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There's a backlog of 45000 mainland Chinese millionaires trying to move to vancouver. http://m.scmp.com/news/world/article/1423370/exclusive-vancouver-facing-influx-45000-more-rich-chinese
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Feb 8, 2014 21:41
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Bc employment looks to be improving. http://housing-analysis.blogspot.com/2014/02/bc-employment-january-2014.html?spref=tw&m=1
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Feb 8, 2014 21:51
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Cultural Imperial posted:There's a backlog of 45000 mainland Chinese millionaires trying to move to vancouver. Holy christ - maybe the realtors are right about the permanence of Vancouver's ultra expense.
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Feb 8, 2014 21:56
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I actually don't understand why they haven't just raised the price tag. It's basically pay-for-citizenship as is, and the majority of these 'investors' don't actually generate any taxable income in Canada. So instead of loaning the government $800k interest-free, make them pay the government at least a flat, non-refundable $2m plus $500k for each family member that gets sponsored through the program (with additional penalties for age). There are obvious externalities generated by the existing policy so at least this would recover most of them. If there are really forty-five thousand people applying then this will almost certainly destroy a lot of the demand while still including enough of the top end to generate a decent amount of income.
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Feb 8, 2014 23:11
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Cultural Imperial posted:There's a backlog of 45000 mainland Chinese millionaires trying to move to vancouver. Vancouver, the Cayman Islands for rich Chinese nationals?
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Feb 9, 2014 00:51
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Calling it now - this SCMP story will end up tracing back to Mr Yellow Helicopter himself.
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Feb 9, 2014 01:25
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etalian posted:Vancouver, the Cayman Islands for rich Chinese nationals? It seems like it, BC is just a provincial sized money laundering scheme.
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Feb 9, 2014 01:40
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Lexicon posted:Calling it now - this SCMP story will end up tracing back to Mr Yellow Helicopter himself. Really? Not Mr Fake Asian Sisters Buying RE?
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Feb 9, 2014 02:20
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Ardennes posted:It seems like it, BC is just a provincial sized money laundering scheme. I guess it makes sense now why Vancouver got the first Bitcoin vending machine.
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Feb 9, 2014 02:31
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Cultural Imperial posted:Really? Not Mr Fake Asian Sisters Buying RE? Fair point. Could be him too. Perhaps even a 'strategic partnership' between their firms - common aims and so on.
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Feb 9, 2014 03:18
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Some google exec is selling his hovel next door to Tim Cook's. http://valleywag.gawker.com/live-next-to-apples-ceo-for-just-2-8-million-1518290113 kind of a dump if you ask me but they don't live in the best place on earth do they
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Feb 9, 2014 06:15
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Cultural Imperial posted:Some google exec is selling his hovel next door to Tim Cook's. Palo Alto is every bit as expensive as Vancouver housing-wise (and rents are way more than Vancouver). That's actually an awesome house, assuming that it's a really nice neighborhood I'd expect that it goes well over asking, in cash. e: there's apparently two houses mashed onto that lot so maybe not. Still, I spent a month in Palo Alto this summer in a property that has a Zillow estimate of nearly 5 million (was a friend of a friend deal) and it wasn't anywhere near as nice as that house -- but the lot was huge. blah_blah fucked around with this message at 10:38 on Feb 9, 2014 |
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Feb 9, 2014 10:16
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blah_blah posted:Palo Alto is every bit as expensive as Vancouver housing-wise (and rents are way more than Vancouver). That's actually an awesome house, assuming that it's a really nice neighborhood I'd expect that it goes well over asking, in cash. The Bay Area is pretty much overpriced as a rule of thumb for both rents and home ownership.
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Feb 9, 2014 20:23
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etalian posted:The Bay Area is pretty much overpriced as a rule of thumb for both rents and home ownership. I would argue that the Bay Area is a paragon of normal market operation (given local incomes, population growth, etc) compared to Vancouver. Many of these Palo Alto homes seem cheap by Vancouver prices.
