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  #121  
Old Posted Dec 28, 2017, 2:39 AM
saffronleaf saffronleaf is offline
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Originally Posted by Nouvellecosse View Post
Very interesting clip - especially the part toward the end discussing public perception.

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Of course the impact is small.

The foreign buyer boogeyman sentiment is just an easy and stupid thing that the masses can get riled up about.

The real problem is obviously urban planning and NIMBYism. This is the same reason why SF housing prices are insanely high.

Last edited by saffronleaf; Dec 28, 2017 at 2:54 AM.
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  #122  
Old Posted Dec 28, 2017, 4:51 AM
ssiguy ssiguy is online now
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If foreign buyers have so little impact then why is it that Vancouver, the mecca of money laundering, has by far the highest prices in the country? Both Toronto and Montreal are much larger and important economically, financially, culturally, and politically and have higher densities.

I love how the real estate cartel constantly tries to tell everyone that the Chinese have little impact on the market but when the discussion of banning foreign buyers comes up they raise cane and bring stories of an housing collapse. How can such a supposedly small foreign buyers segment conversely cause a housing collapse?
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  #123  
Old Posted Dec 28, 2017, 5:25 AM
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Originally Posted by ssiguy View Post
I love how the real estate cartel constantly tries to tell everyone that the Chinese have little impact on the market but when the discussion of banning foreign buyers comes up they raise cane and bring stories of an housing collapse. How can such a supposedly small foreign buyers segment conversely cause a housing collapse?
It is also weird to pretend that immigrants and those with permanent residency are a completely different set that shouldn't be considered at all when it comes to housing.

Here are 2016 statistics on immigration: http://www.statcan.gc.ca/daily-quoti.../t001b-eng.htm

Vancouver is 40.8% immigrants and 5.9% immigrants from just the 2011-2016 period. Without a constant influx of immigrants, Vancouver wouldn't be growing much. Subtract the (other) foreign buyers and local speculators and there is not much left of Vancouver's housing market.

We may or may not like these immigration levels but if a significant number of immigrants are people showing up with suitcases full of cash and buying real estate without relying on the local labour market that is going to have a huge impact on affordability for everyone else. It has long-term implications in terms of who will accumulate wealth in the future and how the tax burden is shared. Feel-good "a Canadian is a Canadian is a Canadian" type platitudes don't change this reality. There are definitely immigrants who move here to work hard and participate in the economy and many of them have produced huge dividends for Canada. But it's not guaranteed that every immigrant will be like this. It is very unlikely that the investor-class immigrant who flips houses annually, pays $0 in income tax (maybe gets GST cheques in the mail...), sends their kids here for subsidized tuition, etc. etc. contributes more than they take out. The reality of the global economy is that there are millions of people looking for holes to exploit in Canada's laws. If those holes exist they're going to get exploited, and they do exist.
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