4 ms·

I've never quite been able to figure out what happened in Vancouver. It's a great city with a tech scene but salaries there seem very low (by American tech work

I've never quite been able to figure out what happened in Vancouver. It's a great city with a tech scene but salaries there seem very low (by American tech worker standards). Who is actually buying all these multi-million dollar bungalow? None of the senior-level engineers I've worked with from the area would ever be able to even sniff being able to afford that.

jwiz 6y ago
At least one theory is money laundering. https://themobmuseum.org/blog/chinese-triads-launder-billions-through-vancouver-buying-luxury-real-estate-cars/ https://themobmuseum.org/blog/chinese-triads-launder-billion...
dmitrygr 6y ago
Chinese bureaucrats looking to park some money outside china's financial system. