[kr4l]

Originally Posted by jasonturbo

While I realize that this has been beaten to death already, there are still no stats to support that the majority of home buying in Van is foreigners.



CMHC revs up hunt for flows of foreign money into Canada?s torrid housing market | Financial Post

There is however data to suggest Canadians are drowning in debt



Fuelled by mortgage growth, Canadian household debt rises to new record high - National | Globalnews.ca

If it's all Chinese people buying property... where are the Canadians spending this money? I'm all ears...

Although I cannot provide any proof or data for you, I can provide 1 example.

If you come to Vancouver and surrounding area and go check out a open house, I guarantee you 10000% that most if not all the interested buyers are of Asian decent.

Go check out the new condos that are going up everywhere during there pre sale. I will bet money on it that 99% will be Asian decent.

Foreign money is here to stay. This world is about money. The government and politicians aren't doing anything about this foreign money because if they did, a lot of people's pockets will be effected, like there own. They don't give a shit about the average joe trying to raise a family and work 80 hours a week.

I'm not siding with foreign ownership. They should have to pay more tax etc etc if they want to own a home and have a life here. But being a business owner myself, you gotta understand I am all for them coming here. You know why? Because they have lots and lots of money and are willing to spend it. I can't say the same about some people that live here and can't afford to put $5.00 on there credit card because they are maxed out. (This has happened way to many times)

But back to realestate. The correction will come. Housing will drop. But if you think it'll be affordable, good luck.