Chinese Investors Driving Up Metro Housing Prices

[cornholio]

Originally Posted by WBC

It's sad but true that the most diverse regions are also the most segregated...

See this http://fivethirtyeight.com/features/...st-segregated/

It's true. Brazil is very multiracial bit it is not murky cultural. Ignoring other problems it has worked. I don't know how Canadas system will work long term. Either way I should clarify my brother is not racist, his friends are from all over, he actually likes Stevston because it's very mixed. His problem was living in enclave where you are excluded and face daily culture clash that you can't escape. That and cultural institutions/businesses that you identify with and use disapear when you end up living in a enclave. It's not fun and it results in flight and that is exactly what is happening in many neighbourhoods.

[mezzanine]

Originally Posted by WBC

It's sad but true that the most diverse regions are also the most segregated...

See this http://fivethirtyeight.com/features/...st-segregated/

I don't think you can extrapolate Nate Silver's analysis easily to Canada.

Furthermore, most of the exceptions (to diverse cities being segregated) are cities like Sacramento that have large Hispanic or Asian populations. Cities with substantial black populations tend to be highly segregated. Of the top 100 U.S. cities by population, 35 are at least one-quarter black, and only 6 of those cities have positive integration scores.9

[mezzanine]

Originally Posted by cornholio

In my brothers case he definitely sold and left the Kilarney area because it was a ethnic enclave. His reasons were #1 couldn't talk to or relate to his neighbors #2 his kid was not in a inclusive or positive environment #3 a big one, they shut down all the pubs as the demographics did not support them (last to go was Jaguars). #4 the next door house was a rental owned by a Chinese investor who did not invest money into it and one shitty tenant after another.

His final straw was when a very large Filipino family moved into the rental house and proceeded to "hang out" outside of it almost 24-7 with their extended families and friends. Non stop talking right by his window. His words were I believe I feel like I live in the middle of a Manila slum, I am out of here.

Now he downsized to Stevston to a townhouse complex that is very mixed. Him and his wife have government jobs and will sell and leave the region when they retire, the only reason they didn't is because of jobs.

So yeah that's one example. Most people I know are slowly leaving.

Your brother seems like a racist. Let me check:

His words were I believe I feel like I live in the middle of a Manila slum, I am out of here.

Let's be charitable and say he dislikes diversity, - why did he move to Steveston of all places? A place with similar demographics as Killarney? Because his building is "mixed"? Is he pulling your leg?

[csbvan]

Foreign buyers crushing Vancouver home dreams as governments do little: study

The Canadian and British Columbia governments are complicit in fuelling Vancouver's housing crisis as foreign Chinese buyers continue to shut local residents out of the market, a new study says.

Josh Gordon, the study's author and assistant professor in the School of Public Policy at Simon Fraser University, said people's dreams of owning a home are being crushed because they can't compete with foreign investors and no longer accept "distraction" excuses such as low interest rates for the state of the super-heated market.

http://www.cbc.ca/beta/news/canada/b...yers-1.3572499

[trofirhen]

Originally Posted by csbvan

http://www.cbc.ca/beta/news/canada/b...yers-1.3572499

Canadian government inaction, both provincially and federally is all too often the "mode de vivire" here. If the government had any guts, smarts, or interest in the public...
it would surely have put in rules right now, something the way Australia has done. But, er, this is Canada, eh? Makes my frikkin' blood boil.

[WBC]

Originally Posted by mezzanine

I don't think you can extrapolate Nate Silver's analysis easily to Canada.

Maybe you should then walk around different neighborhoods around Lower Mainland and check it out...Say the Drive, Metrotown, New West River District...Heck, we now the same grocery chain catering to different ethnicity...Check out newly opened Save on Foods vs. Price Mart in Metrotown and tell me that there is no segregation...

[WBC]

Originally Posted by trofirhen

Canadian government inaction, both provincially and federally is all too often the "mode de vivire" here. If the government had any guts, smarts, or interest in the public...
it would surely have put in rules right now, something the way Australia has done. But, er, this is Canada, eh? Makes my frikkin' blood boil.

The Austrian government restrictions have done next to nothing to stop the price growth over time.

If you wanted to stop this you would need to significantly curb the immigration numbers. But this country and this city in particular literally lives of immigration and associated real estate industry so good luck with that.

[trofirhen]

Originally Posted by WBC

The Austrian government restrictions have done next to nothing to stop the price growth over time.

If you wanted to stop this you would need to significantly curb the immigration numbers. But this country and this city in particular literally lives of immigration and associated real estate industry so good luck with that.

I thought the Australian government had passed a law that read something like "if you wanna buy it, you gotta live in it." Correct me if I'm wrong.

[whatnext]

Originally Posted by WBC

The Austrian government restrictions have done next to nothing to stop the price growth over time.

If you wanted to stop this you would need to significantly curb the immigration numbers. But this country and this city in particular literally lives of immigration and associated real estate industry so good luck with that.

Err, what?

