Saturday, February 18, 2012

Ghost streets

MOI coming up tomorrow.

Meanwhile, I had a very interesting conversation with a couple of West Van realtors. They said there were some streets in West Van which are basically 'Ghost streets'. Almost all the houses are owned by Mainland Chinese owners and are mostly unoccupied and sitting there as insurance or to park money- or for rent at exorbitant amounts (hence mostly unoccupied too).

You can tell how devoid the street is of habitation by the very few garbage cans that are put out on garbage days.

They mentioned Westhill as a hot spot and certain streets in the British Properties. Should we be pleased that we have owners who are elsewhere paying taxes for the services we all use, or upset that houses come out of the over-all stock putting strain on those trying to live here.

Should we even care. Yes, I know China is very tough on outsiders owning property and has even clamped down on Chinese owning multiple properties, but we are different.


  1. Fish,

    Don't fret, my pet.

    It don't matter.

    The goose is cooked.

    You will be shocked at the velocity and ferocity of the downfall that is now underway, albeit at its earliest stage.

    Keep the faith.

  2. I don't think local property taxes pay are enough to for the services. There is a subsidy from the province to most municipalities. Also there are all sorts of exemptions for the elderly and disabled home-owners, the first property etc

    Though in my opinion if you are living in a $3-4 M house, you should pay the whole whack and then some, with no exemptions.

  3. I don't care because I could never afford a house there anyways. And it's obvious things are falling apart now. I'll just laugh at the people who will bemoan the fact they didn't sell out when they had the chance to take a huge profit.

  4. yes, bemoan they will

    you can't sell today for what you could have gotten five months ago

    in a few more months that will be obvious and the slow melt will pick up steam, massive amounts

    you silly fools have no idea how bad it's going to get

  5. Rent this one

    It makes sense to leave million-dollar houses vacant as real estate in locustland will only go UP. Stashing cash in banks' accounts is bad when the savings rate has gone to the dog, and liquidity attracts unwanted attention from the authorities.

  6. "With deposits fleeing the banking system to the tune of 800 billion yuan ($127 billion) in January, banks simply didn’t have any money to lend.

    The response from China’s investors will be to mourn the absence of the credit surge that normally kicks off the year."

    Sighted US$127 billion heading the direction of:
    Lat. n. 49.13
    Long. w. 123.06

  7. Should the market dips this year as in 2008/2009, $127 billion will spark off more bidding wars on choice properties. Alas, we are too busy showing a finger at Europe & Greece to actually mind our own affairs.

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