7 ms·

I also wonder what this is going to do to Canada's real estate market considering that Canada has basically been a "safe haven" for Chinese nationals to flock t

I also wonder what this is going to do to Canada's real estate market considering that Canada has basically been a "safe haven" for Chinese nationals to flock to basically launder their money.

khuey 8y ago
Probably nothing. The Chinese looking at Canada as "a safe haven" are worried about their own government, not Canada's.
- mr_toad 8y ago
  On the other hand, Canadians who have helped Chinese people circumvent Chinese capital controls might want to think carefully about their holiday plans.
  - tlear 8y ago
    The good part is that PRC reach is mostly limited to China itself. Except if you get high enough profile they send a kidnap squad after you.
pkaye 8y ago
It depends on who the Chinese nationals are worried about. Does Canada have an extradition treaty with China?
msie 8y ago
It's sad how this has become a fact because it's insinuated enough times in the press by the same few reporters. First it was Chinese foreigners buying up all the real estate, but that was proven false. Now, it's all these foreigners are laundering their money. Yes, a few (although the RCMP is having trouble with their money laundering case) but not all. The press simplifies and that becomes the reality that everyone believes. I had a coworker mention this "fact" after hearing it on the radio. Ugh. Reminds me of the weapons of mass destruction debacle.
- deleted 8y ago
  [deleted]
- cauldron 8y ago
  Just to remind you that a 1000 something square ft apartment in Shanghai's perimeters costs like 5 million rmb, that's 50 times the average income there, and in better areas, it easily costs 10 or 20 millions plus. Think about it.
- DenisM 8y ago
  > First it was Chinese foreigners buying up all the real estate, but that was proven false. How was it proven false?
  - xapata 8y ago
    The market impact appears to be negligible. At least not as large as factor as implied or popularly claimed.
    - vtesucks 8y ago
      To convey the spirit of your parent, is there any credible source? Remember china has a huge media manipulation budget.
      - xapata 8y ago
        Is there any credible source the other way around? How many foreign nationals own property in Vancouver? How many of those properties are unoccupied? I can't remember where I spotted reporting on those two questions, but I wouldn't be surprised if the city publishes real estate transaction data such that the number of foreign purchases can be gathered. I remember a very small portion reported.
        parthdesai 8y ago
        Google is your friend. Metro Vancouver has 9.2% of unoccupied homes and Vancouver itself has 8.2%, them being highest and second highest in Canada. Chinese drug mafia also allegedly moved more than $5bn through flipping properties in Vancouver. https://www.thestar.com/vancouver/2018/06/24/in-one-of-west-vancouvers-nicest-neighbourhoods-nobodys-home-except-dust-bunnies-and-raccoons.html https://www.thestar.com/vancouver/2018/06/24/in-one-of-west-...
ssnistfajen 8y ago
Basically any time someone who has more money than you do purchases something you can't afford, it's automatically assumed that they are laundering their money? It's difficult to take housing issues in Vancouver seriously because paranoia nonsense like "all Chinese are money launderers" just wouldn't stop coming. As soon as a discussion happens, it gets swarmed by (dare I say it) bigots and immediately derailed.
- deleted 8y ago
  [deleted]
- taysic 8y ago
  I don't think they were insinuating that all Chinese are money launderers but it is a real issue that has an impact on the real estate market. https://globalnews.ca/news/4149818/vancouver-cautionary-tale-money-laundering-drugs/ https://globalnews.ca/news/4149818/vancouver-cautionary-tale...
richardknop 8y ago
The Chinese buying real estate property in Vancouver or Toronto don't care about house prices so it won't do anything. They are doing it to secure their children's outside of China, they are not trying to flip those properties. I don't think they care if the house they bought for their kids loses in value, it's still a house and the kids can live there.

I also wonder what this is going to do to Canada's real estate market considering that Canada has basically been a "safe haven" for Chinese nationals to flock to basically launder their money.

khuey 8y ago

Probably nothing. The Chinese looking at Canada as "a safe haven" are worried about their own government, not Canada's.

mr_toad 8y ago
On the other hand, Canadians who have helped Chinese people circumvent Chinese capital controls might want to think carefully about their holiday plans.
- tlear 8y ago
  The good part is that PRC reach is mostly limited to China itself. Except if you get high enough profile they send a kidnap squad after you.

pkaye 8y ago

It depends on who the Chinese nationals are worried about. Does Canada have an extradition treaty with China?

msie 8y ago

It's sad how this has become a fact because it's insinuated enough times in the press by the same few reporters. First it was Chinese foreigners buying up all the real estate, but that was proven false. Now, it's all these foreigners are laundering their money. Yes, a few (although the RCMP is having trouble with their money laundering case) but not all. The press simplifies and that becomes the reality that everyone believes. I had a coworker mention this "fact" after hearing it on the radio. Ugh. Reminds me of the weapons of mass destruction debacle.

deleted 8y ago
[deleted]
cauldron 8y ago
Just to remind you that a 1000 something square ft apartment in Shanghai's perimeters costs like 5 million rmb, that's 50 times the average income there, and in better areas, it easily costs 10 or 20 millions plus. Think about it.
DenisM 8y ago
> First it was Chinese foreigners buying up all the real estate, but that was proven false. How was it proven false?
- xapata 8y ago
  The market impact appears to be negligible. At least not as large as factor as implied or popularly claimed.
  - vtesucks 8y ago
    To convey the spirit of your parent, is there any credible source? Remember china has a huge media manipulation budget.
    - xapata 8y ago
      Is there any credible source the other way around? How many foreign nationals own property in Vancouver? How many of those properties are unoccupied? I can't remember where I spotted reporting on those two questions, but I wouldn't be surprised if the city publishes real estate transaction data such that the number of foreign purchases can be gathered. I remember a very small portion reported.
      - parthdesai 8y ago
        Google is your friend. Metro Vancouver has 9.2% of unoccupied homes and Vancouver itself has 8.2%, them being highest and second highest in Canada. Chinese drug mafia also allegedly moved more than $5bn through flipping properties in Vancouver. https://www.thestar.com/vancouver/2018/06/24/in-one-of-west-vancouvers-nicest-neighbourhoods-nobodys-home-except-dust-bunnies-and-raccoons.html https://www.thestar.com/vancouver/2018/06/24/in-one-of-west-...

ssnistfajen 8y ago

Basically any time someone who has more money than you do purchases something you can't afford, it's automatically assumed that they are laundering their money? It's difficult to take housing issues in Vancouver seriously because paranoia nonsense like "all Chinese are money launderers" just wouldn't stop coming. As soon as a discussion happens, it gets swarmed by (dare I say it) bigots and immediately derailed.

deleted 8y ago
[deleted]
taysic 8y ago
I don't think they were insinuating that all Chinese are money launderers but it is a real issue that has an impact on the real estate market. https://globalnews.ca/news/4149818/vancouver-cautionary-tale-money-laundering-drugs/ https://globalnews.ca/news/4149818/vancouver-cautionary-tale...

richardknop 8y ago

The Chinese buying real estate property in Vancouver or Toronto don't care about house prices so it won't do anything. They are doing it to secure their children's outside of China, they are not trying to flip those properties. I don't think they care if the house they bought for their kids loses in value, it's still a house and the kids can live there.