House prices fall in most cities as foreign buyer interest declines

..Foreign interest fell for established homes as well, possibly coinciding with tougher penalties and enforcement in the sector commencing in December - only those who are resident in Australia are allowed to buy an established property, and it must be sold if they are no longer living in it as their primary residence....
http://www.abc.net.au/news/2016-04-2...cities/7344624

[WBC]

Originally Posted by whatnext

Err, what?

House prices fall in most cities as foreign buyer interest declines

..Foreign interest fell for established homes as well, possibly coinciding with tougher penalties and enforcement in the sector commencing in December - only those who are resident in Australia are allowed to buy an established property, and it must be sold if they are no longer living in it as their primary residence....
http://www.abc.net.au/news/2016-04-2...cities/7344624

Yeah that was a one month slowdown. Check May

http://www.businessinsider.com.au/au...e-rates-2016-5

"In just the past eight days, prices in Sydney rose by 3.5%, outpacing gains of 2.8% and 2.2% in Melbourne and Brisbane.

Year to date prices have risen by 6.6% in Sydney, topping gains of 4.6% and 4.3% in Adelaide and Melbourne. Perth is the only capital city surveyed to register a fall over the same period with prices down 2.0%.

Going off CoreLogic’s chart below, it certainly appears that house prices are accelerating after a small period of consolidation earlier in the year."

And secondly Australia put those controls years ago with nothing to show for for years. This has nothing to do with pure foreigners...If you wanted to calm down the real estate market you would have to drastically reduce immigration (Canada is the easiest country in the western world to get immigration visa and become citizen of) and increase interest rates...And as I said before good luck with that. You are not going to have correction while you have 40,000 people every year move into Lower Mainland.

And if you look at provincial budget 1.5 billion dollars comes from property transfer tax alone. That is 3% of provincial budget just from that one tax. So yeah...I am sure that provincial government is coming to our aid...

[trofirhen]

Originally Posted by whatnext

Err, what?

House prices fall in most cities as foreign buyer interest declines

..Foreign interest fell for established homes as well, possibly coinciding with tougher penalties and enforcement in the sector commencing in December - only those who are resident in Australia are allowed to buy an established property, and it must be sold if they are no longer living in it as their primary residence....
http://www.abc.net.au/news/2016-04-2...cities/7344624

Originally Posted by WBC

Yeah that was a one month slowdown. Check May

http://www.businessinsider.com.au/au...e-rates-2016-5

"In just the past eight days, prices in Sydney rose by 3.5%, outpacing gains of 2.8% and 2.2% in Melbourne and Brisbane.

Year to date prices have risen by 6.6% in Sydney, topping gains of 4.6% and 4.3% in Adelaide and Melbourne. Perth is the only capital city surveyed to register a fall over the same period with prices down 2.0%.

Going off CoreLogic’s chart below, it certainly appears that house prices are accelerating after a small period of consolidation earlier in the year."

And secondly Australia put those controls years ago with nothing to show for for years. This has nothing to do with pure foreigners...If you wanted to calm down the real estate market you would have to drastically reduce immigration (Canada is the easiest country in the western world to get immigration visa and become citizen of) and increase interest rates...And as I said before good luck with that. You are not going to have correction while you have 40,000 people every year move into Lower Mainland.

And if you look at provincial budget 1.5 billion dollars comes from property transfer tax alone. That is 3% of provincial budget just from that one tax. So yeah...I am sure that provincial government is coming to our aid...

Extrapolating from all this, where is Vancouver headed? Anybody?

[csbvan]

Originally Posted by trofirhen

Extrapolating from all this, where is Vancouver headed? Anybody?

Maybe we will lose young workers/entrepreneurs to the U.S. in greater numbers:

http://www.huffingtonpost.ca/2016/05..._hp_ref=canada

[whatnext]

Originally Posted by WBC

Yeah that was a one month slowdown. Check May

http://www.businessinsider.com.au/au...e-rates-2016-5

"In just the past eight days, prices in Sydney rose by 3.5%, outpacing gains of 2.8% and 2.2% in Melbourne and Brisbane.

Year to date prices have risen by 6.6% in Sydney, topping gains of 4.6% and 4.3% in Adelaide and Melbourne. Perth is the only capital city surveyed to register a fall over the same period with prices down 2.0%.

Going off CoreLogic’s chart below, it certainly appears that house prices are accelerating after a small period of consolidation earlier in the year."

And secondly Australia put those controls years ago with nothing to show for for years. This has nothing to do with pure foreigners...If you wanted to calm down the real estate market you would have to drastically reduce immigration (Canada is the easiest country in the western world to get immigration visa and become citizen of) and increase interest rates...And as I said before good luck with that. You are not going to have correction while you have 40,000 people every year move into Lower Mainland.

And if you look at provincial budget 1.5 billion dollars comes from property transfer tax alone. That is 3% of provincial budget just from that one tax. So yeah...I am sure that provincial government is coming to our aid...

The jury's still out on whether the restrictions are causing the Australian slowdown or not, but they can't hurt.

