“Average, hardworking Canadian residents are being forced to compete for housing with the global wealthy,” said Xia, who immigrated to Canada from China as child. “People here are getting angry.”
That anger has contributed to a simmering xenophobia in Vancouver, a multicultural coastal city long known for its inclusiveness. With virtually no official data on foreign buyers available, many of those squeezed out of the market are left to believe the worst.
That has residents like Xia pressing the government to track international buyers, scrutinize the source of their funds and tax property speculation, before the anti-Chinese sentiment gets out of hand.
Last summer, a small anti-immigration group covered up Chinese symbols on real estate signs in the affluent suburb of West Vancouver with stickers reading “Please Respect Canada’s Official Languages.”
Really, what could go wrong?
h/t Kevin B
This problem could correct itself in the near future. When the bubble pops in China, Vancouver prices will spectacularly correct themselves. Just ask anyone who bought US real estate in 2007.
The China market (which JT prefers)is collapsing.
Some people will lose horribly, some will have won.
We will not get the losers, the Pacific is much wider than the Mediterranean.
People with money buy stuff. If they can pay more than you, they will outbid you. That’s how the world works. There are plenty of Canadians lining their pockets with this frenzy. The socialistic tone of the article is that it’s unfair is silly.
what happened to Singhcouver ???
More pavilions or now garages
http://www.dailymail.co.uk/news/article-3142129/First-robot-wedding-Japan-takes-place.html
To me japanese are the strangest folks on earth. They have abrogated their duty as citizens and even as part of our species.
“Please Respect Canada’s Official Languages”; a not altogether unreasonable request, is “anti-immigrant”.
Canada, where there is something racist in everything you do.
keeping interest rates as low as they can go has pushed the housing bubble. most people carrying a three hundred thousand dollar mortgage would never be able to make the payments if rates were 8% and 15%, rates I paid, and I am sure many others have. this foolishness of forcing the market, that is what has been done, with low rates eventually will stop. the overall problems that will result will hurt some and allow others to prosper but it will not be the end of the world.
Do those homes come with tulips?
Geez!
Sounds just like Ontario’s alternative energy racket – billions being pissed away on a grossly overvalued commodity. However, the similarity ends when the voluntary nature of the respective transactions are taken into account.
The people who brought in the Chinese exclusion act are rolling in their graves saying, “well we did try yo warn you about what would happen”.
The Chinese have discovered the Island now too. They are coming …. three new real estate agents in nanaimo this year … all Chinese. Nanaimo city council who have some distinctly bigoted members have just chased a large Chinese hotel development out of the city …. however, there more and more Chinese face in town every year …. many come through the greedy VIU (Vancouver Island University) and I think some get the idea the this is a great place to STAY!
If we are a capitalist society, which, last time I looked was the case … then it is up to the market to decide how much stuff costs. Don’t worry, it will sort itself out without the government banning all sorts of new shit.
White cultures are in steep decline, so what the hell does anyone expect.
If you really want to lower prices of real estate in this country, reduce the tax-payer backed CMHC bank interest rate subsidy to $250,000 from $1 million. Better yet, get rid of CMHC altogether.
Good news, chinese food is about to get alot cheaper in vancouver. you won egg lole , make you fly lice chicken bo for free dollar and pipty cent, pay quick quick round eye we gon have white wife soon you white man round eye no money …ha ha ha we chinese have monneeyyyy haha ha…we along with clown in blackface have white girl wifey we know dey rikey money and security haha by by white man round eye….
House prices too high in Vancouver? Elect an NDP government in October and no-one will have to worry about high house prices. There are already taking care of the economy in Alberta.
Foreign buyers are certainly making easier for existing Vancouver home owners to retire earlier but an equal contributor in my opinion is that much of the land in the lower mainland is off the market in the ALR – Agriculture Land Reserve or as I like to call it Acreage Lots for the Rich.
The rich capitalist Chinese that are “Bugging Out” of China’s collapsing economy by laundering their wealth in Canadian real estate – are in fact the only future Canada has in stopping Islamic invasion in it’s tracks.
The rich Chinese will NOT put up with Canada’s aboriginal or Islamic sh*it like the rest of us do, once they gain enough power to control government.
If we are a capitalist society, which, last time I looked was the case … then it is up to the market to decide how much stuff costs. Don’t worry, it will sort itself out without the government banning all sorts of new shit.
Just so J. Just so.
Government tracking money sources? Speculation tax?
There’s even a cat here with a website tracking unoccupied houses.
Can you spell E-N-V-Y?
In a free society you should really be free to sell to whomever you wish, anywhere in the world. Period.
Which is not saying that as a denizen of Point Grey I like what I see happening here.
Like the Chinese and all other ethnic groups I like to be surrounded by my people.
It’s just that intuitively I know, with absolute certainty, that any gubmint “solution” will be a lot uglier than the ugly real estate bubble here.
You’re right. The market wil sort out this insanity.
Like I’ve said for years, the real estate market in Metro Vancouver is very likely the largest money laundering operation in Canadian history. But few wish to discuss this.
Haha… the left now has to deal with the idiotic policies of the left. Oh wait… We’ve had around 1/2 a million locusts come in a year under the “Conservative” government.
my house went from $325,000 to $980,000 from 2000-2009, it is insane and there is no real way to buy unless you are lucky or doing something illegal. I have no idea how anyone is buying and I am seeing a lot of immigrants leaving as there is no future. Traffic is building because none of the contractors can afford to live here and have to comute. I grew up here when North Van was a blue collar area, with a rep that Whalley now has. If things don’t change, then eventually you get a hollow city. I don’t think there is any real solution that won’t have significant blowbacks or be ruled unlawful by the courts. I doubt very much my kids will stay here and likely we will follow them as they have kids. Sad to go but it’s likely a cash windfall if we move to Ft St John or elsewhere.
Wise people have been predicting a “correction” in the VR real estate market for at least 30 years. Perhaps you’re right; even a broken clock…
Don’t change anything yet, I’m looking at selling my knock down house in Burnaby to buy a small city in Alberta. Just waiting for the right deal.