100% correctStats Can is useless and can’t be relied upon
How many Chinese have numbered Canadian companies with themselves as nominal directors and family members/friends who are Canadian citizens acting as purchasers?
When Stats Can Can did deeper into who actually controls these numbered companies and report back with a percentage then I’ll believe that they’ve really got to the bottom of it (foreign ownership).
In places like Richmond BC and North Van I wouldn’t be surprised to see 85-90% Chinese ownership structured through numbered companies.
Don’t believe Stats Can, they don’t want to dig deeper lest they be labelled racist by our politically correct state broadcaster the CBC (a branch of the Liberal party of Canada).
Cheers
Well said. You nailed it. I want to read your editorial in the paper buddy!!!Stats Can is useless and can’t be relied upon
How many Chinese have numbered Canadian companies with themselves as nominal directors and family members/friends who are Canadian citizens acting as purchasers?
When Stats Can Can did deeper into who actually controls these numbered companies and report back with a percentage then I’ll believe that they’ve really got to the bottom of it (foreign ownership).
In places like Richmond BC and North Van I wouldn’t be surprised to see 85-90% Chinese ownership structured through numbered companies.
Don’t believe Stats Can, they don’t want to dig deeper lest they be labelled racist by our politically correct state broadcaster the CBC (a branch of the Liberal party of Canada).
Cheers
+1 and you nailed it.Foreign numbers are high, but there is an unprecedented number of local buyers investing/flipping etc multiple properties. Much much much more than foreign buyers. Foreign buyers are pretty much concentrated in certain areas. The vast majority of the GTA is being bought up through speculation of domestic buyers. My office pretty much has hundreds of locals that own multiple properties here in the GTA. One small office may account for over 2000 speculative buys. We're an investment office. There are hundreds of offices like ours in the GTA and there are hundreds of hard core real estate speculators that don't own any financial instruments; only real estate. By all means I agree with the influence of foreign buyers(also agree with the corporate purchases you describe) but its nowhere near the number of properties being bought up by locals.
Real estate markets in both Canada and USA have crashed in the past. The best strategy is to wait until they will crash again to scoop up good homes with perhaps half of the prices they are listing right now. So weather it will be 2, 3, 5 or 7 years from today, it is worth waiting. Basically, a typical 4-bedroom and 2.5 baths of a 2-story home is listing at around 1.2 millions right now. When the real estate market will crash, it will be most likely listing for about half of the current listing price or around 600k.It will. Just be patient. Play the long game. Save your money. The opportunity will come, if you will be ready. Don't rush into this overpriced market.
I agree with this part.I don't think prices will ever be cut in half. That would mean a price reversion back to the mid to late 2000s.
The best method is to buy whenever you can afford to. If you can't afford, don't buy. If you're going to live in the place you buy, it doesn't matter whether prices go up or down over the next decade.
Good advice. Buy something if its affordable. Not barely affordable, but affordable and comfortable. You can't always have everything you want. Live within your means.Find a deal that works and stick with it. Real estate, markets....whatever.
I am (was) in a high demand area and based on my observations in the last two months the market has died (in relative terms) - inventory is not moving or if, verrrrry slow.
My guess is that things will stabilize over the next couple of years. I don't know if the Chinese government clamping down on the 50k per year FX limit is a part of the cause, limiting the bribery money entering Canada?
It's a waiting game right now. People are waiting for the prices to drop further and deeper. On average, homes' prices in GTA have been dropping about 10 - 20 % from a year ago. The trend of price's dropping still continues. So people are just playing the watching game right now without buying much these days...did a drive through in my old area where I sold my house months ago. there is now more inventory then 4 months ago. prices are still overvalued.
soon could be a year or two from now...higher oil prices could lift Canada for a year or more; but a higher rates and further housing price corrections could take its toll too..once again probably not til next year.Well Canada will be in recession soon, if it is not already (By definition, recessions can only be announced after they have been going on for some time). The recession will occur not because of the Trump tariffs- although that doesn't help- but just because recessions are a normal part of the business cycle and we are due, or past due, perhaps. Housing prices will fall in a recession as will prices generally. But then so will wages, if it goes on long enough. All this is perfectly normal. High end, large, expensive homes will suffer more than smaller ones, so if you re looking to trade up, hang on a bit.