Chinese Student Purchases $31-Million Vancouver Mansion - Polidicks

[QUOTE=FlashMarsh;50324595]What are planning permissions like in Vancouver? Is there artificially restricted supply? Or is it just foreign buyers overwhelming the market? Because in London, where I live, the ridiculous housing prices are often blamed upon foreign buyers when in fact they are far more to do with artificially restricted housing supply to benefit home owners.[/QUOTE] The city planning is to blame in a lot of ways. We decided to go suburban at the city centre and never built a transit system that could effectively traverse this. Then you have areas in the outlying regions getting massive booms and all commuting inwards for many of the jobs. The real estate in the core is increased in price by the scarcity of it and only in the last decade have serious buildings started to go up to counter this but it's too little too late as the prices on those properties are inflated as well due to the market trends here. [editline]15th May 2016[/editline] But it's all made worse by a huge influx of money and foreign nationals that use is as a vacation home

[QUOTE=pentium;50322955]It's beating around the Chinese bush. We know what the problem is and we know how to stop it dead but in doing so we brand ourselves racist and indifferent to other cultures. No media outlet has the balls to say it for fear of being ripped apart.[/QUOTE] This issue has absolutely nothing to do with political correctness. Everyone knows it's foreign investors that's fucking up the housing market, the news even use the term "foreign investors" so I'm curious to know if you prefer that they say "Chinese Foreign Investors" because that changes nothing about the problem and subsequently the solutions.

Fuck man, at this rate people are going to be renting for the rest of their lives.

[QUOTE=download;50323175]Pentium has an axe to grind. He always posts stuff like this.[/QUOTE] have you ever seen him talk about anything related to Alberta lol

[QUOTE=pentium;50323548] Implied provincial elitism is not the same as racism directly or implied. You better quit thinking that pretty fast.[/QUOTE] "Implied" my ass.

[QUOTE=MightyLOLZOR;50327504]Fuck man, at this rate people are going to be renting for the rest of their lives.[/QUOTE] Good luck even renting. I live in a city with a hugely increasing SOL and to even rent a small one bedroom in an average part of town will run you nearly 3 thousand dollars a month. People need to make a minimum of 74 thousand dollars a year just to qualify for an apartment.

[QUOTE=pointyface;50322871]Why?[/QUOTE] [QUOTE=Dark RaveN;50322879]Eight-bathroom with five-bedroom? Why the fuck would you have more bathrooms than bedrooms?[/QUOTE] Sorry but what does this matter? Why what? If the Chinese student can afford the $31-million mansion and wants to buy it, then so be it. You may not really criticize them, or at least not prevent them doing whatever they want with their money.

Except its not his money. It belongs to the housewife as to use one loophole, who probably was given it from her investor husband who lives overseas and couldn't qualify on his own for making the minimum time you need to be in Canada to be allowed to buy a residence...which is another loophole. He bought the property to use it as an offshore asset. His wife and child were used to help launder the money.

[QUOTE=Bat-shit;50330962]Sorry but what does this matter? Why what? If the Chinese student can afford the $31-million mansion and wants to buy it, then so be it. You may not really criticize them, or at least not prevent them doing whatever they want with their money.[/QUOTE] Except that's the point, he almost certainly DIDN'T buy it himself. He's merely there as a formality to fucking dodge taxes for the real person who bought it who probably doesn't even live in the fucking thing. It may as well be empty!

[QUOTE=Code3Response;50323591]and by "these type people" you mean the wealthy, I assume.[/QUOTE] It's a bit more complicated - there's areas here that have the same "sort" of Russians as Vancouver Chinese. It goes beyond mere wealth in that they quickly start attempting to funnel everyone else out and employ their own standards, rules and everything else. It's often followed by abusing the legal system if not completely ignoring it. So yeah, I can see why those Canadians have an axe to grind.

[QUOTE=Taepodong-2;50323643]Vancouver is basically a colony of China at this point. How did we let this happen?[/QUOTE] My dad gets realtors knocking on the door at least once every other day saying "oi, name a price" Currently the average "offer" is about 1.5ish million, one sold down the street for 1.8. No garage, 1500 square feet and a generally meh house overall. You can't tell me the average 2.5 kid family would have a man in a suit driving a lexus knock on the door and say "here's 2 million bucks for your shitty house" and go "nah that's fine thanks." Now it's bleeding up to bowen island and the sunshine coast too, what fun.

i was hoping it was in north van or west van because i like the ultra rich people being cordoned off north of the burard inlet out of site and mind