• Last Updated:
  • Sep 15th, 2014 4:44 pm
Tags:
None
[OP]
Sr. Member
Oct 18, 2010
707 posts
108 upvotes
BCAB

Real Estate Prices

Interesting... Hate to say this, but we might be supporting these corrupt Chinese investors, by allowing them to make profits on properties in Canada. Corrupt money is funnelling into Canada's real estate. I think we need some reform to make it more affordable for us normal joes here.

https://au.news.yahoo.com/world/a/24967 ... hina-cash/

http://www.theguardian.com/business/gro ... -australia
84 replies
Sr. Member
Oct 31, 2012
584 posts
19 upvotes
SCARBOROUGH
Government needs to limit the number of homes a person can buy to 1. Foreign owners who do not live in the property should pay a heft fee if it can be proven that they don't live on the property. Nothing about foreign people, but they should only profit if they contribute or live in the country at least 50% of the year.
Banned
Oct 19, 2010
7433 posts
1141 upvotes
Mississauga East
Sweet globalism
We buy disposable Chinese junk and make them rich
They buy our real estate, making our lives more expensive and they get richer
Deal Fanatic
Feb 29, 2008
8869 posts
3972 upvotes
Real estate market was driven heavily by foreigners and what did the government do? They made it harder for everyone, not just the overseas investors.

I think the days of people getting rich off of real estate are long gone anyways. I think a lot of speculators will lose money as prices will stabilize and rates creep up.
Deal Addict
User avatar
Jul 9, 2012
1389 posts
126 upvotes
Pluto
gizmo8 wrote:
Sep 11th, 2014 8:41 am
On the flip side if it wasnt for asian investors our real estate market would have followed the european and american market down to the bottom and cost hundred of thousands of jobs.You cant have it both ways.You think builders would start projects if they would get %30 less for their units?.Remember the high end houses are being bought by oversea investors but the medium prices housing is being bought by Canadians.
Source for this hundreds of thousands of jobs loss potential without asian investors?
Banned
Mar 4, 2010
209 posts
15 upvotes
zz000ter wrote:
Sep 11th, 2014 7:36 am
Sweet globalism
We buy disposable Chinese junk and make them rich
They buy our real estate, making our lives more expensive and they get richer
?? buying chinese made products made us so much richer..they buy our resources, give us money to invest by buying our companies and companies like apple make a huge amount of money by selling chinese made products

but since we are a resource country, we've benefited from chinese buying our resources, them propping up our economy and increasing our networth through RE prices and they prop up our largest trading the partner to the south as well...

we've gained so much from china directly and indirectly .
Banned
Mar 4, 2010
209 posts
15 upvotes
Purgatory wrote:
Sep 11th, 2014 8:49 am
Source for this hundreds of thousands of jobs loss potential without asian investors?
easy..our resource sector which our economy is based on would collapse without chinese investment dollars..they buy our resources, they give us money to invest to extract and develop the resources. without china, we would have no oil, minerals, fertilizer industry..our economy would collapse taking our banking, RE, construction with it and all the associated jobs.
Deal Guru
Feb 9, 2006
10638 posts
4916 upvotes
Brampton
Don't hate the playa hate the game.
Banned
Mar 4, 2010
209 posts
15 upvotes
bavarianboy wrote:
Sep 11th, 2014 1:38 am
Interesting... Hate to say this, but we might be supporting these corrupt Chinese investors, by allowing them to make profits on properties in Canada. Corrupt money is funnelling into Canada's real estate. I think we need some reform to make it more affordable for us normal joes here.

https://au.news.yahoo.com/world/a/24967 ... hina-cash/

http://www.theguardian.com/business/gro ... -australia
money is money...

others would consider money made from stock market corrupt, or gains from tobacco, oilsands dirty money..but reality is...money is money ...normal joes are benefiting greatly from the investment

I mean normal joes still own huge majority of the homes and live in them..and made out like bandits with RE boom...

if you were one of those that didn't get in on the Stock, RE boom..or sat out reading garth turner..tough luck..why should ones who took risk and invested subsidize those who didn't?

if you didn't play..can't complain you didn't win.

no different than buying IPO's... if you didn't buy too bad..if you couldn't buy too bad.
[OP]
Sr. Member
Oct 18, 2010
707 posts
108 upvotes
BCAB
- What about new/recent graduates or young adults who want to live independently and have the ability to own a home?
- TSX-V is currently at the lowest point ever, many resource companies are in deep waters. Government have not done anything to help this sector. I would like to see money being flow into this sector more. If you look at NWT housing prices, it was a big drop Year over year.
- Salary is not catching up to property prices
- If everything will be expensive in the future, all future transactions will be... parents passing wealth down to their kids?
- What about many small businesses? Making normal joes take on larger mortgages, how is this supporting smaller businesses? Many small businesses are strugglign to make ends meet.
- Why would anyone want to spend $1.2 million on average for a single detached house? I would rather spend my $ on things that make me happy.. travel, gifts for people, donation...

You see the problem? I think it is unhealthy, and Bank of Canada is already recommending many people on not taking mortgages they can't afford. If interest rate goes up in the next little while, their payments will be more. And, you don't know where the real estate price will be at in the next 5 yrs? up or down? many economists think it is overheated.

