Vancouver's Real Estate Market

[Gululu888]

u guys know that the China Entrepreneur Club is right now in montreal meeting with trudeau. these are composed of china's top industrialist from all fields. Their intention is clear. They want more deals with canada. Canada needs to open up. 15% tax won't stop nobody. All this offshore takeover talks among yourself (yes im very aware of racist talks between u locals) is all fluffs. buy now or be priced out forever.

[jasonturbo]

Originally Posted by Gululu888

u guys know that the China Entrepreneur Club is right now in montreal meeting with trudeau. these are composed of china's top industrialist from all fields. Their intention is clear. They want more deals with canada. Canada needs to open up. 15% tax won't stop nobody. All this offshore takeover talks among yourself (yes im very aware of racist talks between u locals) is all fluffs. buy now or be priced out forever.

Thank this post if you think Gululu should be banned, again.

[Carl Johnson]

Originally Posted by jasonturbo

Thank this post if you think Gululu should be banned, again.

Just because he has a different opinion than you? Open your eyes man. 1.3 billion Chinese all want the lifestyle we take for granted in Vancouver. Now is the perfect time to buy. When you are still renting in 2017 you cannot bitch at Christy Clark. At least the government did something this time.

[Mr.C]

Originally Posted by Gululu888

u guys know that the China Entrepreneur Club is right now in montreal meeting with trudeau. these are composed of china's top industrialist from all fields. Their intention is clear. They want more deals with canada. Canada needs to open up. 15% tax won't stop nobody. All this offshore takeover talks among yourself (yes im very aware of racist talks between u locals) is all fluffs. buy now or be priced out forever.

I, uh, am also acquainted with offshore investors, but not from China.

Their opinion on this tax is "The world is very big; Vancouver is nice, but not 15% nice; we'll take our money elsewhere."

Take that for what you will.

Edit: Stop throwing the race card around. Makes you sound like a little bitch. Are you?

Originally Posted by Carl Johnson

Just because he has a different opinion than you? Open your eyes man. 1.3 billion Chinese all want the lifestyle we take for granted in Vancouver. Now is the perfect time to buy. When you are still renting in 2017 you cannot bitch at Christy Clark. At least the government did something this time.

You're delusional if you think Vancouver is unique in the world.

[jasonturbo]

Yeah so... let's not forget the average annual income in China is roughly 4800USD.

I'm no mathematician, but I'm pretty sure the average Chinese manufacturing slave couldn't assemble enough iPhones in their lifetime to afford a home in Vancouver.

[Mr.C]

China has around 1.3 million millionaires. For comparison, Canada has 950k.

Countries with the most millionaires

Like I said, the world is large. Canada is large; if I were an investor right now, I'd be more likely to buy in Toronto than in Vancouver. I'll get a nicer house, and the 150k or so I'd save in tax can buy me a nice white 7 series.

[nah]

Originally Posted by Carl Johnson

Just because he has a different opinion than you? Open your eyes man. 1.3 billion Chinese all want the lifestyle we take for granted in Vancouver. Now is the perfect time to buy. When you are still renting in 2017 you cannot bitch at Christy Clark. At least the government did something this time.

I get it bro, times are tough these days for realtors...you guys actually have to do real work to sell a house.

[Wormiez]

Well obviously its not the average China income earner that is migrating out of China.

As spouted many times in this thread its the amassing millionaire/billionaire "china" folks who wants to migrate and divest themselves out of China.

[Wormiez]

Originally Posted by Mr.C

China has around 1.3 million millionaires. For comparison, Canada has 950k.

Countries with the most millionaires

Like I said, the world is large. Canada is large; if I were an investor right now, I'd be more likely to buy in Toronto than in Vancouver. I'll get a nicer house, and the 150k or so I'd save in tax can buy me a nice white 7 series.

The scary thing is that 1.3 M is based on the reported/identified millionaires in China... If only that was true about china...

[Gululu888]

there is a popular saying in chinese "sell an apartment in China, buy a house in Vancouver"... that's how expensive housing is in China. A suburban 2 bedroom apartment equivalent to those in vancouver's Surrey cost around 1.2 million CAD.

just how many millionaires in China? well...

lets' take a typical millennial in China and analyze his or her family assets.
Assuming the grandparents held jobs which they all did, they are likely to amass at least 2 apartments, with at least one apartment issued by central planning economy. these are prime location housings, even though they are old but still worth upwards of millions in CAD. Next, the parents, assuming haven gotten higher education (1980s), should at least in major cities, after all these years should very least hold 2-4 apartments.
Each apartment is at least 1 million cad, so the millennial should have 4 million cad in assets alone from family. And when he or she purchases first home, the whole family contributes to funds, so he successively becomes home owner this way. this is all a very normal scenario, not talking outliers here.

[Mr.C]

Originally Posted by Gululu888

there is a popular saying in chinese "sell an apartment in China, buy a house in Vancouver"... that's how expensive housing is in China. A suburban 2 bedroom apartment equivalent to those in vancouver's Surrey cost around 1.2 million CAD.

just how many millionaires in China? well...

lets' take a typical millennial in China and analyze his or her family assets.
Assuming the grandparents held jobs which they all did, they are likely to amass at least 2 apartments, with at least one apartment issued by central planning economy. these are prime location housings, even though they are old but still worth upwards of millions in CAD. Next, the parents, assuming haven gotten higher education (1980s), should at least in major cities, after all these years should very least hold 2-4 apartments.
Each apartment is at least 1 million cad, so the millennial should have 4 million cad in assets alone from family. And when he or she purchases first home, the whole family contributes to funds, so he successively becomes home owner this way. this is all a very normal scenario, not talking outliers here.

