Leading realtor calls Vancouver's housing market "unhealthy"

Leading real estate professionals react to yesterday's news that home prices in Vancouver now exceed New York and  London's.

 Andrew Hasman has been in the business since 1993.  

"The local person is completely out of this market," he said. While skyrocketing prices have made business good, Hasman said that the current market, with housing prices rising 10-15 per cent each year, is unhealthy.

"Anytime you have extremes in markets, it's never healthy," he said. "You end up with a bubble. If the local economic base can't support these levels, then at some point you're going to have a lot of people burned big time.  It's not sustainable."

Leading real estate professionals reacted today to yesterday's news that home prices in Vancouver now exceed New York and  London's. One realtor said he believes that buyers from Mainland China have pushed the local buyers out of the market. Each cited homes bought and traded like stocks and bonds and investment properties sitting empty, but some see the Chinese home rush as a bonus to Vancouver, while another sees it as a liability.

"Many people who buy here aren't buying because they're moving here," said Hasman. "They're buying on speculation or to park money here ... There have been cases where people come and purchase five or six houses. No one needs five to six houses unless you're speculating."

Overseas buyers from Mainland China have been the driving force behind the price rise, Hasman said. "That's what's driving the market, really -- of single family homes that have sold in the last 18 months, I would say, they're conservatively 70 per cent, probably 80 per cent of the buyers," he said. 

He said that in some cases, the houses are placed back on the market within weeks, at a 10 per cent higher price, or simply remain empty.

Anthea Poon is a local-born agent who speaks Cantonese and some Mandarin as well as English and French. She said her skills have helped significantly in serving the Chinese clients, who  make up half of her clientele. 

Poon said that Chinese buyers view West Vancouver as the most desirable location, though East Vancouver has also started to be in demand. "Many of them are coming with cash on hand, literally. And they're buying properties at that moment." She said that the typical house in the Cambie area -- which is "hot" at the moment  -- average around $1.4 - $1.5 million, while homes in the Dunbar area are closer to $2 million. 

The high volume of foreign home buyers has provoked some unease among locals in Vancouver. Real estate entrepreneur Cam Good, whose company The Key caters largely to China-based clients, wrote in The Vancouver Sun that his office was recently "inundated with emails" by people fearing a "Chinese takeover". 

Poon said that the fear of outside buyers is unfounded, and that many Chinese buyers are here with the intention of settling down for their child's education or to enjoy a higher quality of life. "I've been fortunate to work closely with Chinese buyers and investors over the years and they are very humble, genuine and open minded people," she said. 

However, with the average Vancouver home costing many times above the average annual income (the average home in Vancouver is 9.5 times the city's median houshold income of $63,000), some people have been calling for government to step in and restrict foreign ownership. Former city councillor Peter Ladner said last month that  countries like Australia restrict foreign ownership and that Vancouver should be considering the idea. 

Poon, however, believes that shutting out Asian investors would be a mistake and would reflect negatively on Vancouver's reputation. 

"Chinese investment is a big reason we were able to survive the global economic downturn as well as we did," she said. "How can we set impositions on the very people who believed in and supported us throughout the economic recession?" 

Hasman, meanwhile, believes that government may have to step in to bring the prices down and make housing more affordable.  

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Way to go Andrew! proud of

Way to go Andrew! proud of you

Finally, a realtor willing to

Finally, a realtor willing to speak up. thanks Andrew! Seems that even in China there is an awareness of how mainlanders are driving up prices. http://en.21cbh.com/HTML/2011-5-20/wMMjUxXzIxMDIwMg.html

Google "Chinese housing

Google "Chinese housing market" - the top 2 hits are about Vancouver!

Good for you Andrew

I agree, I think the Canadian government should step in.

Canadian homes should be for Canadians living in Canada and the home is used as a residence by such Canadians.

