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1
Posted on 2/7/24 at 7:39 am to holmesbr
quote:
Central America is trying.
Succeeding. Democrats are helping.
Posted on 2/7/24 at 8:10 am to stout
They are obviously fronts for the CCP. Government agents buying prop with government money.
Posted on 2/7/24 at 8:19 am to baldona
quote:
This is not easy to complete. There’s plenty of areas that would prefer local citizen only owned property and remove all non locals from owning and investing. That would absolutely crash and demolish the market.
Maybe in third-world countries that rely on tourism but stopping foreign investments in the USA RE market would not crash and demolish it. It would possibly cause a price correction as inventory levels adjusted but we need all the help we can get restoring affordability.
I am strictly speaking of residential including multi-family. Commercial and industrial are different animals but even that we should put a stop to with very few exceptions.
quote:
Again, owning foreign property is not easy. You still pay mortgage, taxes, insurance, and upkeep.
And wealthy Chinese still see it as a better place to park their money than in China hence the bubble in Canada over the past decade.
quote:
You have to time the market well or worth losing a ton. There’s tons of local that make money off this from the local banks on the mortgages, the local repair guys, real estate agents, etc.
As a few of us have tried to point out to you that they aren't buying the houses to flip. They are buying them to store money outside of China. That's why Canada passed the vacant property tax I linked for you that you ignored because it doesn't fit with the "points" you are trying to make up as you go along ITT. Canada wants to make it less attractive to foreign investors and also wants to force those that still own to sell.
They also flat-out banned foreign ownership and guess what...the market didn't crash and get demolished as you said it would. In fact, they just announced last week they are extending it for two more years
Canada extends ban on foreign workers, international students from buying homes
quote:
"As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027," Deputy Prime Minister Chrystia Freeland said in a statement Sunday.
My wife has owned a house in Jakarta since she left Indo for the USA 20 years ago. Upkeep on it isn't as much as you think it would be. A house in Canada and the USA will be more upkeep due to taxes, exchange rates, etc but you act like that is the lone decision for the Chinese when trying to get their money out of China by buying property. It isn't.
Posted on 2/7/24 at 8:55 am to stout
All of these transactions used Remote Online Notarization companies illegally. It’s not just a Canadian problem. The US embassy in China has been closed since Covid and there is no apostile process in China. The closest place is Hong Kong but these RON companies are pushing these transactions through without any verification and pushing the liability down to the title & escrow companies when the claims come in.
It’s a huge mess and there needs to be better regulation.
It’s a huge mess and there needs to be better regulation.
This post was edited on 2/7/24 at 8:57 am
Posted on 2/7/24 at 9:04 am to TejasHorn
quote:
This is the same HSBC that has laundered for the cartels I presume.
That was my first thought as well.. HSBC has a long and storied history of looking the other way.
Posted on 2/7/24 at 9:30 am to baldona
quote:
Eh, maybe. I bet most aren’t. I bet this is guys like sky screamer Stout overlooking something. Most Asians live in tight knit communities and households. I wouldn’t doubt a vast majority of these are one person learning how to buy a house and they all have 15 people living with them. There’s not many Chinese that have just a single person or even 2-3. One hair dresser can’t afford a $1 mil mortgage, but 5 in the same roof could.
Good lord you progs are relentlessly retarded
Posted on 2/7/24 at 9:50 am to stout
quote:
Why would they park money in Canada's real estate market?
Because it's harder for Chinese officials to confiscate. It's all bureaucratic money laundering. That country is run by a pyramid of kleptocrats. It's like the scene in Casino when the mob bosses get irate when they find out middle men are stealing from the pile of money that they are stealing from. These thiefs have to hide their stolen public money somewhere safe. Housing markets in Canada and California are the prime hiding spots. You get a front man (immigrant who works in a casino or nail salon) to buy the property with phoney application data and you transfer the stolen funds. You don't have a pile of unexplainable cash sitting in a Chinese bank account. You have a house in Vancouver that was bought for $750k and is now worth $1.2 million thanks to bubblicious inflation. And when Lu Chen, regional provice minister, finds out you are stealing the money HE is supposed to be stealing, there's not much he can do about it via Canadian law.
Posted on 2/7/24 at 10:10 am to stout
HSBC is the shadiest run bank in the world. They where caught laundering money for drug cartels in 2023. They where the biggest player in the subprime loan mess of 2008. In 2018 they where fined for fixing the libor index in London. So i am not shocked that they are behind this mess in Toronto. UW regulations in America make this type of shadiness almost impossible.
Posted on 2/7/24 at 10:17 am to stout
quote:
As a few of us have tried to point out to you that they aren't buying the houses to flip. They are buying them to store money outside of China. That's why Canada passed the vacant property tax I linked for you that you ignored because it doesn't fit with the "points" you are trying to make up as you go along ITT. Canada wants to make it less attractive to foreign investors and also wants to force those that still own to sell.
I'm not talking about foreign investments. I'm talking non citizens as in citizens of different states, non locals. Everywhere real estate is expensive and has a lot of tourists there are sizeable movements to limit 2nd homes: South Walton, San Fransisco, NYC, Seattle, Etc.
I highly doubt there are enough Chinese owned property in Toronto to have a major effect on the market. Toronto has been extremely expensive for a long time. Take out the Chinese and its not going to be a monster bubble that all of a sudden its an affordable city.
Purchasing a home is still an active investment whether you plan on selling or not. You can't tell me they are "inflating" the market and not holding it as an investment. I'm sorry that doesn't fit your agenda. You are right China has shite places to put money. But if they aren't planning to sell and "flip" as you say, how are they inflating it? Are they not just supporting the market?
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