What is quality of life? buying expensiving housing or... eating quality safe/high quality food, healthy, good health care, education, low crime, happiness... if 80% of our expenses are going to be on housing, how can we support a good quality life of living?

This is my thought.. but I probably will have to join and buy an overpriced asset or be priced out and just rent till housing is more affordable.
gilbaman wrote:
Sep 11th, 2014 10:15 am
money is money...

others would consider money made from stock market corrupt, or gains from tobacco, oilsands dirty money..but reality is...money is money ...normal joes are benefiting greatly from the investment

I mean normal joes still own huge majority of the homes and live in them..and made out like bandits with RE boom...

if you were one of those that didn't get in on the Stock, RE boom..or sat out reading garth turner..tough luck..why should ones who took risk and invested subsidize those who didn't?

if you didn't play..can't complain you didn't win.

no different than buying IPO's... if you didn't buy too bad..if you couldn't buy too bad.
Banned
Mar 4, 2010
209 posts
15 upvotes
bavarianboy wrote:
Sep 11th, 2014 11:07 am
- What about new/recent graduates or young adults who want to live independently and have the ability to own a home?
- TSX-V is currently at the lowest point ever, many resource companies are in deep waters. Government have not done anything to help this sector. I would like to see money being flow into this sector more. If you look at NWT housing prices, it was a big drop Year over year.
- Salary is not catching up to property prices
- If everything will be expensive in the future, all future transactions will be... parents passing wealth down to their kids?
- What about many small businesses? Making normal joes take on larger mortgages, how is this supporting smaller businesses? Many small businesses are strugglign to make ends meet.
- Why would anyone want to spend $1.2 million on average for a single detached house? I would rather spend my $ on things that make me happy.. travel, gifts for people, donation...

You see the problem? I think it is unhealthy, and Bank of Canada is already recommending many people on not taking mortgages they can't afford. If interest rate goes up in the next little while, their payments will be more. And, you don't know where the real estate price will be at in the next 5 yrs? up or down? many economists think it is overheated.

What is quality of life? buying expensiving housing or... eating quality safe/high quality food, healthy, good health care, education, low crime, happiness... if 80% of our expenses are going to be on housing, how can we support a good quality life of living?

This is my thought.. but I probably will have to join and buy an overpriced asset or be priced out and just rent till housing is more affordable.
why should new grads be able to afford homes? not like they are homeless..rents are very reasonable and as many on rfd will say over and over..much better deal than buying. If you think homes are overpriced, then don't buy it.

Do you think you are obligated to buy a home or have a right to be able to buy it on low salary?

not sure why you bring up tsx-v with the bit non players... foreign companies don't buy into that..look at the companies like nexxen, novus , suncor, cenvous, crescentpoint, potash etc... all have gone up and benefited greatly from the boom and/or bought out

I'm not understanding what you are complaining about..yes RE prices have gone up (along with the stock market)... and you say it's overpriced and out of reach of people with no financial resources.. yet there are many who will bid up prices for it..so clearly there's a lot of buyers who will pay for it.

I mean a Hermes bag and wardrobe is out of reach for me..does that make it overpriced? should average joes be able to buy it?

again, you talk about housing being overpriced..yet nobody is forcing you to buy..why not rent if you can't afford? I really don't get this obsession with buying RE, especially amongst those who say they can't afford it... I mean if you can't afford something don't buy it... I can't afford a ferrari or a tesla..so I buy or lease something cheaper. can't afford to buy? go rent..

There's this sense of entitlement of people that they (everybody, rich or poor) should be able to buy a low/med density home... that's absurd. Just because it was possible in the past doesn't mean it's sustainable or will be indefinite .... you can rent or buy a condo...

as for small businesses.. many fail ..many succeed.. it's just with globalization, the weak die quicker than before... before small businesses could make money easier by knowing and having access to local network/market than bigger businesses but with ecommerce and internet now with big companies using logistics and razor thin margins (think amazon)... small businesses really have to be good to survive let alone thrive
Deal Addict
Jul 9, 2004
1572 posts
168 upvotes
Delta
Why the hell are you comparing owning a house to owning luxury products? Until very recently owning a house was never some kind of unreasonable luxury for the common people. Rather than a "sense of entitlement" it's only an expectation that that way of life would continue. Yeah the world does change, but one certainly hopes it's for the better rather than for the worse.
Deal Guru
User avatar
Oct 24, 2012
11421 posts
2397 upvotes
Montreal
I am glad few Chinese "investors" want to bother learning French.
It made my detached home in the west island of Montreal much less than an equivalent in Toronto, let alone Vancouver.

Go Habs go!
Deal Addict
User avatar
May 20, 2010
3296 posts
430 upvotes
Super Synagogio Worl…
alkizmo wrote:
Sep 11th, 2014 12:46 pm
I am glad few Chinese "investors" want to bother learning French.
It made my detached home in the west island of Montreal much less than an equivalent in Toronto, let alone Vancouver.

Go Habs go!
Chinese investors would rather learn French to invest in wineries and Louis Vuitton in France lol: http://www.winespectator.com/webfeature/show/id/49404

Top