Financing for these homes should only be mortgaged through a Canadian bank (same rules, rates and qualifications should apply to everyone and why shouldnt our Canadian banks benefit) and if foreign money is used how was this money obtained, to determine if legitimate means, whats the paper trail .... hey rules are rules same rules that applies to any Canadian buying a home, it should also apply to immigrants and foreign investors, we want to know they are not using Canada to hide their money.  We are not a Swiss or Offshore Bank.   Driving prices up by one buyer buying many homes is like "price fixing housing prices" also creating a false sense of market value.  Isn't price fixing illegal in Canada.  Immigrant kids should have the same strict entry levels into our school system as Canadian kids do, they shouldn't be given priority because their parents pocket book is fat ... they should be fluent in English and required to take the same entry acceptance testing prior to acceptance as everyone else.  We don't accept professional degrees & work experience from overseas immigrants to Canada why do we accept high school reports from overseas schools as gospel?   Having a fatter bank account shouldnt be the only criteria for them being accepted here or queue jumping, Immigrants should all wait and go through all the rigid apptitude testing as everyone else.  Canadian Governments shouldnt be so money hungry .... where did our compassion, sense of honesty, fairness, priority and integrity go for our own citizens?

Have a look at any the

Have a look at any the "investor" class of immigration to Canada and you'll find that all one needs is $200k (the cost of a 5 year $800k loan to the government).

Canada is selling itself to immigrants for this lowly price.  The majority are destined for BC.  The rest of us taxpayers get to foot their healthcare bills for them and their families.  At the same time they drive up housing costs and destroy our neighbourhoods (with empty houses).

This needs to change.  There should only be an "entrepreneurial" class whereby immigrants are required to create jobs that pay income tax for them to settle.

Have a look at any the

Have a look at any the "investor" class of immigration to Canada and you'll find that all one needs is $200k (the cost of a 5 year $800k loan to the government).

Canada is selling itself to immigrants for this lowly price.  The majority are destined for BC.  The rest of us taxpayers get to foot their healthcare bills for them and their families.  At the same time they drive up housing costs and destroy our neighbourhoods (with empty houses).

This needs to change.  There should only be an "entrepreneurial" class whereby immigrants are required to create jobs that pay income tax for them to settle.

@Vangrl and @JSNot all

@Vangrl and @JS

Not all realtors are greedy monsters... We all have to live and buy a home here too, raise our children and pay taxes like everyone else. If you think Andrew is one of a few that wants the government to step in and regulate our market that is not the case. The reality is that most of us are low key and don't go on the news, radio or on social media to create a stir. All the public hears about is the opinion of a few of the loudest realtors out there and just assume we agree with them. We all have our own opnions but very few of us feel like we have to share it with the rest of the world every second we have an opportunity.

Also we're not afraid to be out of work if the government steps in to help regulate this market. Family's will still grow and need a bigger space or get smaller and will want to downsize. They will always be someone new moving to town or someone leaving. Realtors that have a good relationship with their clients and offer great service aren't afraid of a slow market.

 

 

The Government is selling us

The Government is selling us out to Chinese investors and ruining our quality of life. There is rampant speculation in Vancouver and it is driving many people to leave this city. The quality of life here has deterioated for all but the wealthy.

chinese pushing up vancouver real estate prices

i think the article said that based on vancouver incomes, real estate is more expensive here than in NY or London. It didnt say that a 600sf condo in Vancouver is more expensive than the equivalent property in NY or London.

The Chinese are big gamblers, they can pull out as fast as they invested, so perhaps they are not good for a market because they are not stable long term investors. We saw the reverse of high prices when the Hong Kong and Taiwan bubble burst in the early '90s.

Remains to be seen if the PRC will find another city to "play real estate in" or if they're in Vancouver for the long run.

That being said, they create an economy of their own in Vancouver. They deal pretty much within their own community. As far as real estate transactions go, I dont see them dealing outside of their own community. So does that benefit the overall economy of Vancouver or does it only benefit the Chinese community in Vancouver?

Perhaps the Gov't should increase the  CGT on offshore speculators that flip more than one property in a year. Chill!

Re above comment from

Re above comment from maggie:

If I was to piece all the information I've read in newspapers and the web I would say they are here to stay for the long haul, or at least for the duration of using our schools to educate their kids then ship them back to mainland, this should probably take about 10 years each child if the kids start in mid school and complete university.   I read somewhere they wanted to get their kids away from the environmental hazards in China???  What I've seen they are targetting the middle class type of homes, i.e.approx  $1 - 1.5 million range  depending on the areas they are invading and in good condition.  Some are purchased over listed price and even as much as 1/3 more than listed price.  I wonder where all the Cdn. sellers are moving too as they will have to buy another property at an inflated price?
They are buying better condition homes for their own use rather than investing to rent out (usually not as in good condition to rent).   My crystal ball says that they are going to house many kids in each of these properties that are going to closeby good schools.   They are buying up too many properties for this to be "playing house".  They have an objective in mind, and me thinks it's taking advantage of our educational system, our Cdn. kids will probably take 2nd place again and perhaps another lost generation in terms of not well educated for job opportunities in years to come.  Probably next will be the renaming of Vancouver.

