cyberdad wrote:
goldfish21 wrote:
cyberdad wrote:
goldfish21 wrote:
There's Million+ homes going up all over Vancouver, too, but people who live and work here can't afford to buy them. .
This sounds familiar...who's buying?
Chinese mostly.
Entire condo buildings get presold in China now.
Most of them don't live here. Some do - that's why we're now the super car capital of North America.. Mclaren's for high school graduation gifts.
Prices/rents/unoccupied homes - everything is WAY out of balance right now & we're the least affordable real estate market in North America, price:local income.
Yes, in addition to Australia I have contacts in NZ and the UK who have exactly the same stories. The Chinese government has lifted restrictions on taking money out of the country. Now it feels like an invasion...all my neigbours don't speak English. quite unnerving
That it is. The rates of evictions, working class poverty, etc here are obscene. Like people are beginning to plan rallies & protests as they're at their breaking point. People here are pretty calm peace loving folks in general, so that says a lot when they're thinking it's time to literally take it to the streets. There's no easy solution to this... banks, gov't, criminal enterprises of the largest magnitude, peoples home equity appreciation at stake.. so much money it's insane. No level of gov't wants to be responsible for pissing off anyone on any side. At this point it's so crazy that it's not just home owners vs. renters. Many owners are cheering for a crash, too. And there are many who've lived in their homes for decades and can't afford to stay because their property taxes are now through the roof.
At least it's providing some very serious entertainment with stories like this one - a VERY impressive, vertically integrated, criminal enterprise that laundered many MANY millions of dollars into Vancouver real estate. And this is the work of ONE guy:
http://theprovince.com/news/national/hu ... e=FacebookThen there's the 46,000 "investor immigrants," who paid their bribe money to the Province of Quebec in order to enter Canada and then skipped town to Toronto or Vancouver and stashed $$$ into real estate piggy banks. There are SO MANY multi-millionaires in China that they just keep coming and it's distorted our hottest real estate markets to the nth degree.
The very house I live in & am posting this from was purchased for an incredibly reasonable $450K (VERY good deal at the time - it was the last new home in this development and was $30K off & no tax because the developer wanted it sold so they could move on) 10-11 years ago. Today it's assessed value is over $1M & it would probably list for ~$1.1M. This is a decent neighbourhood of new family homes in the suburbs ~50min drive from downtown Vancouver in no traffic. This is where the regular wage earning working class are supposed to be able to live. Everyone's expectations are downsizing by the day. Millenials are literally renting couches to sleep on, never mind a bedroom. Skilled workers are leaving because even of they make $90k/year (more than double the average income) they can't afford to buy even a 1 bedroom condo, let alone a family home of any kind. Even some doctors, lawyers, and engineers who make way above average incomes are saying "f**k this place, gotta go!" It's going to be verrrry interesting to see how this all plays out over the next couple years especially, because we thought it was expensive before.. but now that it's making many people hit their breaking points ever faster, something's gonna happen. Bubble burst? Ghost town? Who knows.. time will tell.
_________________
No

for supporting trump. Because doing so is deplorable.