when you start manipulating the rules so that foreign buyers are allowed to purchase homes as investments, this is what happens. it becomes a giant money-laundering operation for Asia. look at the number of homes being turned over right now, it’s fucking insane.
Our government has lost the plot. Cheapest stand-alone home in Vancouver is 1.3mil
I think Singapore had the rule that someone had to be a PR in order to be eligible to buy a home.
I assume the same is the case with other commonwealth countries too.
In Vancouver, that problem goes all the way back to the mid-90’s, when the first wave of Hong Kong money trying to establish alternative residency hit. Despite the current chatter, it is not really rules manipulation that is driving it - the rules just aren’t working, again.
Prior to this government, the most we had ever tried to absorb was 270k, post-2015 it spiked to over 300k routinely and did not go back down to those lower levels until the pandemic. The past two years have been absurd.
Nothing like that in the US, but there are ways that ownership is more expensive
In Florida we have significant break on property tax for your main home, which is designed to shift the tax burden to vacation and second homes (doesnt really work because snow birds generally structure their accounts to claim Florida as their primary residence). You cannot qualify for that Homestead Exemption without having permanent status in the country.
But I think the question is unless you were doing it as an investment, which I think there is good reason for tryin to find legislation to make that more burdensome, why anyone would commit to such a difficult to shift asset if you did not have permanent status in a country?
EDIT: Florida did pass a law explicitly banning Chinese citizens buying property/land in Florida, but that is having trouble in the courts.
how else can you describe a manipulation of the rules, other than the influence of Asian wealth being thrown at our politicians to maintain the status quo.
Have a look at every post-government job these assholes are taking up once they’re out of office.
Christy Clark is a great example, she gets a consultant gig as a company who facilitates foreign investment. I bet her time in office allowed this firm’s customers to expand their business here in BC. Christy Clark | Governmental Affairs & Public Policy Senior Advisor at Bennett Jones Vancouver
Simply because it has been going on for 30 years, with multiple different rules regimes. The manipulation of the rules isn’t causing it, that is just one of the coincident phenomenon. It is far harder for a foreign investor to buy BC real estate than it was in 1997. Hasn’t done a damn thing to stop the flow as far as I can tell. Any manipulation is basically keeping the flow going, not making it happen.
Bennett Jones is just a law firm, in fact one I know well. They only opened their Vancouver office around 2015. I am sure that they have Asian customers, but her job there is probably very seldom anything to do with real estate rules, more provincial government in general (which is a much broader problem).
think you’re not seeing the pieces of the puzzle how I do in this bud. that’s all.
I have a friend who was hired by an Asian developer JUST to be a liaison between the local government and their offices to smooth over this massive project they’re doing in Richmond next to the airport, on the waterfront. he rakes it in.
BC Politicians won’t stem the tide of money into the real estate market here because it’s more profitable short-term for the asian investors, than the financial markets. The investors line the pockets of the politicians via post-office consulting contracts and lucrative employment opportunities.
There are other, domestic examples of interference in politics as well, like Glen Clark
Nah, just a different perspective. What you are talking about has been BC for over a hundred years. All those resources in Crown hands have always meant that the money goes where the politicians direct it. Asian real estate investors are just a new flavour that specializes in a new resource instead of forests and mines, and they don’t actually need as much from the government - just keep the rules the way there are, or least make ineffective changes. More akin to the old bandits of the Vancouver Stock Exchange bucket shops than the dignified corporate lobbyists throwing money around at the Bengal Lounge at the Empress in Victoria.
Great, now can we talk about Canadian infrastructure again please?
Or food?
Only Citizens and PRs can buy government housing. Foreigners can buy private housing. The difference is we have a good supply of good quality government housing and the first home is usually affordable for most with subsidies and grants. It only becomes a problem when you try to upgrade or buy a government house in the open market in Singapore, it can get expensive.
I really enjoyed the Montreal metro. And Schwartz smoked meat sandwich is nice but touristy price I guess. And as usual I prefer my Asian food and Montreal had some great roast pork and duck at Andy & Dobe. And yes the sesame Bagel at St Viateur was nice but bagels just not a very Asian thing
Ok who else, please add on
Wow.
Our small nation will have a new PM in 2 days time after Lee Hsien Loong decides to step down after 20 years.
Will anything change?
The best thing actually is nothing will change, our everyday lives go on as usual.
That’s actually one of his less bizarre and family friendly videos
The only thing that will be worse is if he actually wins his election for his city.
This is probably the first time i am hearing about something like this happening.
We can speculate who’s the person making the offer (if there was any in the first place) , but knowing how that eastern bay of Bengal sea and the importance of it…
