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Austin
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70% of MetroVan houses sold went to mainland china buyers

Tue Feb 16, 2016 2:28 pm

In A Six-Month Period, 70% Of Homes Sold In Metro Vancouver’s West Side Went To Mainland China Buyers

https://bchn.com/in-a-six-month-period- ... na-buyers/
Redistribute consumption, not income.
 
Austin
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Re: 70% of MetroVan houses sold went to mainland china buyer

Tue Feb 16, 2016 2:32 pm

Ironically, it's those people who kept on crying "bubble" probably delayed this study. If they had been crying "chinese buyers" instead, this study would have probably been done a long time ago.

We know who they were. and now we know how *wrong* they were.
Redistribute consumption, not income.
 
eyesthebye2
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Re: 70% of MetroVan houses sold went to mainland china buyer

Tue Feb 16, 2016 9:49 pm

Actually, those crying bubble were telling us that a very small % of buyers were from China. They wanted to believe it was local buyers up to their nuts in mortgage payments.

Study done. Now what?
The remedy is to halt immigration. That's a political hot potato.
 
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jesse1
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Re: 70% of MetroVan houses sold went to mainland china buyer

Wed Feb 17, 2016 3:58 am

The remedy is to quit whining and move somewhere cheaper. Halting immigration hahaha OK
There is no shame in overpaying
 
tdma800
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Re: 70% of MetroVan houses sold went to mainland china buyer

Wed Feb 17, 2016 5:52 am

don't let the proverbial door hit you on the way out

http://www.cbc.ca/news/canada/british-c ... -1.3450819
 
Demonizer
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 10:16 am

so hilarious

it is not "70% of MetroVan houses sold went to mainland china buyer"

it is

"In A Six-Month Period, 70% Of Homes Sold In Metro Vancouver’s West Side Went To Mainland China Buyers"

And if you look at it further,

it's probably 1% of all Canadian homes sold to a mainland china buyer.

catch my drift.

but hey, those types of race baiting headlines don't sell news.
 
whattodo
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 1:49 pm

Demonizer,

Open your eyes. This started happening in Richmond years ago & people like you said don't worry about it. Now there are no white people in Richmond & all of the signs are in Chinese! I am not racist but this is what I see. Give this 5 more years & there will be no more white people in West Van either.

Remember every time an off shore millionaire buy a house in Vancouver that is one less house for a local to buy. They bid up the prices so high & they don't live in them & won't rent them out. 10 years ago Canadian doctors could afford to buy in Shaughnessy & now even they can't afford to. Same with West Van.

My realtor friends tell me literally all houses over 2.5M are bought buy rich foreigners. I am surprised "Canadians" are OK with this. I am not.
 
JasonBugra
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 1:51 pm

Finally someone says something right.

Although I am extremely fascinated and jealous that the mainland Chinese buyers are able to afford and buy out major landmarks in British Columbia, I still am astounded how media continues trying to blame the Chinese. With China's economic condition, and recent stock market crash, no wonder people are withdrawing their cash and looking for a safety deposit in Canada. Im sure, if any of you, and myself was in that position, we would all do the same! I suppose it is easier for people to point fingers, than really find the root of the problem.
so hilarious

it is not "70% of MetroVan houses sold went to mainland china buyer"

it is

"In A Six-Month Period, 70% Of Homes Sold In Metro Vancouver’s West Side Went To Mainland China Buyers"

And if you look at it further,

it's probably 1% of all Canadian homes sold to a mainland china buyer.

catch my drift.

but hey, those types of race baiting headlines don't sell news.
 
tdma800
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 2:04 pm

so hilarious

it is not "70% of MetroVan houses sold went to mainland china buyer"

it is

"In A Six-Month Period, 70% Of Homes Sold In Metro Vancouver’s West Side Went To Mainland China Buyers"

And if you look at it further,

it's probably 1% of all Canadian homes sold to a mainland china buyer.

catch my drift.

but hey, those types of race baiting headlines don't sell news.
the modern thing is that if you can't get something other people can, you bring them down to your level
 
Demonizer
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 3:27 pm

Give this 5 more years & there will be no more white people in West Van either.
i don't see anything wrong with this. those "white" people that sold their houses i'm sure are happy. It's caucasian people, "white" is a fabricated charicature. Kind of like over exaggerated movie role based on false heroics.
Remember every time an off shore millionaire buy a house in Vancouver that is one less house for a local to buy. They bid up the prices so high & they don't live in them & won't rent them out. 10 years ago Canadian doctors could afford to buy in Shaughnessy & now even they can't afford to. Same with West Van.
last i heard people are allowed to buy vacation homes. do canadians not buy in mexico, palm spring, arizona, vegas? Maybe those doctors should have started a business in addition to their medical service then they would have made extra money. Doctors can now live in South surrey, Langley or somewhere else. no worries.
My realtor friends tell me literally all houses over 2.5M are bought buy rich foreigners. I am surprised "Canadians" are OK with this. I am not.
if someone wanted to sell their house for that much and no locals could buy then that seller must be happy. Locals don't buy houses that expensive anyways. so i fail to see what the problem is if the home was unattainable for locals in the first place then what is lost? nothing. Maybe you should complain to the seller to make sell price lower and only sell to a local lol :mrgreen: see what happens
 
jimtan
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 3:32 pm

For Pete's sake. Take note ...

