Quote:
Originally Posted by Klazu
One thing I don't understand is why are all these wealthy foreign people willing to purchase our clearly overpriced property ahead of an inevitable crash? I mean, if you have such amounts of money, one would think the person is business-savvy and aware of the ever-increasing risk involved. Are they all hoping to enjoy the annual 20% value increase as long as possible and flip the property just before the crash?
Sounds like a risky business to me, but perhaps that is why I don't have millions. Someone is guaranteed to lose once the crash happens and that someone will be a lot of people that held on to their investment properties a bit too long...
Interesting times.
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One thing people need realize is that these Chinese buyer are not foreigners, most of them are immigrants. They just want to buy a beautiful house here and wait to get the citizenship. Vancouver's housing prize is still way cheaper than China's 1st tier city like Shanghai & Beijing.
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