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Originally Posted by twdm
Well for number 1... just google best private schools in the world and nothing in Vancouver shows up for me. Graduating from Canadian Universities have no clout in the business world.
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Mainland Chinese are going to top tier cities (and buying property there) in the US too, but since RS is a forum for Vancouverites and Vancouverites tend to be insular, we don't talk about what's happening in other cities.
Besides, it's relatively easy to gain PR in Canada, compared to the United States.
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Number 3: If you want tax havens, go to Hong Kong where there is zero Capital gains taxes
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With the recent crackdown on dissidents in HK, the rule of law and property rights are no longer guaranteed there. Besides, HK is going to revert to mainland Chinese law in 2047, so really, that's only about another 30 years of the security of an impartial court system, police, and bureaucracy (in theory).
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Number 4: Switzerland beats Canada yet again.
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Your average Canadian can't get Swiss citizenship, so what makes you think that someone from China can?
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Sure you get free healthcare, but why do these immigrants care when they're loaded? Surely this is actually a downside because they can no longer pay to skip the queue. I am not sure where you were able to find this underground black market private healthcare in Vancouver. Please do tell me so I can report it to the proper authorities.
Oh yea, you still haven't addressed the financial fundamentals required to support such a strong market.
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The Cambie Surgery Centre is one such private clinic that has successfully charged clients outside of MSP for years. It operates because it has successfully won in court against the government. There will be more of these clinics in the future, provided that the demand is there. The provincial government doesn't have the tools to fight such clinics, unless legislation (possibly at the federal and provincial levels) is introduced (which is difficult to do and unlikely to happen).
The market became detached from fundamentals years ago. Mainland Chinese are buying up Vancouver and near suburbs such as Richmond and Burnaby. Locals are cashing out their equity from their condos and other strata housing and are buying in the Tri-Cities, Surrey, Pitt Meadows, and Maple Ridge (I've seen it myself). Low-income people are renting and ranting on social media, Reddit, etc. The transnational elite with multiple passports/right of abode/residency rights have already left (like 4444).
A friend of mine who's Mainland Chinese told me about another Mainland acquaintance who recently purchased some real estate. This person lost over a million on the Chinese stock market in one day, but this person had no problem throwing a few hundred thousand, cash, on a townhouse in Burnaby Metrotown. This person wants to send her kids to school here. Even if housing in Vancouver drops 50%, it's a far better asset to invest in than the Chinese stock market, at least this is what the typical wealthy Mainland Chinese person believes. This mentality is what is driving the market.