"House Flipping Is Making a Comeback in Las Vegas"

http://www.bloomberg.com/news/articles/ ... -las-vegas
 
whattodo
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Re: 70% of MetroVan houses sold went to mainland china buyer

Thu Feb 18, 2016 4:28 pm

Demonizer,

Of course the seller will take money from the highest buyer! Our government allows laundered money in the country. That is not the sellers fault.

In third wold countries such as Mexico locals can't buy as their local wages do not pay enough to buy the materials that go into a house (concrete, wood, etc) even if you gave them the land for free. As for Arizona & Vegas etc. they had such a HUGE reduction in prices after the 2008 crash they needed foreign money to bring prices back up and bring their economy up too. Vancouver's economy & house prices were fine ... no foreign money needed here when our prices are always at record highs. Anyway, if you get what you suggest then Vancouver will become a tourist town. No real jobs. This won't be good for future generations of Canadians.

Are you really suggesting doctors should get a second job so they could buy a house in Vancouver? Their profession is the highest paid in Canada already. Should they get a side job working as a construction worker or bartender to supplement their medical income? Really? :? I must be misunderstanding you! You think that a doctor who works at Vancouver General hospital who is a top 1% earner is the country should have to commute from Langley. You say well too bad they can leave the city/country. Guess what they already are. We have a doctor shortage. Average wait times in emergency are 3-4 hours. Average surgery wait time is 8 months. Let's keep allowing foreigners to buy houses so our doctor's can't. I hope you don't need a doctor or surgery anytime soon.

Also, the trickle down effect (due to foreign money) is crazy! Houses in Langley that were 650-700K a year or two ago are now 850-950K. I asked my realtor friends how is this possible? I thought foreign buyers. They told me NO. It's locals who sold in Burnaby or Coquitlam for 1.2M that are buying these places. And they can pocket the 400K difference & retire. So, you can't just tell a first time buyer to "stop complaining & move to the suburbs". Those places are now unaffordable too. And don't say they can buy a one bedroom condo. It doesn't work if you have kids.

Anyways these are my thoughts! :(
 
reallyreal
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Re: 70% of MetroVan houses sold went to mainland china buyer

Fri Feb 19, 2016 8:10 am

The Chinese have every right to buy in Vancouver.

And we Vancouverites have every right to not like it.

Free country - works two ways.

When people cry racism, that is when the locals have to take a stand and call BS. Nobody has any issue with Chinese living here and becoming contributing members of our city - I don't care where they come from, just be proud to live here, intermingle with your fellow citizens and build/maintain a community.

Remember years ago how some people would claim the Chinese have this strong work ethic and studied hard and blah blah blah. Yep, all I see is rich Chinese kids spending daddy's money (how many Ferraris with an "N") just like any other rich kids from any part of the world. Funny how globalization works - that's a two way street two and the Chinese are starting to embrace the look-at-me-first culture of capitalism. I'm sure this will end well :mrgreen:
 
Demonizer
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Re: 70% of MetroVan houses sold went to mainland china buyer

Fri Feb 19, 2016 8:20 am

Demonizer,

Of course the seller will take money from the highest buyer! Our government allows laundered money in the country. That is not the sellers fault.

In third wold countries such as Mexico locals can't buy as their local wages do not pay enough to buy the materials that go into a house (concrete, wood, etc) even if you gave them the land for free. As for Arizona & Vegas etc. they had such a HUGE reduction in prices after the 2008 crash they needed foreign money to bring prices back up and bring their economy up too. Vancouver's economy & house prices were fine ... no foreign money needed here when our prices are always at record highs. Anyway, if you get what you suggest then Vancouver will become a tourist town. No real jobs. This won't be good for future generations of Canadians.

Are you really suggesting doctors should get a second job so they could buy a house in Vancouver? Their profession is the highest paid in Canada already. Should they get a side job working as a construction worker or bartender to supplement their medical income? Really? :? I must be misunderstanding you! You think that a doctor who works at Vancouver General hospital who is a top 1% earner is the country should have to commute from Langley. You say well too bad they can leave the city/country. Guess what they already are. We have a doctor shortage. Average wait times in emergency are 3-4 hours. Average surgery wait time is 8 months. Let's keep allowing foreigners to buy houses so our doctor's can't. I hope you don't need a doctor or surgery anytime soon.

Also, the trickle down effect (due to foreign money) is crazy! Houses in Langley that were 650-700K a year or two ago are now 850-950K. I asked my realtor friends how is this possible? I thought foreign buyers. They told me NO. It's locals who sold in Burnaby or Coquitlam for 1.2M that are buying these places. And they can pocket the 400K difference & retire. So, you can't just tell a first time buyer to "stop complaining & move to the suburbs". Those places are now unaffordable too. And don't say they can buy a one bedroom condo. It doesn't work if you have kids.

Anyways these are my thoughts! :(
we have every reason to be upset but what is the solution. abolish capitalism?

doctors can open up a shop if they want. if you are a doctor and cant find a place to live around town by good budgeting and financial managing then that's their own fault.

and by the way, Hong Kong doctors are allowed to practice in Canada. I'm sure British ones are allowed too.
 
whattodo
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Re: 70% of MetroVan houses sold went to mainland china buyer

Fri Feb 19, 2016 10:02 am

The solution would be to ban foreign ownership or to triple property tax for foreigners. Many other countries do this. Our country has decided not to.

Unfortunately, prices have went up way too high. It's too late to do this now. They should have done this 10 years ago!

If they banned foreign ownership now then prices would fall drastically causing many foreclosures for local owners.

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