Of course Christy and her clowns aren't going to do anything about it! As you point out the PPT is the golden goose for them, you can only do so much budget balancing by clawing back benefits for those on disability.

If I were Horgan and the NDP I'd promise to scrap the PPT on anything under $1.5 million and quadruple it on everything over. Nobody's going to shed any tears for offshore buyers getting soaked.

[csbvan]

Nice starter home:

A 'Student' Owns This $31-Million Vancouver Mansion

https://www.vice.com/en_ca/read/stud...couver-mansion

[logicbomb]

Originally Posted by csbvan

Nice starter home:



https://www.vice.com/en_ca/read/stud...couver-mansion

Principal Residence Exemption:

http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html

My guess is that person is a house-sitter for the parent/relative. It's a common practice in Vancouver. This loophole should be closed asap.

[trofirhen]

Originally Posted by logicbomb

Principal Residence Exemption:

http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html

My guess is that person is a house-sitter for the parent/relative. It's a common practice in Vancouver. This loophole should be closed asap.

That's for sure !!! I wonder how many other loopholes exist that allow this kind of outrageous excess. If it were just the case of one (or a small handful) of rich, spoiled kids; not a problem but this is symptomatic of the worsening of the Vancouver housing crisis that will lead to I don't know what. Use your imagination.

A responsible government both at the provincial and federal levels would go over all this with a fine toothed comb for loopholes; not to stop people from having their McMansions, if that's what they want, but to ensure future affordable housing for all.
That is something we already don't even have, gven the number of homeless, but to make it a common risk factor - homelessness - is criminally negligent..... IMHO

[cornholio]

Originally Posted by trofirhen

That's for sure !!! I wonder how many other loopholes exist that allow this kind of outrageous excess. If it were just the case of one (or a small handful) of rich, spoiled kids; not a problem but this is symptomatic of the worsening of the Vancouver housing crisis that will lead to I don't know what. Use your imagination.

A responsible government both at the provincial and federal levels would go over all this with a fine toothed comb for loopholes; not to stop people from having their McMansions, if that's what they want, but to ensure future affordable housing for all.
That is something we already don't even have, gven the number of homeless, but to make it a common risk factor - homelessness - is criminally negligent..... IMHO

Its not about rich spoiled kids. Its about tax evasion in this case. The student (likely foreign) claims it as his primary residence. The real owner is the women who owns 1% for whom the house is not a primary residence. The reason they do this is to avoid paying capital gains taxes. If that value goes up say 10% over 5 years they just stole roughly 700-800k dollars from BC and Canadian tax payers. ((31mill*0.10)/2)*top tax rate

This is the loophole that needs to be closed. What these people are doing is defrauding Canadian tax payers. All that is needed is a amendment to how capital gains taxes are levied.

[whatnext]

Stay classy Chinese realtors:

A Vancouver realtor has been accused of threatening a local businessman after he denounced her for encouraging a bidding war on a house she is trying to flip for a client – in a deal he worries could lead to tax evasion.

The man says he was frightened for his life.

He reported the May 2 incident to the real estate industry regulator and Vancouver police, which are both investigating. He gave The Globe and Mail a recording of a threatening call – from a number connected to Layla Yang, a licensed realtor from Re/Max.

In the recording, a woman he said had identified herself as Ms. Yang warns him in Mandarin: “I’m telling you – people above me are from Harbin [China] gangs. Gangsters, right? You don’t fucking want to be alive.” That call was followed immediately by another, also in Mandarin, from an unidentified man, also recorded. That caller repeatedly demanded to know the businessman’s address and told him, “You have lived for too long.” The Globe had the recordings translated....
http://www.theglobeandmail.com/news/...ticle30024457/

[retro_orange]

Originally Posted by whatnext

Stay classy Chinese realtors:

A Vancouver realtor has been accused of threatening a local businessman after he denounced her for encouraging a bidding war on a house she is trying to flip for a client – in a deal he worries could lead to tax evasion.

The man says he was frightened for his life.

He reported the May 2 incident to the real estate industry regulator and Vancouver police, which are both investigating. He gave The Globe and Mail a recording of a threatening call – from a number connected to Layla Yang, a licensed realtor from Re/Max.

In the recording, a woman he said had identified herself as Ms. Yang warns him in Mandarin: “I’m telling you – people above me are from Harbin [China] gangs. Gangsters, right? You don’t fucking want to be alive.” That call was followed immediately by another, also in Mandarin, from an unidentified man, also recorded. That caller repeatedly demanded to know the businessman’s address and told him, “You have lived for too long.” The Globe had the recordings translated....

http://forum.skyscraperpage.com/newr...te=1&p=7440156

WTF. Our government should be held accountable for aiding and abetting this type of environment in the real estate industry, even if only a shred of what she said is true. An all new low of unprofessional and increasingly seedy real estate transactions and it just shows how hostile they will get if you start to directly question their transactions. Entirely unacceptable, it actually makes me NOT want to enter the real estate game because a crash seems inevitable at this point.

[csbvan]

I can't do this place anymore. It rips my heart out because it's my home and I used to have such high hopes.