I believe that from Jan 2011 to now house prices in some areas have risen by a lot more than 10-15%.   Friends were looking in the price range of 800,000 to 900,000 range ... these type of homes are now selling for around 1.2 - 1.4 M.  That's approx.  30 - 40 % increase in just 5 months.

(RealtorIn Vancouver)"Not all

(RealtorIn Vancouver)

"

Not all realtors are greedy monsters... We all have to live and buy a home here too, raise our children and pay taxes like everyone else. If you think Andrew is one of a few that wants the government to step in and regulate our market that is not the case. The reality is that most of us are low key and don't go on the news, radio or on social media to create a stir. All the public hears about is the opinion of a few of the loudest realtors out there and just assume we agree with them. We all have our own opnions but very few of us feel like we have to share it with the rest of the world every second we have an opportunity.

Also we're not afraid to be out of work if the government steps in to help regulate this market. Family's will still grow and need a bigger space or get smaller and will want to downsize. They will always be someone new moving to town or someone leaving. Realtors that have a good relationship with their clients and offer great service aren't afraid of a slow market."

 

Can't argue with that, I wish Global news would have the guts to interview one of you rather than the likes of Cam Goode

I think that the Chinese are

I think that the Chinese are truly innocent in creating our bubble.They are simply taking advantage of Canada's naivety.

However, if they had to play by Canadain rules in China, not a one would be a millionaire.

The rules will be tightened, but too late.

 

I can empathize with some

I can empathize with some people who may feel disadvantaged by rising home prices here. However, many of the comments here are misguided. For example:

"Canadian homes should be for Canadians living in Canada and the home is used as a residence by such Canadians." As a Canadian, I disagree with this comment and think it is short sighted. Thousands of BC and Alberta residents own properties in the U.S. I am not one of them, but I sure would not want the U.S. govt to decree that "American homes should only be for Americans living in America."  If you're a snowbird from Calgary, having a second home in a warmer climate is a very common practice.

"if foreign money is used, how was this money obtained, to determine if legitimate means"  For some reason, some Canadians seem to view Asian wealth as inherently suspicious. I don't know if this is because they have read too many articles in the media about corrupt foreign officials and have extended the generalization to the entire citizenry of these countries such that any savings these hard working people have accumulated must necessarily be tainted. Well I can tell you that the media in other countries such as the U.S. and in Europe routinely bash the "dirty tar sands" and "unethical mining practices" of some of the biggest companies and employers in Western Canada. How would you feel if everyone outside of Canada labled your savings as "dirty money" likely derived from tar sands or the pot trade in B.C.?  You would think it ridiculous, the same way I view some of the comments posted here as absurd.

 

18-24 year old Chinese kids

18-24 year old Chinese kids buying Million+ dollars homes in Vancouver and outbidding local residents by overpaying 30-40 % of listed properties prices ((actually these kids probably haven't seen these homes yet as its the local chinese realtors buying up these homes for them)) these kids must have been working since they were "babies" as above quoted " that any savings these hard working people have accumulated must necessarily be tainted".  What type of jobs were they employed & working hard at since they were born? Canada is becoming a playground for these over pampered and spoilt kids. Just wait until they start speeding around in their $150+ expensive sports cars, on our quiet residential streets.  A lot of our Canadian kids can't afford to buy any homes, let alone some of their parents.  Australia eventually brought in laws to stop foreign college kids and non residents from outbidding  local residents but it was too late, unfortunately the damage has been done and the local Australians residents are still struggling with their inflated property values.  Is that what we want to happen in Canada? I'm proud of my country and what we have achieved and I want my kids and other Canadian kids to have the same opportunities as we did and I am resentful when outsiders feel they can play us.

