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  1. #1
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    Canada Overwhelmed By 100,000 Chinese Millionaire Immigrants



    Very interesting documentary. Basically, chinese millionares are overinflating chinese housing markets to such a degree, that people growing up in specific areas can never afford building a house in the place they grew up.

    Many houses are bought as an investment as well, and they sit empty, dulling neighbourhoods in the process.
    Edit: Also, starting at Minute 15, it is explained that those millionaires on average only pay an income tax of 1400 dollars per year.
    Last edited by mmocd03f375e36; 2017-04-27 at 10:26 PM.

  2. #2
    The Unstoppable Force Puupi's Avatar
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    Oh Canada has a similar housing bubble as Finland.

    It's not like either of these countries are running out of space to build houses in....

    PS. I want a Chinese millionaire girlfriend!
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    i've said i'd like to have one of those bad dragon dildos shaped like a horse, because the shape is nicer than human.
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    i was talking about horse cock again, told him to look at your sig.

  3. #3
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    Sounds like a good reason for additional regulation.

  4. #4
    Quote Originally Posted by Taftvalue View Post
    Sounds like a good reason for additional regulation.

    "Man is not free unless government is limited." (from your signature quote)
    Limited government...unless it's something you want to regulate, right?

  5. #5
    I Don't Work Here Endus's Avatar
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    Quote Originally Posted by Taftvalue View Post
    Sounds like a good reason for additional regulation.
    Why regulate against a booming housing industry? Price hikes are a temporary blip until housing production can catch up.


  6. #6
    The problem is that less that Chinese people buy houses (they own less houses than European or American interests do) but that many buy them purely for speculating, letting them sit empty as prices skyrocket. Vancouver got hit by this very hard, and so did Toronto recently. They've begun regulating, with the biggest one being a tax on foreigners buying houses in these cities.

    In comparison, most Chinese couples buying houses in Montreal actually live in them, so it doesn't contribute to a housing bubble anywhere near as much albeit it does drive up prices near good centers of education, as Chinese are particularly fond of living near these. But rich, skilled people settling here is definitely a good thing overall so long as the speculation is kept in check.

  7. #7
    The Unstoppable Force Puupi's Avatar
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    Quote Originally Posted by Endus View Post
    Why regulate against a booming housing industry? Price hikes are a temporary blip until housing production can catch up.
    Temporary blip.

    House prices have had ridiculous growth here for 80 years straight*. It's a bubble.

    EDIT: *minus the recession in early 90's when the bubble crashed last time.
    Last edited by Puupi; 2017-04-27 at 10:30 PM.
    Quote Originally Posted by derpkitteh View Post
    i've said i'd like to have one of those bad dragon dildos shaped like a horse, because the shape is nicer than human.
    Quote Originally Posted by derpkitteh View Post
    i was talking about horse cock again, told him to look at your sig.

  8. #8
    I Don't Work Here Endus's Avatar
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    Quote Originally Posted by Jastall View Post
    The problem is that less that Chinese people buy houses (they own less houses than European or American interests do) but that many buy them purely for speculating, letting them sit empty as prices skyrocket. Vancouver got hit by this very hard, and so did Toronto recently. They've begun regulating, with the biggest one being a tax on foreigners buying houses in these cities.

    In comparison, most Chinese couples buying houses in Montreal actually live in them, so it doesn't contribute to a housing bubble anywhere near as much albeit it does drive up prices near good centers of education, as Chinese are particularly fond of living near these. But rich, skilled people settling here is definitely a good thing overall so long as the speculation is kept in check.
    My parents recently sold their house to a Chinese couple, man and wife, for about 10% over asking, and their ask was already high for the neighbourhood. And they had that offer the day after listing. Cash deal, not reliant on mortgage funding. It's a rich guy's kid who's going to be attending college in town, so they're not buying it to leave vacant. It's also probably not speculation, because you don't buy on spec way above market value.

    They also got a great deal on their new place, so they ended up making a bundle and moving into a bigger house that suited them better anyway.

    I can see an issue if they're buying places to hold them vacant, but other than an occupancy requirement, I don't see much reason to oppose the purchasing, in general. If prices are booming, and these places weren't being left vacant (I don't think that's happening in/around Toronto, for instance, at any appreciable rate), then it just means that housing production/supply is falling behind, which should motivate more construction. That's literally how the housing market works. It means it's not advantageous to new homeowners, who can keep renting, but people who owned before the boom are making gains as a result, too.


