tag:blogger.com,1999:blog-31427364.post5290653136485879512..comments2024-03-26T03:52:23.395-07:00Comments on Housing Analysis: City of Vancouver Permit Update for 2010mohicanhttp://www.blogger.com/profile/06094213357140749289noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-31427364.post-78328163767642377342011-02-10T12:32:11.235-08:002011-02-10T12:32:11.235-08:00thanks for the reply Jesse...
i wonder if it was ...thanks for the reply Jesse...<br /><br />i wonder if it was the Japanese in the 80s and the Chinese :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-31427364.post-61462903706883764822011-02-05T17:43:33.711-08:002011-02-05T17:43:33.711-08:00Well, lone reader,
There are not much data to sup...Well, lone reader,<br /><br />There are not much data to support or refute the "rich Chinese" investor causing price ripples throughout Vancouver. <br /><br />I've seen it first hand. Scores of buses full of Asians were parading through the west side of Vancouver and these Asians were gobbling up all sorts of properties, often tearing them down to rebuild. Complaints from neighbours have erupted as newly-minted houses were left unoccupied and the yards started to go into disrepair. Bylaws needed to be enacted to force the owners to keep lawns and outer appearances aesthetically acceptable. <br /><br />When did this occur? 2010? Nope, this was in the late '80s. The migration from Asia into Vancouver is hardly new. Now, perhaps, there is a renewal of significant war chests dumping money into property again. Who knows how long this spate of buying will last.<br /><br />How much property do rich Chinese buy? Well there aren't much data on this because residents, whether they came to Canada 3 years ago or 30, are not parsed based on tenure on Canadian soil or whether they derive their incomes from out of country, though I'm sure banks have the data on this. We also know only about 30% of immigrants to Vancouver are from China. A significant % come from the Philippines, India, Iran, Korea, as well as Europe. These people have to live somewhere too and aren't necessarily all rich beyond locals' wildest dreams.<br /><br />I did a bit of quick math on the impact. Assuming all immigrants buy property, they make only 25% of transactions in volume. That means 75% of transactions are by locals, predominately with local incomes. If you believe in the tail wagging the dog, believe the rich Asian myth. Occam's Razor tells me it's a simple case of too much debt.<br /><br />Enjoy your blog BTW.jessehttps://www.blogger.com/profile/02155122147972263497noreply@blogger.comtag:blogger.com,1999:blog-31427364.post-39215640425010301062011-02-01T05:11:22.158-08:002011-02-01T05:11:22.158-08:00I only recently read the globeandmail article &quo...I only recently read the globeandmail article "Is Vancouver in a real estate bubble?"... foreigners from China gobbling up Vancouver real-estate...I was wondering how true that was and your thoughts<br />thanks.Anonymousnoreply@blogger.com