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Feb 9, 2014 20:49
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Cultural Imperial posted:The maritimes are great if you like incest and dimwits And unemployment. The thing to keep in mind about the Maritimes is the lack of well-paying employment. There are no good jobs unless you happen to have some kind of professional certification - something they can't just hire their friends for - in which case you'll just be woefully underpaid compared to everyone else in Canada. You can always tell who went to KES or the schools with "connections" though - they'll usually be a "Senior" despite having 5 years experience and really not being that good at anything. "Lower cost of living" doesn't mean poo poo when you're making ~1/2 of what you could in another province. Oh and by the way, your taxes jump to 15% past 30,000 (and past say 40k I think you actually would pay less taxes in Quebec than out here).
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Feb 9, 2014 22:13
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Isentropy posted:And unemployment. I don't think this is true of NL though. St. John's is a bit of a boom town right now across many fields. Coming from Vancouver it's amazing to see how much more sensible a lot of things are here.
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Feb 9, 2014 22:27
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Arabidopsis posted:I don't think this is true of NL though. St. John's is a bit of a boom town right now across many fields. Coming from Vancouver it's amazing to see how much more sensible a lot of things are here. He was talking about the Maritimes though. 
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Feb 9, 2014 23:23
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Isentropy posted:Oh and by the way, your taxes jump to 15% past 30,000 (and past say 40k I think you actually would pay less taxes in Quebec than out here). I don't think you fully appreciate how much we get hosed in Quebec for income taxes. You start paying 20% above $41k, and then 24% to $82k, and then finally 25.75% above $100k. The highest rate in the Maritimes is in Nova Scotia where the highest bracket is 21% and only kicks in above $150k. Not that it invalidates the rest of your post - the only reason I'm not dreading moving back to PEI from Montreal is because I'll still be getting paid my Montreal salary, but paying PEI taxes and living costs.
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Feb 10, 2014 01:53
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mik posted:I don't think you fully appreciate how much we get hosed in Quebec for income taxes. You start paying 20% above $41k, and then 24% to $82k, and then finally 25.75% above $100k. The highest rate in the Maritimes is in Nova Scotia where the highest bracket is 21% and only kicks in above $150k. Not that it invalidates the rest of your post - the only reason I'm not dreading moving back to PEI from Montreal is because I'll still be getting paid my Montreal salary, but paying PEI taxes and living costs. Yeah it's been a while since I lived there  that's far and away the worst rate in Canada, but you do seem to get some societal benefit from it. NS has basically replaced their personal welfare state with a corporate welfare state (we have a history of massive handouts to corporations that weren't really sustainable, and of giving money to people like the Irvings who reallly don't need any)
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Feb 10, 2014 02:33
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Isentropy posted:And unemployment.
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Feb 10, 2014 21:22
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Check out @BenRabidoux's Tweet: https://twitter.com/BenRabidoux/status/432963870886342656 Montreal has more condos for sale than Toronto, of all property types.
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Feb 10, 2014 21:27
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I suppose that since Toronto is building more towers than anywhere on the planet right now, the bulk of those units just aren't available on the market yet?
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Feb 10, 2014 21:39
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Rime posted:I suppose that since Toronto is building more towers than anywhere on the planet right now, the bulk of those units just aren't available on the market yet? Is this actually true? Last time I was in Hong Kong there was an absolutely retarded number of units going up.
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Feb 10, 2014 21:59
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There's nearly 200 towers currently under construction in Toronto.
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Feb 10, 2014 22:28
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I'm not sure I've picked up on what the housing bubble popping would mean for future renters. Should I expect rent to go down and posh apartments to open up? Will it do nothing while people try to recoup their losses?
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Feb 10, 2014 22:50
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Kafka Esq. posted:I'm not sure I've picked up on what the housing bubble popping would mean for future renters. Should I expect rent to go down and posh apartments to open up? Will it do nothing while people try to recoup their losses? We don't know. Rent might even go up if enough people collectively poo poo themselves over condos as an asset class.
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Feb 10, 2014 22:56
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My guess, a popping housing bubble means migrant labour goes home. City populations decrease. Rents might go down. E: Here's why, a crazy amount of our economy is dedicated to construction. Second, same thing happened in London and the US immediately after housing tanked and kicked off the great recession. namaste friends fucked around with this message at 23:07 on Feb 10, 2014 |
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Feb 10, 2014 22:56
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Cultural Imperial posted:My guess, a popping housing bubble means migrant labour goes home. City populations decrease. Rents might go down. That's not what happened in London at all (data from our office of national statistics):  That said, I don't think you can infer much about other countries' housing markets from the UK (and vice-versa) because we have an unusual attitude to housebuilding - whereas other countries build like crazy during booms, we use planning laws to prevent new building and go in for land value speculation instead. 
