Wednesday, April 18, 2012

Interesting BNN spot

The Media has been in a frenzy (finally) about Mainland Chinese buyers. We are reading that 13/15 high priced British property homes recently sold went to them, and about the megahomes on the westside- fixed, flipped and left empty.

Well Andrew Bell of
BNN interviewed David Choi a well-known realtor who deals in the Mainland Chinese market.

What was interesting was the absolute lack of any remarks from the interviewer or interviewee about the ethics of allowing people, on occasion wealthy fugitives from China, to buy these properties with untaxed (maybe illegal) money and then leave them empty. Even while saying that China itself had restricted people to buying ONE home only.

It was like they had a right to do it, and 'Oh no' What would happen it they quit.

Andrew Bell did try and (gently) ask at the end about locals who maybe getting resentful about the huge prices being paid for homes which are then left empty and what did his guest think about that. It didn't even seem to register with him! He went on about how the Chinese investors were running out of good properties to buy and may have to buy homes to renovate.

Clearly no one is in the least concerned about home prices shooting out of the reach of those working and living here and EVEN WORSE that homes are being left empty in an area of tight housing and high homelessness. Not the Federal Government, and definitely not our good-as-useless Premier who has no real platform of ideas as far as I can see.

This is the free-market taken to the level of lunacy. Even Singapore has property restrictions. Why not just sell of the whole city to these 'investors' and the rest of us can be bused in from Abbotsford to clean the streets, protect their property, treat their illnesses if they visit and mow the lawn.

Yes, offshore buyers are just a part of the problem, however this is a curse no city wants, especially one that needs tax-paying, consuming people to stay vibrant (forget the arts which have died in this town) and which has pressure to house those who have chosen to make their lives here (from all back-grounds).

Start with below-inflation-interest rates, mix in the CMHC insurance, lengthen mortgages, have banks with no skin-in-the-game and finally top off with endless off-shore tax-unpaid, hot dough and voila....you have an almighty bubble.

17 comments:

  1. "What was interesting was the absolute lack of any remarks from the interviewer or interviewee about the ethics of allowing people, on occasion wealthy fugitives from China, to buy these properties with untaxed (maybe illegal) money and then leave them empty. Even while saying that China itself had restricted people to buying ONE home only."
    Who let them all in, "most wanted" on interpol list included? Not only fugitives can get mortgages, so can international students. The casino has to go on.

    Having said that, David Choi has stood up and voiced his view in the past.

    "David Choi, president and CEO of Vancouver-based Royal Pacific Realty, disputed claims that Chinese beliefs regard facilities such as the proposed 15-bed St. John Hospice next to the Promontory on the West Mall as bringing bad luck to residential neighbours."

    http://www.straight.com/article-368820/vancouver/chinese-beliefs-dont-frown-living-near-ubc-hospice-community-leader-says

    ReplyDelete
    Replies
    1. "David Choi ........ deals in the Mainland Chinese market."
      Are you sure? 'Cause after the UBC hospice incident, he was cursed and sworn at by them, such as a Honger, running dog for the Brits, etc. Ah, they must have a change of heart and decided that Hongers are more trustworthy than CBCs that can't read, write and speak their language.

      Delete
  2. It is what will make the collapse all the more spectacular.

    ReplyDelete
    Replies
    1. I certainly hope so but more or less given up.
      I'm seeing more people, citizens & PRs alike, coming home to roost. My bro recently attended a seminar in the US and met many who will be returning this year to retire early; they are in their 40s and have saved up 2M+ upwards.

      Delete
  3. Did you watch his eyes during the interview? Thet were shifty shifty shifty. Liars eyes if I have ever seen them.

    ReplyDelete
  4. The location of this tale is not Canada (may be yes, one never knows for sure), but just show how screwed up wherever they escape to.

    The mysterious buyer of Sydney $32M mansion
    http://tinyurl.com/27o5scp
    holy $hit he is a wanted man
    http://tinyurl.com/7aynd4w
    http://tinyurl.com/7l4hskp

    No English version yet, it seems his powerful papa may be in trouble now something to do with him borrowing xxxM$ from bank with zero down to buy assets and resold for xxB$. The laundry-rinse cycle was repeated nX before he emigrated to Oz.

