B.C.'s housing-addicted economy not sustainable, experts fear

[s211]

Originally Posted by GenWhy?

Sounds like of of the cities with the youngest populations have higher median incomes.

Or cities with fewer people owning multi-million dollar homes and at the same time claiming no income and filing for GST credits?

[GenWhy?]

Originally Posted by s211

Or cities with fewer people owning multi-million dollar homes and at the same time claiming no income and filing for GST credits?

Exactly. More people working means a higher median income for that city.

[whatnext]

Originally Posted by Vin

This is what I have been saying all along: people here are always taking the easiest way out with the least effort and input possible, and the easiest way to make quick profits for many would be through real estate. Like it or not, this is a province of lazy folks.

Funny that everyone is complaining about the sky-high real estate prices when this is pretty much the only commodity we have.

You realize the irony of you posting that, right?

How much does stuff like this push down Vancouver's average income statistics:

Before moving from China to Canada in 2006, Chen Runkai told immigration officials that he made at most 41,000 Canadian dollars a year. His wife, he said, was employed as a clerk.

Despite their modest incomes, a series of money transfers poured CA$114 million into the Chen family’s Canadian bank accounts a few years later.

Chen, it turns out, is wanted for arrest by the Chinese government on charges of bribery for his alleged role in a major corruption scandal involving a senior military official, OCCRP and the Toronto Star have learned. Now, he’s fighting to stay in Canada, where his family has two mansions in Vancouver overlooking the Pacific.

He is the owner of a Tudor-style home with mountain and ocean views he purchased in 2016 for CA$15.6 million. It sits a few doors down from another mansion his daughter purchased in 2012 for about CA$14 million — without a mortgage — when she was 25, while listing her occupation as “student.”...

https://www.occrp.org/en/investigati...er-real-estate

[wabooba]

Originally Posted by whatnext

You realize the irony of you posting that, right?

How much does stuff like this push down Vancouver's average income statistics:

Before moving from China to Canada in 2006, Chen Runkai told immigration officials that he made at most 41,000 Canadian dollars a year. His wife, he said, was employed as a clerk.

Despite their modest incomes, a series of money transfers poured CA$114 million into the Chen family’s Canadian bank accounts a few years later.

Chen, it turns out, is wanted for arrest by the Chinese government on charges of bribery for his alleged role in a major corruption scandal involving a senior military official, OCCRP and the Toronto Star have learned. Now, he’s fighting to stay in Canada, where his family has two mansions in Vancouver overlooking the Pacific.

He is the owner of a Tudor-style home with mountain and ocean views he purchased in 2016 for CA$15.6 million. It sits a few doors down from another mansion his daughter purchased in 2012 for about CA$14 million — without a mortgage — when she was 25, while listing her occupation as “student.”...

https://www.occrp.org/en/investigati...er-real-estate

Thank you for this post, whatnext.
It points up the sleaze and corruption that we as "ever-tolerant" Canadians, are supposed to swallow, and too often, if anyone in fact does point it out, they get the knee-jerk reaction of being"racist."
Being the third-most expensive city in the world to live in, after Hong Kong and Sydney, is not normal, especially for an economically middle-of-the-road city like Vancouver.
This kind of 'scheiss' is supposed to benefit everybody. Well, guess what: it doesn't. And even apathetic, phlegmatic Canadians are going to reach a boiling point sooner or later, better sooner than later.
I don't know what form it will take, but there will come some sort of breaking point. And all the apologists in the world are going to run out of excuses and pretexts for it.
I could say more, but because of reasons of brevity, taste, and legality, I will not.