Obviously our politicians

Obviously our politicians aren't interested in working for the best interest of the Canadian people that elected them and since they've gone into hidding,  what I am proposing is for all of us, under citizen law (which I am assuming is possible since we can do citizens arrests) to start a petition to change our laws ourselves and hold these politicians, Federal, Provincial and Municipal "personally accountable" for not working in the best interest of Canada and Canadians.  They are "paid" to work in our best interest and they are not.  Any lawyers out there that can clarify if this is possible or not?

The bottom line is that we

The bottom line is that we have a legal system, we don't have a justice system. 

 

I totally fail to see how I am better off if my house in North Vancouver (which I have no intention of selling and if I were to it would be a sideways move) is worth on paper $1m and my grandkids live in Abbotsford or Chilliwack because that's the best my kids can afford.

For a starter I would triple the home owner grant as a way of socking it to speculators - these folks are speculating on a necessity of life and that is lower than low in my books. I would also put in a punishing capital gains tax on real estate other than one's principal residence - it's the top end that is driving the market right now and the aged 20-35 group are getting royally screwed. My parents had their home paid off by the time they were 30 - and that house was recently on the market at $800,000 - what chance do our kids have?

Relax and let's include more information

Articles like this a re written to create a buzz and unfortunately misrepresenting reality seems to be the preferred method. First, Mr Hasman has made his money selling very expensive housing over the years, much of it selling for amounts far beyond most Vancouverites budgets-why he is bringing this up now only he can answer but there must be something in it for him. Many things have driven up prices in Vancouver over the past 10 years and we need to look at all of them and keep things in context. It is not just Chinese buyers that are bidding up prices -plenty of locals have engaged in that over the past 10 years. Succumbing to this sense that we *must* have a property we 'fall in love with' has caused many an intelligent buyer to ignore their critical thinking skills at times. Then the banks- let us see-historically low interest rates meant they were letting people obtain mortgages that they would not be able to afford if the rates went higher. Oh, the government- until recently changing the mortgage rules to allow people to purchase with no down payment. Add the still unresolved leak condo crises that many have been caught in and left with huge unexpected debt loads-and of course when they sell the repaired condo the asking prices includes at least some of that leaky debt recovery; and yes the government again with the utterly awful transfer tax that gets added on to the cost of used housing every time it is sold and now ta da-the HST on many homes where it did not previously apply. So, we have to consider all of that but perhaps we should also ask ourselves-why have we continued to go along with this? Why do we get sucked into the Bob Rennie style of marketing and line up like lemmings to view mockups of miniature condos that haven't even been built and yes-actually purchase them? Why do we feel such urgency to buy certain properties? Why do we let emotion and slick marketing drive the most expensive purchase we will ever make? Why do we let realtors create biddingnwars-they would stop that nonsense if people simply refused to fall for it and walk away. If a used car salesman used those tactics you would run away abut when a real to uses it-we jump in cheque books first. We are all complicit in this situation. And now here we go - the government needs to fix this? Sure they have a responsibility, as do banks, resolves and yup "we the people"

Auto correct on the iPad

Okay there are several errors in that last post but I have yet to tame autocorrect on the iPad and it does have a mind of it's own. "real to" was typed as realtor originally and in the last sentence "resolves" was also meant to be realtor. Still waiting for Apple to produce a fix for the autocorrect feature :-)

Where is real evidence?

Hasman: "[Of] single family homes that have sold in the last 18 months, I would say, [buyers from China are] conservatively 70 per cent, probably 80 per cent of the buyers"

That's anecdotal. Any real evidence? Has anyone searched the records? All this reminds me of the time when Hong Kong was about to change from a British Colony and join China... much talk then of "Hongcouver." All rubbish. Let's not get carried away.

Enough with the racist comments

producer wrote:

18-24 year old Chinese kids buying Million+ dollars homes in Vancouver and outbidding local residents by overpaying 30-40 % of listed properties prices. Just wait until they start speeding around in their $150+ expensive sports cars, on our quiet residential streets. I'm proud of my country and what we have achieved and I want my kids and other Canadian kids to have the same opportunities as we did and I am resentful when outsiders feel they can play us.

Like others I feel home prices here are too high, but xenophobic comments like yours aren't helpful. Show us the stats that teenagers are buying up lots of million dollar homes. When you say "our" quiet streets, "my" country and "my" kids, who the heck are you talking about?  Because your opinions sure don't represent me, and I'm Canadian and have lived in Vancouver all my life.