Normal for what percentage of the population?

Edit: Even if you have 100,000 people wanting to buy real estate here, it's extremely foolish to look at Vancouver and think "this is the only place in the world that I can buy real estate. Everywhere else sucks."

[Hondaracer]

As I've posted before similar to what Gululu is saying, two different friends of mine rent from mainland Chinese landlords in kits and Dunbar, detached homes.

The one friend has the ability to afford the house they are currently renting and is quite buddy buddy with the owner who travels from China 4-5 times a year.

When meeting with her on a trip they asked whether they would be willing to sell the home to them at market prices. Basically said exact same thing Gululu is saying, this 3+ mill home in Dunbar is "cheap" relative to what's available where she lives. She isn't looking to sell, she's looking to buy more.

For these people, regardless of price, Toronto does not offer the same lifestyle. We can keep
Taking about how vancouver isn't this or that, there will always be people from china wanting to come here, or at the very least, get into the market here.

On another note, have the open house for my apartment this coming Saturday..whether it was bad timing or due to the mortgage rules, in the last two years there is rarely a single unit up for sale in this building, and of course now that I'm listing mine there are 3 others :/

Oh well, my unit is the best of what's listed and looks the cleanest/most up to date, so here's hoping for the best!

[Ludepower]

Not to sound racist. But the lower mainland can be mistaken for Asia when you arrive. Dont have to learn English and the signs are in Chinese for you making the transition easy.
Vancouver being highly ranked and temperament weather (be proud of yourselves) is the next logical place to move on the map.

Its capital flight leaving China and parking their money here for a better life.
Lets call a spade a spade.

[StylinRed]

The only thing deterring Chinese buyers now, isn't the 15% tax, but rather Trudeau agreeing to ship back/seize assets of those proven to be corrupt officials, and somewhat stepping up those efforts, at least at the airport, and especially since Trudeau wants in on the AIIB

[hud 91gt]

Isn't there cities built in China with literally no population? Just condo after condo of Detroit a la 2010? As logical as I am, I won't ever be able to predict offshore buyers. But there is certainly smarter places to purchase for foreigners right now.

[Mr.C]

Originally Posted by StylinRed

The only thing deterring Chinese buyers now, isn't the 15% tax, but rather Trudeau agreeing to ship back/seize assets of those proven to be corrupt officials, and somewhat stepping up those efforts, at least at the airport, and especially since Trudeau wants in on the AIIB

Correct.

So it's not "wealth" that's driving the market, due to the sudden prosperity of China.

It's hardcore corruption, and eventually due to electoral pressures or whatever, Canada will crack down on it.

Shit, it happened in Switzerland. Corrupt Brazilian officials would park their ill-gotten gains in Europe for the longest time, and then out of the blue the Swiss decided to start sharing information with Brazil.

Result: Lots of people who would never dream of seeing the inside of a prison jailed for 10 years. From what I heard, in China the answer to corruption (i.e. pissing someone off) is a little more permanent, so we'll see.

[Carl Johnson]

Originally Posted by nah

I get it bro, times are tough these days for realtors...you guys actually have to do real work to sell a house.

nice try. it's more like landlords wanting to keep on propagating the fear of a market crash in order to keep tenants in their basement rather than realtor prompting housing. home ownership is the best path to financial and personal freedom.

[hud 91gt]

CMHC to issue 1st 'red' warning on Canadian housing market - Business - CBC News

[Mr.C]

Originally Posted by Carl Johnson

nice try. it's more like landlords wanting to keep on propagating the fear of a market crash in order to keep tenants in their basement rather than realtor prompting housing. home ownership is the best path to financial and personal freedom.

Tell that to the hundreds of thousands of Americans who got wiped out in the recession.

[Nlkko]

Originally Posted by Carl Johnson

nice try. it's more like landlords wanting to keep on propagating the fear of a market crash in order to keep tenants in their basement rather than realtor prompting housing. home ownership is the best path to financial and personal freedom.

Lol ok buddy. A bit much.

[NKC ONE]

The biggest driver for offshore investments for China is their depreciating currency. They just have to buy shit up elsewhere and Vancouver happens to be one of those places since our loonie is quite low. Hong Kong usually gets the first hand effect due to its proximity and safe structure.

It doesn't take much to drive up prices here and vice versa.

[jasonturbo]

Originally Posted by NKC ONE

The biggest driver for offshore investments for China is their depreciating currency.

I disagree, I believe it's more the massive sums of money that corrupt or easily manipulated gov agencies have paid out to private individuals. The current gov is working hard to penalize those who have had their hand in the cookie jar taking advantage of loans and incentives.

Credit to China, they have certainly come a long way, though as they run out of low hanging fruit, they will encounter more and more complex social issues that are not so easily resolved with simple policy and control.

China will continue to improve as they open up the borders, I suspect much of mainland China's urban areas will eventually resemble HK, shouldn't take much more than another generation.

[Gululu888]

LOL

[will068]

Originally Posted by Gululu888

LOL

lol indeed. What opportunities ? I don't see china based multinationals investing here.

[GLOW]

investing, laundering...tomato to-mah-to...