like reductimat has said a number of times, we've had the "canada is for sale" sign out on the front lawn for a while.
Next to Lichtenstein, Canada has the most foreign ownership of any country on Earth. And that's not limited to RE.
We have become rentiers in our own country.
As alluded to above, our 1%'ers are selling us down the river.
They'll be coming for our healthcare next.
Freedom of contract. We sell them guns that kill them; they sell us drugs that kill us.
Eventually a few will see the cognitive dissonance they're succumbing to.
I still don't really know what a "Liberal" is, but I'm pretty sure it doesn't rhyme with, "Fuck you, I'm making money (that I won't see for 20 years)".
Our neighbors sold to a couple from kits that just sold their house. Not bad, most likely made 3-4 million and got a house on the shore for 1.6. Was looking to buy a condo in whistler from a real estate friend and got priced out by yanks, she tells me that they are buying everything in whistler. Acquaintance from my kids school on the shore just moved to Squamish. Honestly, I'm not sure what's going on but I like to use logic.
Let see on the foreign investment front I personally am involved in Vancouver House a very large downtown condo highrise and just for all your information the building was never offered for sale in Canada but was sold entirely in China each suite comes with a maintenance package that package involves someone monthly entering suite dusting, cleaning and running all sinks and flushing all toilets so please don't tell me the sell out of Vancouver is not going on wholesale. We have become an off shore holding company but we don't get to enjoy the profits we just get to pay the bill.
Li Ka Shing started marketing Vancouver real estate in Hong Kong after fleecing the Socred Govt for the Expo lands in the 80s. The sell off has continued unabated ever since. The conversation that everyone is suddenly so desparate to have needed to happen two decades ago. Any intervention now is too little, way too late. What's left to save? Chilliwack?
It's never too late… well, there might be some provision hidden in the TPP that will allow foreign speculators to sue us if they lose money in our real estate market, but that hasn't passed yet.
The question is, can the property developers buy everyone from every provincial party?
All it will take is one populist party to shake things up dramatically.
Li Ka Shing started marketing Vancouver real estate in Hong Kong after fleecing the Socred Govt for the Expo lands in the 80s. The sell off has continued unabated ever since. The conversation that everyone is suddenly so desparate to have needed to happen two decades ago. Any intervention now is too little, way too late. What's left to save? Chilliwack?
The madness has spread all the way out to the fraser valley too.
I guess record low interest rates, low supply, and AirBNB, don't help the situation.
Are the requirements for foreign loans sufficient to ensure that we don't have a mortgage housing crisis like the USA? What happens if the foreign banks in Asia have badly hedged against defaults and downturns? (I don't even know if that is possible. Can a person in China arrange a loan with a Chinese bank overseas to purchase a property in Canada?)
foreign loans sufficient to ensure that we don't have a mortgage housing crisis like the USA? What happens if the foreign banks in Asia have badly hedged against defaults and downturns? (I don't even know if that is possible. Can a person in China arrange a loan with a Chinese bank overseas to purchase a property in Canada?)
Not sure the peeps that are buying here need loans. Not everyone needs money from a bank.
Sky high Vangroovy RE has a ripple effect and it's so fucking expensive where else you gona look but narth even for investing?
I know a real Vancouver guy not AZN with money and within the last ten years he has bought a store front on main and 2 houses probably spending about a million
My buddy has had azns trying to buy his hotel, you get a lot for a couple million
The madness has spread all the way out to the fraser valley too.
And creeping into the Thompson/Okanagon too. Lots of lower mainland real estate refugees pushing prices up here too.
I have looked all the way to Harrison and the surrounding area for the last few years and truthfully I can find a better deal in Maple Ridge or Mission . Chilliwack is creeping up fast I have looked there as well , and again better bang for buck here .
We just were in Williams Lake and I was dumbfounded at some of the prices of places . I think all that oil $$$ guys have been making the last 10yrs drove prices up with everyone building small mansions in the sticks .
#northsidetrailbuilders
Bought my condo in Pemby last summer for 230,000, same places in pioneer now going for 285,000, Pemby is hot right now too, the Squamish folk are selling out and heading north….
mtbskierdad
The conversation that everyone is suddenly so desparate to have needed to happen two decades ago.
Residents tried that back when Gord Campbell was mayor. It started as a housing and such discussion and devolved to a "You do this because you hate Chinese".
Not to bag on you, but between this and the OneUp thread, you seem to be a little bit out of touch with the plight of the average Canadian these days.
I do feel a bit out of touch with the reality of the situation.
I have a roof over my head and good meals most days.
We met a homeless lady the other night and asked her what we could do to help. She said she needed tampons. We went to the local drugstore and couldn't figure out which brand and type to get her. So we bought the mid-price, mid-range quality ones.
I've only had to use a food bank once in my life. It was a very humbling experience.
I'm just incredibly surprised by the raise in Squamish prices in only a few years.
How much impact has the Squamish Gondola had on the area's potential attractiveness?
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