in east Van is crazy. Done and out. Hey don't get me wrong I rent in Vancouver, yet I am actually right now in the early stages of buying a property with my SO, on the other side of the planet. She is doing the ground work. I plan to retire there in a few decades at most. Difference is that the property there is going to appreciate because the numbers guarantee it, that and the rent will actually give me a decent return on my investment right away, and will only get better, so that gives me flexibility while I continue to diversify my investments. Where as Vancouver is on a collision course with a brick wall. Keep in mind that condos in most of metro Vancouver have not moved in prices in a few years. With inflation most have actually fallen in price...The Vancouver market is just crazy, and right now the last few months in Vancouver specifically in terms of single family homes its is even crazier. And of course completely unsustainable.

[st7860]

I'll try to say it in a more clear manner. I don't have a spouse or a family to support. Many people in Vancouver are like that. It doesnt mean they want to move to Alberta(even when Oil is doing well) or move to the US. Sure its possible to make a higher salary there but is it a good place to live? I'm going to stay put - If its good enough for people to want to come from all over, its good enough for me too. Its normal for some families to prefer a bigger property for kids and pets in the suburbs.

if your spouses property in that across the world place goes up will you be able to sell it without paying capital gains tax?

[Stryker]

Originally Posted by st7860

That isn't crazy. It's the market. You did say beforen you know a guy who wants to move his family to tsawassen or something like that just because it's close to Richmond. Some people prefer to live in the country and others prefer to live in the city

You seem to be running with some absurd notion that things are worth what people are willing to pay.

Things are worth what people can actually afford to pay.

Nothing about Vancouver suggest people are gonna be able to afford the current housing prices.


The magic of vancouver is that its a surging market.

This magical quality will fall away fast once the house of cards starts to fall apart.

[dleung]

Originally Posted by crazycrazydoesdoes

I think he meant the more "intangible" or "social" kinds of contributions that second generation Canadians are better at, like community gardens and bake sales lolol. That's the only way people like him can feel superior because dollars-wise it's the newcomers who subsidize the old timers

I know, tons of people are like him. Kinda disappointed he didn't ask to review my immigration papers.

Originally Posted by Stryker

You seem to be running with some absurd notion that things are worth what people are willing to pay.
Things are worth what people can actually afford to pay.

A 8 bedroom house in Bridle Path is now worth $100K, because that's how much I have, ding!

[ozonemania]

Condos seem to be doing okay. This past week, a relative of mine wanted to sell their condo quickly so they posted it about 20% below assessed value (it needed interior renovations). Within a week, they had sold their condo after a bidding war which saw them sell for about 15% above assessed value. Was not by a 'foreigner' but by someone local.

***

While I'm posting, I might as well say that I find some of the attitudes expressed in this thread to be repugnant. Honestly, this forum is one of freedom of expression, so say what you will, it is what it is.

Just step back and really listen to yourselves, you just sound like horrible, hateful, self absorbed people. I'm not even talking about being politically correct either. You sounds worse than the people that purportedly offend you.

If I even have to spell out for you WHY your rhetoric is so destructive, then you are not nearly as thoughtful as you think.

If you're reading this thinking: "oh well doesn't he sound all high and mighty", don't assume that that I disagree that foreign ownership is a problem in this city.

That would be far too simplistic.

[st7860]

Originally Posted by dleung

I know, tons of people are like him. Kinda disappointed he didn't ask to review my immigration papers.

Its considered in vogue to say inappropriate things about foreigners as a way to vent exasperation with house prices

[Stryker]

Originally Posted by ozonemania

***

While I'm posting, I might as well say that I find some of the attitudes expressed in this thread to be repugnant. Honestly, this forum is one of freedom of expression, so say what you will, it is what it is.

Just step back and really listen to yourselves, you just sound like horrible, hateful, self absorbed people. I'm not even talking about being politically correct either. You sounds worse than the people that purportedly offend you.

If I even have to spell out for you WHY your rhetoric is so destructive, then you are not nearly as thoughtful as you think.

If you're reading this thinking: "oh well doesn't he sound all high and mighty", don't assume that that I disagree that foreign ownership is a problem in this city.

That would be far too simplistic.

Whats equally concerning are people that have little interest in the financial issues of fellow canadians.

As if living in BC should be some privilege of the wealthy of people can afford.

If people were speculating on the price of tap water, just because they can, should they not be held accountable for barring the average person from water.