Quote:
Originally Posted by iEatClams
i just used january as a base, i could have said september, as prices have been going up since sept 2014. . .. well technically 2008
Investing is not their main priority. They want to move their money outside of China. And most of these people are no longer "foreigners". Many have become permanent residences in the last few years. But the source of the money is still not from Canada.
The government doesn't want to collect the data, but from people in real estate from land titles offices, landcor, bc assessment, colliers etc, realtors, developers you would see that a lot of the buyers are not local.
I honestly don't understand how people can say it's not foreign money. Almost everyone I know says foreign money plays a huge role. It's a trickle down effect.
I'm not even saying it's a bad thing, as I think it's a good thing. I just want restrictions so it doesn't get out of hand or taxes so that we can capitalize on it better.
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Weren't rates also cut in 2008 to help deal with the global credit crisis?
Guess what I'm trying to say is what I see is different from what I hear. What I hear from news, media, friends and coworkers is bidding wars and foreign money. They're just here to park their money in real assets, etc... what I see is the same "For Sale" signs day in and day out. There's a lot of properties they can park their money in and they can probably get a deal on it because it's been on the market for so long. I bet the guy on Westview was expecting some rich Chinese guy to buy his new build right away but it's still there.
I'm not for or against real estate, I view it like I would view any investment. I give the same warnings for all investments. Know what you're getting into and don't throw all your eggs in one basket. Back in 2008, people could've bought any stock and it would've turned into gold. Right now, you have to be pickier and more careful. I think the same applies for RE right now, the party isn't quite over yet but proceed with caution.