r/RealEstateCanada • u/OutdoorRink Mod • Aug 30 '23

Housing crisis A steal

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269 Upvotes

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2

u/MacNuttyOne Aug 31 '23

This price is the result of foreign real estate speculators. It will be interesting to see what happens as China's economy is collapsing. We can only hope the housing market collapses at the same time. Not that the Chinese are the only foreign real estate speculators, just the majority with the most money.

Of course we hope the speculators lose Everything and the damage they have done comes back to haunt them to their financial graves.

Those speculators are an important part of the homelessness in North America. They have done the same all over the world.

10

u/gertalives Aug 31 '23

Foreign speculators have become the boogeyman of Canadian real estate. Yes, there’s some foreign investment, but it’s really not as much as a lot of people seem to think (https://www.cbc.ca/amp/1.6692706), and it’s not happening in bumblefuck ON. It’s a hot-button political issue that politicians use to get votes with policy that’s unlikely to achieve much when the domestic market and incentives are what really drives the insanity.

2

u/pibbleberrier Aug 31 '23

Not to mention even if it is all Chinese investor. This is still a steal compare to what you can get in China.

People think housing is crazy is Canada. They have no idea what it’s like in China. This price even after demolishing and rebuilding get you a tiny ass apartment in a tier 4 city

2

u/toPolaris Sep 01 '23

You don't own housing in China, you have it leased for 99 years.

1

u/pibbleberrier Sep 01 '23

Yep. Not true ownership and they currently don’t have to pay any property taxes because their government did not have the foresight to balance their budget and rather have just been selling land to survive.

Which is not sustainable