China's Millionaire Migration

[iamajai]

I think this is almost a generational issue. We've been in a real estate boom phase for at least the past 10-15 years with a big jump the past few years. I'm of the generation that got in at the beginning of the boom and almost every one of our friends has kids and a single family home within Metro Vancouver. We all started small in condos or small townhomes and worked our way up with the market.
The generation starting out today has a much tougher time of it I agree, but I think a small condo is still within reach of most.

[rubecube]

Originally Posted by FlamesAddiction

I love that about Vancouver and Victoria. Street kids that probably should be in a higher tax bracket than me. Nothing like a person with thousands of dollars in tattoos and $500 boots asking you for spare change.

To be fair, the amount of high-quality used clothing you can find here boggles my mind sometimes.

[afc wimbledon]

Originally Posted by nik-

If I had #### you money I'd have a part time place in Vancouver. Was there this weekend and it's just a great place to hang out. However, actually making a go of it working out there? I just don't see how one does it. Where is all the money to fill those condos and those restaurants coming from?

Banks, they're just as ignorant of history as the people asking for the money.
I just remortgaged, asked for an extra two hundred grand for unnamed renovations, which was bull**** actually, I'm hoping to buy out the leasehold on my dads apartment in London, now granted I've got around 1.1 mill in equity right now so the market would need to lose 60 or 70 percent for the money to be at risk but they didn't even ask me what it was for, they could care less, want to buy a Porsche go ahead, hookers and blow in Vegas, fill your boots, you own a house, their only real question was did I need the money right away or could it wait a few weeks, In the process they essentially pre approved me for up to a million in the future, which is absurd but they think it's a never ending elevator to riches just as much as the buyers.

[Flash Walken]

Originally Posted by afc wimbledon

Banks, they're just as ignorant of history as the people asking for the money.
I just remortgaged, asked for an extra two hundred grand for unnamed renovations, which was bull**** actually, I'm hoping to buy out the leasehold on my dads apartment in London, now granted I've got around 1.1 mill in equity right now so the market would need to lose 60 or 70 percent for the money to be at risk but they didn't even ask me what it was for, they could care less, want to buy a Porsche go ahead, hookers and blow in Vegas, fill your boots, you own a house, their only real question was did I need the money right away or could it wait a few weeks, In the process they essentially pre approved me for up to a million in the future, which is absurd but they think it's a never ending elevator to riches just as much as the buyers.

For the banks it is though.

Banks are definitely aware of history. Recent history suggests they can hand out as many bad loans as they want because eventually the federal government will bail them out.

Pretty good gig you can get it.

[afc wimbledon]

That thought did occur to me as they were getting the paper work ready.

[troutman]

Originally Posted by peter12

I'm in Kitsilano.

I lived there for 5 years, and never much left the area to go to Richmond, Surrey, West Van, Burnaby etc. Downtown for work, and not often for entertainment.

My old haunt is still there:
http://thefringecafe.com/

[Winsor_Pilates]

Originally Posted by peter12

Condos are mainly filled by hot girls with dogs. Very rare for professional couples with family prospects to take up life in a condo.

Lol, how do you make this stuff up?
Not a single person in my condo building fits that description; let alone the majority of people I work with every day in buying/selling condos.

[peter12]

Originally Posted by Winsor_Pilates

Lol, how do you make this stuff up?
Not a single person in my condo building fits that description; let alone the majority of people I work with every day in buying/selling condos.

Or young, childless couples.

[peter12]

Originally Posted by troutman

I lived there for 5 years, and never much left the area to go to Richmond, Surrey, West Van, Burnaby etc. Downtown for work, and not often for entertainment.

My old haunt is still there:
http://thefringecafe.com/

Mine as well. Took me all about 1 week to find out about Fringe.

[FlamesAddiction]

Originally Posted by rubecube

To be fair, the amount of high-quality used clothing you can find here boggles my mind sometimes.

Same thing with musical instruments. So many people move there thinking their band will take off and end up having to pawn everything a year later.

[Locke]

Originally Posted by Galakanokis

Indeed. Free flat brimmed hat and white sunglasses upon your completed relocation.

Yes, but do they come with a White Dodge Ram and a Jet-Ski? Where do we stand with complimentary barbed-wire bicep tats?

[FlamesAddiction]

Originally Posted by troutman

I lived there for 5 years, and never much left the area to go to Richmond, Surrey, West Van, Burnaby etc. Downtown for work, and not often for entertainment.

My old haunt is still there:
http://thefringecafe.com/

This was my favourite hang over stop back in the day.

https://www.zomato.com/vancouver/bon...view-vancouver

[sun]

Would love to buy a condo in Vancouver and work my way up to something with two whole bedrooms. Was in a dumpy little 620 square foot place on Alberni St today. Crap light, junk view, 30 year old building - $650,000. Or maybe that crappy garden level place in Kits that was bought for $370,000 in 2014, being sold for $490,000 today?

Ah well, off to Chilliwack instead. Better yet, Kelowna, Victoria, Calgary, like half of the people I meet on a daily basis.

[Tron_fdc]

Yeah my inlaws are moving from Langley to Calgary. Bought a townhome 15 years ago at 300ish, selling for more than double.

They want a house to close to the grandkids which is just fine with me.

[CliffFletcher]

I wonder if one of the reasons we've barely seen a dip in the Calgary real estate market despite the energy bust is the exodus of people moving here from Vancouver.

[rubecube]

Originally Posted by CliffFletcher

I wonder if one of the reasons we've barely seen a dip in the Calgary real estate market despite the energy bust is the exodus of people moving here from Vancouver.

It's possible, but I think most of them are heading to the island. The prices in Vancouver are being blamed for the surge in prices in Victoria. I think they said the average price for a detached home here is close to $800k. I've been telling my girlfriend to get sell her condo while the market is still hot and then get into a rental unit until it cools down. She could easily make $50-$100k and then cut her living expenses in half.

[Galakanokis]

Things be a changing...



There's been an almost total collapse in the foreign buyer market.

There were only 60 sales valued at $46.9M since Aug. 2. By comparison, there were 1,974 sales valued at $2.3B the month prior.

Sorry, link.

http://www.theprovince.com/business/...595/story.html

[nik-]

If that is accurate, that's pretty damning of how false the market was.

Where did you get that data?

[rubecube]

Originally Posted by Galakanokis

Things be a changing...



There's been an almost total collapse in the foreign buyer market.

There were only 60 sales valued at $46.9M since Aug. 2. By comparison, there were 1,974 sales valued at $2.3B the month prior.

Sorry, link.

http://www.theprovince.com/business/...595/story.html

Also this though:

The premier cautioned that it was too soon to gauge the true impact of the tax, because the land title registry showed a massive rush to close real estate deals before the tax deadline on Aug. 2.

On July 29, the government said more than $850 million in residential property deals involving foreigners were recorded, which was equal to more than 55 per cent of all sales in Metro Vancouver on that day, and the equivalent of almost 40 per cent of the total amount of foreign deals since June 10.

“I think August most people will look back and say it was an unusual month because people moved their transactions into July to avoid it,” said Clark.

[Flamenspiel]

^^Yea they let a bunch of people off the by saying they were going to implement in 8 days. The talk is that in Toronto they will make it effective immediately.