Canada Overwhelmed By 100,000 Chinese Millionaire Immigrants

[Deleted]

I think any country would be happy to receive them.

[Sliske]

Thanks immigration

[Knaar]

House market in Vancouver is crazy, everyone in Canada knows that. A normal house worth 250k$ anywhere else in canada will be over a million in Vancouver and it's only getting higher and higher.

I'd like this story to end well, but i somehow doubt it will.

In the mean time, some people are making nice money, i guess that's ok for the economy of that part of the country.

[Akka]

How do communist Chinese people get rich in first place?

Because China hasn't been actually communist for decades ?

[Cybran]

I wonder what will happen when the Canadians realize that these are Oligarchs and not real Communists.

[Aggrophobic]

I don't get it.
The same people that dislike refugees becuase they say they bring nothing with them also have issues with educated millionaires?
This makes no sense at all. Canada should be happy rich people invest in their country.

If nothing else, it creates the need for more homes and that creats jobs.

[psyquest]

This problem is happening in major capitals, not only Vancouver.

In London, rich people have been for years buying properties. This has contributed to an inflation in prices and a ripple effect. Young people can no longer afford to live in central London and now they have to go further and further to afford a place.

The very same thing happened to Paris and is happening. Some Paris suburds are now unaffordable for the vast majority of people. Also get that: many properties in Paris are second homes (holiday homes) for the rich and are vacant most of the year. Apparently the local government is going to rise taxes for vacant properties but I doubt this will have any effect.

[Macaquerie]

I don't get it.
The same people that dislike refugees becuase they say they bring nothing with them also have issues with educated millionaires?
This makes no sense at all. Canada should be happy rich people invest in their country.

If nothing else, it creates the need for more homes and that creats jobs.

You have to imagine that when people say that they want highly educated and skilled immigrants, the unspoken assumption is that there won't ever be that many of them, or at the very least most would come from Europe or Australia, not some third world hovel. Though you would think that, given the mere existence of a country with 40 times the population of Canada, and a comparable educational system but far lower living standards, it's a minor miracle that Canada hasn't already been overtaken by Chinese immigrants.

[Stelio Kontos]

I wonder what will happen when the Canadians realize that these are Oligarchs and not real Communists.

Silly, the only evil, bad oligarchs are Russians!

It's sad when a nice, beautiful city can't even be lived in by the working-class people who make it that way. they bust their asses and commute and hour, two hours, while spoiled rich folks treat the city like a playground that they have no responsibility for.

[Toxsins]

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.

So a bunch of beautiful, rich Chinese ladies are hanging out over here, reducing our trade deficit with China and spreading wealth in our local economy.

For once I am appreciating globalism.

Oh, oh... what's that? Our virtue signaling, white, yuppie, liberal scum don't get to lord over the poor, scummy brown people living in the ghetto? Instead they feel envious of the newcomers? I see now. Better implement some protectionism to shut this down immediately! We need more impoverished Muslims to throw bread crumbs at and feel superior to.

[Tojara]

They are trying measures now in some of the major Canadian cities to help stop this. Nobody actually has problems with people who are living in the homes. The problem exists when foreign investors buy these properties as an investment, and never live in them. This causes inflation in the area and people who grew up in that area can't realistically afford to actually live there. While this actually fuels construction to keep up with the demand for housing, it doesn't completely make up for the ever increased cost of living in the area, nor the cost of housing. Eventually what's going to happen is the housing market will collapse and there will just be a shit load of property up for grabs.

Some of it's due to poor city management too, where it's really difficult to expand or build affordable housing in areas that are pretty desired.

Cities are trying to combat this by just having non citizens pay a higher vacancy tax if. It still allows investing, just not to the degree that they enjoy today. Not sure of the figures.

[Breccia]

Which part of Canada? I mean, I'm pretty close to Montreal. Should I start learning Mandarin and try to poach the Chinese students?

[HumbleDuck]

So, you have a problem with refugees, poor immigrants and rich immigrants.
Is there any type of outsider you don't have a phobia towards?

[DrMcNinja]

Which part of Canada? I mean, I'm pretty close to Montreal. Should I start learning Mandarin and try to poach the Chinese students?

Vancouver, if you've watched the video.

[Deleted]

Why regulate against a booming housing industry? Price hikes are a temporary blip until housing production can catch up.

I know a few urban planners, and they seem to work on these issues quite a bit. I can't say I know the ins and outs but, broadly put, regulation depends on:
-your view of what houses are: some states treat affordable housing as a right, some others as only a commodity.
-the amount of services and infrastructure that are financed and maintained by the state.
Production only catches up to profitability. That people can find a home is an unintended byproduct.
If you leave it to market forces, cities sprawl. Turning a temporary blip into a long standing spending hole. And increasing commute times, which in turn lowers the quality of living and impacts the environment.

[Endus]

I know a few urban planners, and they seem to work on these issues quite a bit. I can't say I know the ins and outs but, broadly put, regulation depends on:
-your view of what houses are: some states treat affordable housing as a right, some others as only a commodity.
-the amount of services and infrastructure that are financed and maintained by the state.
Production only catches up to profitability. That people can find a home is an unintended byproduct.
If you leave it to market forces, cities sprawl. Turning a temporary blip into a long standing spending hole. And increasing commute times, which in turn lowers the quality of living and impacts the environment.

Well, I am an urban planner (at least, by training; wrapping up my thesis and then I'll be looking for full-time employment). This isn't news to me. I'm pretty opposed to the concept of sprawl, but putting limits on the market isn't the same thing as negating market forces; if you restrict how much cities can expand, they'll start to build up, not out. I used to live in Waterloo, and they're seeing exactly that; development has recently run into the city limits, and the region is completely unwilling to allow subdivision of farmland that lies outside the city limits, so urban development is limited. The options left to developers are largely redevelopment, and a lot of that's been pushed into building apartment complexes.

I think the biggest issue is that some people see home ownership as a "right", and I can't agree with that. It's quite possible that some people just legitimately can't afford to own. If they can afford to rent, then it's not an affordable-housing issue.

And while some cities (Vancouver, particularly) have major issues in this regard, it's an issue that predates any recent shifts; it's been building for decades. The real problems there lie deeper than "Chinese immigrants are buying a lot of properly recently".

[Deleted]

At least they're still pouring money into the economy.
It's better than poor/illegal/refugee immigration that doesn't benefit the economy in any major way.

There are still "local" people who benefited from selling their property to the Chinese/Rich people.
And housing is a free market, if you can't afford the housing where you are, it's likely your skills/income isn't up to par with those around you. Which is just a natural mechanism of capitalism. If you have any complaints, complain to the government who haven't provided enough government-subsidized housing for investment-limited people.

In the video, a woman explains that her daughter and son in law, who are both doctors have to rent in vancouver and can not afford to buy a house.

So, you have a problem with refugees, poor immigrants and rich immigrants.
Is there any type of outsider you don't have a phobia towards?

You haven't watched the video, but this did not stop you from posting clueless garbage. Congratulate yourself.

[Rennadrel]

And the government wonders why we are getting​ priced out of our own cities. It's absolute donkey dick.

[Deleted]

Sounds like the same thing that happens in most major western cities currently, rich people buy up the houses, driving prices way up, pricing everyone else out, and then barely even live in those houses anyway. Its a big thing in certain areas on London.

[satimy]

Canada is basically owned by the Chinese government at this point