Fresh wave of foreign buyers

Re: Fresh wave of foreign buyers

Postby LTD » Jul 31st, 2019, 6:55 pm

Mike Br. wrote:
OKkayak wrote:Don't allow non-residents to buy residential property let alone rent it out.


What really screwed up Vancouver’s RE market was not foreign ownership, but money laundering. They (our governments) let it slide for many years, because all of them, from municipal to provincial and federal governments, were taking their share.

pretty dumb statement really, please explain how money laundering in Vancouver jacked prices Canada wide
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Re: Fresh wave of foreign buyers

Postby OldBlindDog » Jul 31st, 2019, 8:48 pm

LTD wrote:
Mike Br. wrote:What really screwed up Vancouver’s RE market was not foreign ownership, but money laundering. They (our governments) let it slide for many years, because all of them, from municipal to provincial and federal governments, were taking their share.

pretty dumb statement really, please explain how money laundering in Vancouver jacked prices Canada wide


Mike Br. simply stated that all levels of government benefited from money laundering in Vancouver's real estate market. He didn't say jack about "Canada wide".
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Re: Fresh wave of foreign buyers

Postby AlienSoldier » Aug 1st, 2019, 7:04 am

Analysis after analysis shows that Foreign buyers make up less than 5% of the real estate market. Most of the buying and selling is done by locals. Its the reason why we have a 174% debt ratio, why some of us are just $200 shy of serious problems.

Canadian's have become addicted to real estate and want to own multiples of it, even if that means going into debt that they can't pay off, or buying multiple properties. We need to change this habit before the cyclical downturn comes, or there will be a lot of trouble.
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Re: Fresh wave of foreign buyers

Postby LTD » Aug 1st, 2019, 7:42 pm

lol ya sure thing
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