Re: realist .... seriously

Re: realist .... seriously you don't understand the economics of what's happening with the real estate market here?  You can't see how real estate prices can be affected by demand, even fake demand, and the current demand is created by offshore buyers. (Read the papers, watch tv news, it's happening everywhere including White Rock, or is everyone else misunderstanding but you.)So you would drive off a cliff and be in freefall before you realise you are in danger.  Also, you don't have to be born and live in North Vancouver to be a Canadian.   There are many people from other lands that have joined us and are a positive and contributing force in our daily lives, but they are not buying up 4 or 5 houses at a time and leaving them vacant or bidding 30/40 % over listed price.  They are permanent Canadian residents, not offshore speculators parking their money here into housing, spending their kids (non Canadian residents to our schools) and going back home.  Research what's happened in Australia and other countries with this type of trend.  People can learn from their own experiences or they can learn from other peoples mistakes.  Wake up.  I think Andrew did everyone a great service by "whistleblowing" this situation before it got to the point of no return.

I read similar negative

I read similar negative comments in Dubai many years ago about foreign investments in real estate. At the time, the governor of Dubai replied to local critics by simply saying "when you see foreign investors shipping their properties overseas, let me know so I can take action otherwise, don't stop the cash from flowing in". the Chinese investors are hedging aginst the Unforeseen in their economy and they found Vancouver the perfect place to invest.Many of them will eventually setlls here and will create jobs and will pay taxes. Who can resist the life style of Vancouver if they can afford it? Are the chinese all investors? Propebly not. There will be many speculators around but that is ok. Speculators will only help dragging more money into BC economy. why say no for easy cash coming into our local economy? The important thing is for our locals not to speculate themselves. Let the Chinese play this game and let us sell them as much properties as they want for the highest prices.

real estate cycle

producer wrote:

Re: realist .... seriously you don't understand the economics of what's happening with the real estate market here? 

Yes, I understand the economics of what's happening here. I saw the same volatility in property prices when I worked in Silicon Valley during the late '90s and in New York City during the early 2000's. In each case, the market eventually corrects if prices get too expensive. Markets self-correct when they get too far out of whack. After every mania comes a crash.  If you know of any "perpetual manias" that never end, please let us know so we can all participate.

As I've explained, I agree that home prices are too expensive in Vancouver. But we need to avoid the knee jerk reaction of crying to the government to step in whenever we perceive that markets are too high or too low. Once the government gets involved, it NEVER leaves.  Remember the "temporary" Airport Improvement Tax at YVR when it was being built? Twenty years later, it's still there every time we fly out of Vancouver.  How about the "temporary" Social Security program started by FDR to recover from the Depression? Still here 70 years later. Time will sort out the housing market here like it has every other time in history.

You're right that shelter is a basic necessity, but home ownership is not.  Nobody is "entitled" to own a home in Vancouver.  Rents in Vancouver are relatively low relative to what it costs to buy the same property. What's wrong with renting a place until prices come back to earth? And if owning your own home is more important to you than living in Vancouver, then there are a multitude of more affordable places to live elsewhere in B.C. and in Canada.

Re Realist:   Exactly my

Re Realist:   Exactly my point, thank you ... and as you so kindly put it .... Vancouverites are forced to move away from Vancouver, their families and jobs, because "chinese offshore buyers"  have swamped our city, playing our real estate market like the stock market, buying multiple homes for investment and for their kids going to our schools and our universities and are forcing prices beyond most local citizens reach, spliting families up if they have to move away.  This increases property taxes also and local rentals,  which I am assuming you already know, these don't come down either.  I don't have to show you any statistics as come September you will hear them zooming down your street.  We are not asking the government to tax citizens more, but to tighten the offshore laws and loopholes that allow non residents to buy in Canada.  Australia and other countries tightened their laws, why shouldn't we.  Why should citizens of Vancourities have to move out of their own city because the price of homeownership has been driven up by  fake demand? 