  9. #9
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    Quote Originally Posted by Daveon View Post
    Limited government...unless it's something you want to regulate, right?
    Yeah.. duh?

  10. #10
    Don't Chinese buy houses in Canada so they can get a second passport?
    .

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  11. #11
    Quote Originally Posted by Endus View Post
    Why regulate against a booming housing industry? Price hikes are a temporary blip until housing production can catch up.
    Speaking from London, building new houses doesn't help and even rent prices are insane.
    The city is going to have more and more serious issues as it's workforce can't afford to live within a reasonable distance.
    BASIC CAMPFIRE for WARCHIEF UK Prime Minister!

  12. #12
    I Don't Work Here Endus's Avatar
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    Quote Originally Posted by Hubcap View Post
    Don't Chinese buy houses in Canada so they can get a second passport?
    So they can establish residency with a long-term plan of applying for landed immigrant status, perhaps. But that sort of expects they can demonstrate that they're self-sufficient and a positive contribution to Canada before it'd get approved, so I don't see the issue.

    Not the only reason, but it is *a* reason. China's less likely to want to let them go than Canada is to not want them, honestly.

    - - - Updated - - -

    Quote Originally Posted by rogueMatthias View Post
    Speaking from London, building new houses doesn't help and even rent prices are insane.
    The city is going to have more and more serious issues as it's workforce can't afford to live within a reasonable distance.
    I lived in London for a year, 5 years ago or so, my rent wasn't THAT bad, and I was pretty close to Western too (which I was attending). Cheaper than Waterloo, really.


  13. #13
    I remember when the money was leaving Hong Kong, there were Chinese gentlemen with suitcases full of money walking door to door down residential streets in Vancouver. They'd buy the entire street, then move the extended family over. Lots of money moving around.

  14. #14
    Herald of the Titans Feral Camel's Avatar
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    The same thing is happening in Melbourne and Sydney. Young locals are now priced out of the market. Wage growth is low but housing prices are going up by a few percent a month.

    All signs are pointing to our bubble bursting.

  15. #15
    Same happens in the US around the Seattle area, also there's a US program that gives residency to foreigners who invest lots and lots of money in the US. A lot of Chinese have taken advantage of that as well as most of Venezuela's well-to-do.
    .

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  16. #16
    Quote Originally Posted by Feral Camel View Post
    The same thing is happening in Melbourne and Sydney. Young locals are now priced out of the market. Wage growth is low but housing prices are going up by a few percent a month.

    All signs are pointing to our bubble bursting.
    Similar things happening in the US and foreign investment in real estate is one of the causes for certain.

    In my opinion, it is unacceptable for government to let foreigners (many of whom do not actually live in the country) drive up real estate valuation. People can't opt out of a real estate market, we have to live somewhere.

  17. #17
    Over 9000! Milchshake's Avatar
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    Quote Originally Posted by rogueMatthias View Post
    Speaking from London, building new houses doesn't help and even rent prices are insane.
    The city is going to have more and more serious issues as it's workforce can't afford to live within a reasonable distance.
    I know, its not like foreign buyers just got for older units. They can buy up that new housing as well. Driving by half-empty towers that sold out years ago is a damn shame.

  18. #18
    Bloodsail Admiral Misuteri's Avatar
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    Why is there a need to regulate a house that's bought, paid for, maintained, taxes kept up to date but not lived it????

  19. #19
    The problem in Vancouver is not them buying houses...it's them buying houses and leaving them vacant.

    - - - Updated - - -

    Quote Originally Posted by Misuteri View Post
    Why is there a need to regulate a house that's bought, paid for, maintained, taxes kept up to date but not lived it????
    Because it creates an artificial scarcity in the market which drives up housing costs.
    “The biggest communication problem is we do not listen to understand. We listen to reply,” Stephen Covey.

  20. #20
    People need to be willing to live in different cities and companies should move as well. A big part of the bubble is that people are stubbornly paying much more for rent/housing than they need to. Medium sized cities like Ottawa have better traffic, less pollution, much lower cost of life, and should be where young people are flocking to.

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