What are other countries doing about foreign buyers?

jimtan · Thu Mar 30, 2017 8:01 pm

VanLord wrote:
except the foreigners have always been a big part of the vibrant culture in Vancouver and part of what makes it great.
Sure lets stop the blatant cheating. Stop the tax cheats, stop allowing rich foreigners to take advantage of Canada's great Social system...Once we crack down on these cheaters, it will calm the frenzy too.

Foreigners have historical made large land. ranching and corporate investments. Think of Concord Pacific and False Creek. Farther back, there's the British Properties in West Vancouver.

However, I am not aware that foreigners have been a major factor in individual housing units. I think that we must be cautious about the number of Chinese investors and their wealth. Vancouver and TO are small markets compared to the potential cash. And, we must not allow them to overturn the Agricultural Land Reserve. The ALR is the only thing preventing an American type metropolis.

Read this ...

"Dermod Travis: Foreign donations prime the political pump in B.C.
... In one of China’s state-run newspapers, Huang Xiangmo, chairman of the Yuhu Group of developers, wrote this in regard to Australian politicians: “(They’re) not delivering …We need to learn how to have a more efficient combination between political requests and political donations.”

http://www.straight.com/news/888746/der ... al-pump-bc

yzfr1 · Thu Mar 30, 2017 8:17 pm

jimtan wrote:
However, I am not aware that foreigners have been a major factor in individual housing units. I think that we must be cautious about the number of Chinese investors and their wealth. Vancouver and TO are small markets compared to the potential cash. And, we must not allow them to overturn the Agricultural Land Reserve. The ALR is the only thing preventing an American type metropolis.

That's how I know you are a moron / keyboard warrior. Have you been to Richmond lately? What about all the immigrants from Hong-Kong and Taiwan in the early 90's - 2000. Mainland Chinese did not start flocking over till much later. I don't know how 51.8% of Vancouver's population could not have any impact on housing, they must all live in tents.

Canada 2006 Census

Canada 2006 Census           Population
% of Total Population
Visible minority group   Source:
Chinese   182,230   29.7%
South Asian   35,140   6%
Black   5,720   1%
Filipino   35,490   6%
Latin American   9,595   1.6%
Arab   2,975   0.5%
Southeast Asian   17,870   3%
West Asian   6,885   1.2%
Korean   8,780   1.5%
Japanese   10,080   1.7%
Other visible minority   1,175   0.2%
Mixed visible minority   8,680   1.5%
Total visible minority population           305,615 51.8%

jimtan · Thu Mar 30, 2017 9:39 pm

The corrupt practices of certain Asian entities are well know, Let's not allow them to operate here. There's no shortage of local politicians that are vulnerable to money power. So, why allow these foreign entities to operate in our RE markets?

:shock:

eyesthebye2 · Thu Mar 30, 2017 9:50 pm

VanLord wrote:
eyesthebye2 wrote:
“I think the most important element of their reset is recognizing that the existing housing stock — which is so heavily single-family homes which nobody can afford and condos which are too small for families usually — [isn’t] working,” Tom Davidoff

This is what I've been saying.
We need townhouses and rezone detached lots to build 1500sqft infill in the back or side yard.

Townhomes aren't affordable either though

Build more, prices will come down. Supply is incredibly low

jimtan · Fri Mar 31, 2017 8:10 am

But, what is the valuation? In Singapore, the government has reined in the price of the elite end. Average price per square foot down 30% since 2014.

"Inside Singapore's most extravagant homes, where fortunes are at stake"

http://www.cnbc.com/2017/03/30/inside-s ... homes.html

ccyk · Fri Mar 31, 2017 12:37 pm

jimtan wrote:

Hong Kong has a similar 15% tax on non-residents. Helped cool the market.

“And in 2012, the city announced the establishment of areas with new dwellings that can only be sold to permanent residents of Hong Kong for the next 30 years.”

the 15% tax in hk worked for only 7 months. after that it reaches new high month after month again.

jimtan · Sat Apr 01, 2017 6:57 am

No surprise. The mainland guys found a way around, with the help of the hongkees.

tdma800 · Sat Apr 01, 2017 7:09 am

Townhomes are very affordable unless you want to live in downtown vancouver.

jimtan · Sat Apr 01, 2017 3:30 pm

Helloo from gay Paree. From the street that my hotel is on, I can see the Eiffel Tower.

The elite neighbourbhoods will cost you €2000 psf for 18th century apartments. How does Paris avoid an unrising?

By huge investments in public housing. Since 1998, cities must have 20% of public housing.

Of course, the educated young people try to remain in the central areas. The people in the public projects can be NASTY. Hah.

tdma800 · Sat Apr 01, 2017 3:37 pm

France is like a streetwalker - anyone can get in lol They even have to give their education away for free anyone including foerigners

jimtan · Tue Apr 04, 2017 1:23 pm

Very impressed by the French. The food is tasty at any price level. For the first time, I enjoyed a meal at McDonalds. In residential neighborhoods, the price of meals is very reasonable, considering the quality, location, the living wages paid to servers, and the VAT.

The French have self-respect, and a strong regard for education. You don't see the government locking the teachers out. Yah.

tdma800 · Tue Apr 04, 2017 1:50 pm

Not impressed with the French and their old fashioned way of life and sky high tax rates . In addition they give their education away even to foreigners whereas in Canada people come and pay for it lol

jimtan · Wed Apr 05, 2017 3:19 am

Education is important. France has the same secondary graduation rate as Canada, about 80%. But, France has a 53% post-secondary graduation rate, versus Canada 27%.

The big difference is in technical education. France, Germany and Switzerland have a solid technical base. They remain relevant to the future.

There lies the affordability gap. Technical skills earn more than a mere high school diploma. Add the European emphasis on affordable rental housing, means that Europeans have a comfortable lifestyle and little debt.

Munch on that while you gloat over your RE paper profits.

tdma800 · Wed Apr 05, 2017 4:28 am

Not impressed with the education they give away to anyone and the high taxes everyone pays .

People come to Canada and foreigners pay good money for an education

Meanwhile Canadians rightly pay no taxes when they sell their own home

jimtan · Wed Apr 05, 2017 6:55 pm

Most Canadians like relief from the rat race.

What are other countries doing about foreign buyers?

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