Chinese Buyers Speculating & Inflating Housing Prices

My wife & I sold our home and while looking to buy back in, have seen prices skyrocket $300,000, $400,000, & in some cases $500,0000 or more in only a few months because of Chinese buyers who are over paying and speculating on Vancouver Real Estate. Our family has been priced out of the market in only a few months and now we are looking at re-locating out of the community we have lived in and raised our children for nearly 15 years. This is insane . . . something must be done before more families are forced out of their communities . . .

Chinese Buyers Speculating & Inflating Housing Prices

My wife & I sold our home and while looking to buy back in, have seen prices skyrocket $300,000, $400,000, & in some cases $500,0000 or more in only a few months because of Chinese buyers who are over paying and speculating on Vancouver Real Estate. Our family has been priced out of the market in only a few months and now we are looking at re-locating out of the community we have lived in and raised our children for nearly 15 years. This is insane . . . something must be done before more families are forced out of their communities . . .

Are you allergic to renting?

producer wrote:

Re Realist:   Exactly my point, thank you ...  Why should citizens of Vancourities have to move out of their own city because the price of homeownership has been driven up by fake demand? 

Either you are purposely being obtuse or you simply do not understand my posts. To guage the cost of living, you must look at both the cost of Renting and the cost of Buying. Renting property in Vancouver is relatively inexpensive compared to the cost of buying. Anyone who wants to live here can rent if they do not wish to buy. Nobody is being "forced to leave Vancouver". In actuality, you're not really arguing that Vancouver has become too expensive a place to live. What you're really saying is that all Canadians should be entitled to own a home in Vancouver, whenever and whereever they want, as though it is some type of fundemental right. I respectfully disagree. 

Andrew Hasman is correct. It

Andrew Hasman is correct. It takes guts to speak up publicly when your livelihood is based as his is on sales/reputation. I applaud his candour and openness. I want Canada to seriously consider following Australia's lead on restricting foreign ownership in housing stocks.

Actually

I am a realtor and anyone with access to Mlxchange could easily see that actually it is more like 90 percent which are Chinese buyers, if not 95 percent of detached homes west of Cambie.

ALSO

If it was not for the Asian invasion, during 2005 to now, we would be homeless with little to no money for street cleaning and spiffying up the city, instead we can walk around the city acting all high society .....

 

 

real estate

Canadian homes should be sold to canadians, not off shore buyers. contact your M.P and register a complaint, nothing gets done untill the average person speaks up, also votes

 

chinese buyers

I'm chinese, born here in vancouver but work in asia half the year.  Let me first of by saying that there are two things prevalent in chinese culture first is the gambling/horde mentality and second is the lack of accountablility in our culture.  Mix these two aspects when the market starts to tank and you will see an exodus leaving many vancouver families burned.  This will happen and its without a doubt as nothing goes up forever.  I have advised in the past 8 years for all my relatives and friends to park their money here, deposit the measely 200k and move their children and family here and let all their schooling, health care etc be paid by essentially you.  Its a great deal, take as much as you can and give as little back.

 

BUT please don't blame chinese people, blame yourselves, you allow us to take what we want, use your resources, gamble with your city, drive you out of your own homes and let us give nothing back.  I don't see any canadians actually taking any action to protect or preserve their way of life, so stop moaning and crying about unaffordablility.  You've become the underclass economically, its unfortunate but you have to get use to it because as canadians the lot of you are truly too impotent to do anything let alone force your politicians to take action. 

 

On second thought keep on complaining because thats all the lot of you can do, and in five years if the market hasn't crashed the average price of a home will probably be 5 milliion lol while you still make under 100k.  There should be a paper written on how vancouver citizens entered into modern day economic serfdom to the mainland chinese.  The greatest crime of all is a lack of action. 

 

Only look across the pacific and see that even the chinese government has restricted their own people from buying property as they have gambled and speculated their own realestate market to a bubble.  There is a great irony to what is occuring here, but unfortunately many canadians cannot see it.

