Quote:
Originally Posted by Flamenspiel
Ok i get that but other then CMHC properties(which would be registered), how would they even know who is a landlord and who is not? Other then tax returns, which they would not have access to.
|
Good question; from what I can tell they studied units under rental management so obtained information through those agencies. The articles don't make it very clear though and I haven't personally read through the actual report.
Quote:
In addition what exactly is foreign owned, there are 300K Canadian residents living in Hong Kong, would they be listed as foreign owned?
Generally foreign ownership is understated, is it a big thing? maybe, maybe not but as an investor it would be foolish not to consider the impact of an economic downturn in China and Hong Kong on the VA market.
|
I think this is really the heart of the issue and the question I ask those complaining about foreign ownership.
A lot of people use foreign owned and immigrant owned interchangeably which really bothers me.
From 2005-2012, 37000 Chinese millionaires were given permanent residency in BC under the Immigrant Investor Program. A large wave of Hong Kong immigration came 10 years before this when HK went back under Chinese rule.
This obviously has a huge impact on the financial makeup of Vancouver and real estate values, but I don't consider these foreign buyers as they are Canadian residents and immigrants; and many would now be citizens.
It really comes down to an immigration argument, not a foreign buyer argument (as in actual foreign residents).
Does a Canadian citizen who moved here from HK in 1996 still count as foreign?
My parents immigrated to Canada over 30 years ago; do they still count as foreign?
At what point does an immigrant no longer count as foreign?
I think for most people who are loudest about the huge foreign ownership issue, there is no difference between a 20 year immigrant and actual foreigner and maybe that's why they think half the city is owned by foreigners.