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Disheartening Post by Fellow Canadian about Real Estate


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Just wanted to share something I read, among other posts discussing real estate in Canada and many can relate in B.C.:

 

Quote

 

Title: Dear Trudeau, please tax the $&!# out of foreign real estate buyers in Canada. Signed, A 30 yr old Canadian.

 

This is just a rant.

But I am frustrated as all hell right now. 

I did university. I got the fulltime decent job. My girlfriend has overcome the unemployment issues with three part time jobs. 

We want to move in to a house together. 

Our wages combined, barely make enough to put a down payment on a house in the southern Ontario and make mortgage payments until at least 5 more years. 

One of my friends has been hunting for over 6 months and is constantly being outbid by Chinese buyers by a minimum 50k on almost a dozen bids.

It's not a right for us to own a house, but there should be some bias to lifetime Canadians when considering our ability to build a future through property purchase. This country made us. Now we are being locked out of planting roots. 

I believe foreign buyers should be allowed to purchase Canadian property. But those who lack a Canadian citizenship, or at the very least lack the intent to become Canadian should face a greater barrier to entry when they are doing so.

Our economy is weak, and yes, the housing market is the strongest pillar keeping it afloat. But this situation is masking the issues with actual Canadians. The fact that their isn't a consistent accounting as to foreign buyers is atrocious. 

The fact that someone who has spent their life contributing and building themselves honestly can't access an essential part of life because of outside influence just feels hopeless.

I know you won't read this. I just needed a place to put my words. 

Thank you reddit.

 

 

 

https://www.reddit.com/r/canada/comments/4jo0op/dear_trudeau_please_tax_the_$&!#_out_of_foreign/

 

What a sad story, I feel like I hear so many of them while our Premier is not doing anything to help families.

 

 

 

 

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6 minutes ago, Proud_Canadian said:

Just wanted to share something I read, among other posts discussing real estate in Canada and many can relate in B.C.:

 

 

 

https://www.reddit.com/r/canada/comments/4jo0op/dear_trudeau_please_tax_the_$&!#_out_of_foreign/

 

What a sad story, I feel like I hear so many of them while our Premier is not doing anything to help families.

 

 

 

 

&^@# yeah!

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1 minute ago, kurtis said:

Blame our government for the position we are in.... 

Absolutely, we need to hold B.C. Liberals accountable for selling our province to foreign investors.


We need restrictions, like other countries, restrict residential investment, let them invest into our commercial estate but not our residential estate.

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3 minutes ago, Proud_Canadian said:

Absolutely, we need to hold B.C. Liberals accountable for selling our province to foreign investors.


We need restrictions, like other countries, restrict residential investment, let them invest into our commercial estate but not our residential estate.

But first, we need a workable system of representative government. It's time for us to get to grips with the fact that our system has failed us.

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Guys he answered his own questions within them.  "The real estate market drives the Canadian economy."  Canada needs foreign capital to push this market.  Look around you.  How many jobs are in some way connected to real estate.  It's not just the primary jobs, but the tertiary jobs are plenty.  We are in a Catch 22. 

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4 minutes ago, Alflives said:

Guys he answered his own questions within them.  "The real estate market drives the Canadian economy."  Canada needs foreign capital to push this market.  Look around you.  How many jobs are in some way connected to real estate.  It's not just the primary jobs, but the tertiary jobs are plenty.  We are in a Catch 22. 

The economy can not rely on housing prices. You are building a house of cards that aren't sustainable. I don't know of too many wealthy countries that real estate is the sole driving force. All that will happen is what happened in the US before the meltdown. Great if you are slick enough to get out while the market is hot. But a lot of folks in the US declared bankruptcy and lost a fortune. 

You need an infrastructure and diversity in businesses for a healthy economy.

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8 minutes ago, Ghostsof1915 said:

The economy can not rely on housing prices. You are building a house of cards that aren't sustainable. I don't know of too many wealthy countries that real estate is the sole driving force. All that will happen is what happened in the US before the meltdown. Great if you are slick enough to get out while the market is hot. But a lot of folks in the US declared bankruptcy and lost a fortune. 

You need an infrastructure and diversity in businesses for a healthy economy.

This

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1 minute ago, Ghostsof1915 said:

The economy can not rely on housing prices. You are building a house of cards that aren't sustainable. I don't know of too many wealthy countries that real estate is the sole driving force. All that will happen is what happened in the US before the meltdown. Great if you are slick enough to get out while the market is hot. But a lot of folks in the US declared bankruptcy and lost a fortune. 

You need an infrastructure and diversity in businesses for a healthy economy.

That's the Catch 22.  As soon as we stop expanding - building more housing units - our economy crashes.  We need the foreign investment to drive this industry, while keeping lending rates historically low, so people can build and buy.  It's, of course, not sustainable.  

I don't know when this "house" of cards of an economy will collapse, but when it does the following depression will make 2008 look like mole hill.  This collapse of the world economy will be the start of the end - WWIII.  

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8 minutes ago, RRypien37 said:

By that face palm? I'd lose brain cells just trying to fathom the stupidity of that post. 

How is he wrong?  You simply can't argue something that is clear as day.

 

They are only buying what is being sold and are happily accepting offers way above asking price.

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I'm going to jump in here as the Devil's advocate:

check out some of the more popular USA cities. San Jose, NY city, Washington DC... They all have obscene housing prices. They are in a very similar position as Van/Toronto, with young people being unable to afford to buy. High housing prices are a result of a growing city with a strong economy. 

This issue isn't Canada wide. Other cities; even decent sized cities like Calgary, Edmonton, Montreal; are much more affordable. 

 

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5 minutes ago, JV77 said:

How is he wrong?  You simply can't argue something that is clear as day.

 

They are only buying what is being sold and are happily accepting offers way above asking price.

That's exactly what I am trying to say. If the real estate was not being offered to foreign buyers or if there is a law that doesn't allow foreign buyers to buy property then we wouldn't be in this mess.

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10 minutes ago, JV77 said:

How is he wrong?  You simply can't argue something that is clear as day.

 

They are only buying what is being sold and are happily accepting offers way above asking price.

If those are the only people able to make full price offers, who else are they supposed to sell too? 

 

This is the biggest problem with this country. Everyone is making excuses, allowing themselves to get run over.

 

Canada, specifically this province, is beyond f*ucked. No identity, not nationalistic vibes, no back bone. 

 

Enjoy learning Mandarin/Cantonese as a means to survive folks!

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