 

Jude

Chinese House speculation in Vancouver

Andrew is correct, its time for goverment intervention, otherwise vancouver will become a Mainland Chinese ghetto.

anthea poon

This Poon woman is a traitor, and clearly a lackey of chinese investors, with no loyalty to this country or it's citizens. Who cares what the Chinese think of Vancouver. Is this a better city to live in than 20 years ago? I think not. Time for her and the rest of these mainland greedheads to go. Unfortunately, no politician has the sack to stand up to this, for fear of being branded a racist. By the time people realize this is a question of sovereignty and economic fairness, it will already be too late, if it isn't already. Time to get tough.

it's coming

jude L wrote:

I'm chinese, born here in vancouver but work in asia half the year.  Let me first of by saying that there are two things prevalent in chinese culture first is the gambling/horde mentality and second is the lack of accountablility in our culture.  Mix these two aspects when the market starts to tank and you will see an exodus leaving many vancouver families burned.  This will happen and its without a doubt as nothing goes up forever.  I have advised in the past 8 years for all my relatives and friends to park their money here, deposit the measely 200k and move their children and family here and let all their schooling, health care etc be paid by essentially you.  Its a great deal, take as much as you can and give as little back.

 

BUT please don't blame chinese people, blame yourselves, you allow us to take what we want, use your resources, gamble with your city, drive you out of your own homes and let us give nothing back.  I don't see any canadians actually taking any action to protect or preserve their way of life, so stop moaning and crying about unaffordablility.  You've become the underclass economically, its unfortunate but you have to get use to it because as canadians the lot of you are truly too impotent to do anything let alone force your politicians to take action. 

 

On second thought keep on complaining because thats all the lot of you can do, and in five years if the market hasn't crashed the average price of a home will probably be 5 milliion lol while you still make under 100k.  There should be a paper written on how vancouver citizens entered into modern day economic serfdom to the mainland chinese.  The greatest crime of all is a lack of action. 

 

Only look across the pacific and see that even the chinese government has restricted their own people from buying property as they have gambled and speculated their own realestate market to a bubble.  There is a great irony to what is occuring here, but unfortunately many canadians cannot see it.

 

Jude

 

Don't worry. You and your kind will be sent out on a rail soon enough. Australian style reforms will happen, and you and your ilk will be put in your place. Enjoy it while it lasts..we are not as dumb as you think we are, just a little too tolerant. But that can change. Your days are numbered.

Mainlanders

The person who wrote this article must be on drugs or in denial.  Mainland Chinese people are rude, inconsiderate, selfish and dirty.

Mainlanders are the new "trash".  It doesn't matter how much money these corrupt SOB's have..... Money does NOT buy class.  West Vancouver will soon become the new East Vancouver.

Greed is good

I am an Australian and I am ashamed of my government for many reasons mainly not allowing foreigners to buy existing properties, I will explain why:

1. It has meant that existing property has been hard to sell and hard working families are doing their asses all over Oz (selling below market value and losing money). 

2. Instead of working families benefiting, the only people benefiting are the big guys, I am talking about developers. As they DO have the ability to sell to overseas buyers where we as individuals do not (foreigners can only buy new property). Rich get rich poorer get poorer.

3. Our government has butchered the mortgage market by introducing overly conservative lending criteria = domestic credit contraction. Now higher deposits required and Low Doc loans mainly that were used for self employed Aussies have been wiped out. 

4. Its racist not to allow overseas buyers into the country.

5. Its keeps blood sucking Aussies on welfare and forever increases hard working families taxes. They are lazy slackers that need to get off their fat asses.

Now at first I was angry. Then I changed my strategy and decided to think like the Chinese do. I moved to China in order to profit from the robust market and intend on eventually having home in Oz and Canada to have the best the world can offer for my future family (travelled the world and the two best countries for living in my opinion are Australia/Aodaliya and Canada/Jiānádà).

Oh and I am 80-90% sure I will marry Asian/Chinese and make her my wife (laopo), this is my dream and I will stop at nothing. I say fight fire with fire and if you cannot beat them join them. Cannot wait to have my mixed asian babies rolling around in 150k+ car and laughing while Australians/Canadians are glaring @ them. Rather than wasting your time bitching get off your ass and do something about it personally, make the investment in your self.

By the sound of it your government is taking the same strategy as me and perhaps even intends on changing the name Canada to Jiānádà. OH Jiānádà I cannot wait to set foot again on your sweet soil, ski your beautiful mountains, flow millions of dollars into your country and create job opportunities for Canadians.

P.s. Poon are you married? ;) Love your style haha! Positivity is the key :D

French property for sale

If you want to buy French property within your budget, then it would be much better to try to see the various options on the online portals, where you can even see the images of the saleable properties