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Nine students with no apparent source of income bought $57-million worth of single-family homes in Vancouver’s tony Point Grey neighbourhood over the past two years, according to records compiled by British Columbia’s Opposition New Democrats.
The NDP said the purchases are more evidence that authorities have let the region’s housing market overheat beyond the reach of most locals.
The properties include a $31-million mansion that Canaccord Genuity founder Peter Brown sold earlier this year to a buyer whose occupation was listed on the title document as “student.
Most if not all of them are probably Chinese and this is a way for their wealthy family to get assets out of China. While the housing market may be hot, they aren't selling mansions to kids with no money...they were probably cash purchases.
This is going on in the US and other countries as well.
Yup, just a financial mechanism to move money out of the country. Vancouver recently slapped on a tax to combat this problem and immediate sales declines have been reported. However, Chinese may potentially just move onto Toronto...
Yup, just a financial mechanism to move money out of the country. Vancouver recently slapped on a tax to combat this problem and immediate sales declines have been reported. However, Chinese may potentially just move onto Toronto...
Investments in Western real estate (concentrated in New York, London, Sydney, Auckland, and Vancouver) are simultaneously:
1) Foreign currency i
2) Real estate investment
3) A stability play (developed, stable economy of Canada versus China which has been running at "red-line" growth since Deng Xiaoping took power) - Vancouver real estate is the equivalent f
4) An emergency fund
5) Political Insurance: If Dad falls painfully out of favour with the Party (for whatever reason), he can flee to his real estate investment(s), using it/them to guarantee a residence visa and liquidate them for play money.
Investments in Western real estate (concentrated in New York, London, Sydney, Auckland, and Vancouver) are simultaneously:
1) Foreign currency i
2) Real estate investment
3) A stability play (developed, stable economy of Canada versus China which has been running at "red-line" growth since Deng Xiaoping took power) - Vancouver real estate is the equivalent f
4) An emergency fund
5) Political Insurance: If Dad falls painfully out of favour with the Party (for whatever reason), he can flee to his real estate investment(s), using it/them to guarantee a residence visa and liquidate them for play money.
Real estate is a redistributive game. My landlord's rental income is my rental misery.
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