LemonDrizzle fucked around with this message at 17:31 on Feb 11, 2014 |
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Feb 11, 2014 17:28
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Lexicon posted:Holy christ - maybe the realtors are right about the permanence of Vancouver's ultra expense. Maybe not so much. Cross-posted from the CanPol Megathread: Franks Happy Place posted:So here's some budget nuggets that pretty much everyone in this thread can actually be happy about (rare, I know!):
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Feb 11, 2014 23:46
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Lead out in cuffs posted:Maybe not so much. Cross-posted from the CanPol Megathread: Here's the relevant quote from the Globe and Mail: quote:A source said the government is acting based on data that show that, 20 years after arriving in Canada, an immigrant investor has paid about $200,000 less in taxes than a newcomer who came in under the federal skilled worker program, and almost $100,000 less than one who was a live-in caregiver. 120,000 across Canada in 28 years isn't remotely enough to goose Vancouver real estate the way it has. More proof it's just a B.S. bubble.
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Feb 11, 2014 23:50
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Franks Happy Place posted:Here's the relevant quote from the Globe and Mail: Not necessarily. There's lots of money that comes here to buy houses without going to the trouble of immigrating. House-buying tours are still a thing: http://m.theglobeandmail.com/life/h...?service=mobile
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Feb 12, 2014 00:57
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We only really know one thing for certain: the median Vancouver property is nowhere remotely close to affordable on the median Vancouver household income. Not even close. Multiple hypotheses, likely all true to some degree, flow from that fact. edit: Vancouver's almost too zany to warrant mentioning in this thread. It's one thing that the noble citizens of Barrie or Victoria have borrowed up to the eyeballs to afford their POS 50s cardboard bung; quite another when you're talking about the 2nd least affordable housing market on Earth. Lexicon fucked around with this message at 01:06 on Feb 12, 2014 |
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Feb 12, 2014 01:03
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Kalenn Istarion posted:Not necessarily. There's lots of money that comes here to buy houses without going to the trouble of immigrating.
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Feb 12, 2014 01:44
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shithead vancouver realtor expanding into calgary http://www.biv.com/article/20140211/BIV0111/140219983/-1/BIV/vancouver-condo-developer-looks-to-calgary-for-future
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Feb 12, 2014 02:07
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So apparently the investor visa being scrapped included the tossing of 59,000 applications which were already in the queue: http://www.scmp.com/news/world/article/1426368/canada-scraps-millionaire-visa-scheme-dumps-46000-chinese-applications and http://www.cbc.ca/news/canada/british-columbia/canada-scraps-millionaire-visa-sends-b-c-property-market-reeling-1.2533006 Rime fucked around with this message at 05:14 on Feb 12, 2014 |
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Feb 12, 2014 05:12
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Rime posted:So apparently the investor visa being scrapped included the tossing of 59,000 applications which were already in the queue: I think this will definitely impact Vancouver's real estate. Unquestionably some effect from the backlog cancellation itself, and yet more from the local financial geniuses who find themselves underwater on a $1.8M shitheap with no real or imagined Chinese unicorn in the pipeline to take it off their hands at a profit.
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Feb 12, 2014 14:06
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Lexicon posted:I think this will definitely impact Vancouver's real estate. Unquestionably some effect from the backlog cancellation itself, and yet more from the local financial geniuses who find themselves underwater on a $1.8M shitheap with no real or imagined Chinese unicorn in the pipeline to take it off their hands at a profit. I would like to believe that this will reduce the amount I have to hear about them, but I suspect the myth will just shift to the 17 million (number approximate) rich Chinese investors that already came here and are sitting on suitcases of money.
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Feb 12, 2014 16:20
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Hey its a good time to buy a house. Prices keep going up forever. http://m.theglobeandmail.com/report...?service=mobile
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Feb 12, 2014 16:42
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If half the population of the country are now chinese millionaires, we have bigger problems.
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Feb 12, 2014 16:42
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Rime posted:If half the population of the country are now chinese millionaires, we have bigger problems. Only if you're racist.
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Feb 12, 2014 16:53
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