    ReplyDelete
  5. Canadians have always protected those who are fleeing from oppression, torture and death, rightly so. However unfortunately crooks and thieves are using that to come here and hide from justice in their own countries.

    They will get lawyered up and then we have to spend Millions to kick them out while they use every loop hole to delay the process. If the penalty for embezzling money is death- so be it. Don't embezzle. If you do, you should be kicked out of Canada asap.

    if the penalty for being a homosexual is the death penalty. You should be kept here and protected.

    Simple really.

    ReplyDelete
    Replies
    1. Some idiot brought this topic up in RET 6 years ago, too many PC hypocrites "droned out" the yellow-skin-"racist" poster.

      Be very afraid of the damage they can bring to our society, because the most corrupt foreign princelings are associated to the brutal leftist regime. Their biggest weapon is bribery at all levels of public and private sectors. When was the last you heard of a significant donation to our hospitals? NADA! They are here to plunder our TSX with fake forests among others.

      Delete
  6. Chinese buyers must buy from local Canadians. Are the locals selling to the Chinese racist?

    ReplyDelete
  7. Treat their illnesses IF they visit? Uhhh there are 9 million BC Care Cards in circulation with an actual population of 6 million of us. Fish, you gotta talk to some people who work in the healthcare industry. It's shocking. More shocking than the real estate sector, actually.

    ReplyDelete
    Replies
    1. And in the meantime, I can't get a fucking Care card for my 14 month old, who was "conceived" in Vancouver, and his mother taken care of in Vancouver during the first eight month of pregnancy, just because I had to work in the UK for 4 months and, because I didn't want to leave my wife alone, was born in London. We've been back since he was 3 month old, denied my first request for Care Card because of "lack of residency"! WTF? Both his parents are PR and yet we had to apply for his PR, which we did exactly a year ago. We're still waiting to hear back from Canada immigration, and we still don't have medical coverage for him! I'm one hospitalization away from being bankrupt because of the fucking retarded BC Health Care system.

      Sorry for the rant, it just makes me so mad when I hear people are cheating the system while honest and hard working people living here can't get basic care for their child.

      Delete
    2. Conceived in Vancouver! I like that - one of my kids was conceived on a trip to Switzerland. Lets see if I can get a Swiss Passpor for him :0

      Good luck with the carecard

      Delete
    3. @anon. My son didn't get the british citizenship, unfortunately. Over there, a new born baby needs to have a last one british citizen parent to get the british citizenship, not like in Canada. My son still has two citizenship though, one from Asia and one from Europe! Lucky boy!

      Delete
    4. That is normal for new PRs and since BC has a wait period for health care service, people do purchase an out-of-pocket health insurance.

      Delete
  8. Oh my God! I am so sorry for you. All I can tell you anonymous is get your wife down there to their offices and let them deny her to her face and then she should ERUPT loudly so that everyone in the office can hear. Let all the emotion and frustration flow. They are bureaucrats and they will react by pushing your file through. Good luck to you. Don't let these idiots take advantage of your ability to be "reasonable". Being reasonable with them means they don't have to deal with you until later. GO LET YOUR WIFE DO IT. Don't be there. No consoling her. Only one way to deal with it. They have to do something about it.

    ReplyDelete
  9. Fish,

    There is no end to government manipulation in the housing market. It is no longer a free market. Just pay up for your piece of the pie and wait passively to see how the government wants your investment to perform. It's their money after all. They each learn from each other. Here's what the Canadian gov can do if they want to manipulate spekers out and keep FTBs in:

    http://www.bloomberg.com/news/2012-04-25/china-helps-first-home-buyers-as-market-cools-mortgages.html

    ReplyDelete
  10. "...Not the Federal Government, and definitely not our good-as-useless Premier who has no real platform of ideas as far as I can see.

    This is the free-market taken to the level of lunacy. Even Singapore has property restrictions. Why not just sell of the whole city to these 'investors' and the rest of us can be bused in from Abbotsford to clean the streets, protect their property, treat their illnesses if they visit and mow the lawn."

    Amen to that. Truth and nothing but the truth. The so-called 'investors', what did they invest in other than real estate? Nothing. I haven't seen a penny of these investments at work here.

    ReplyDelete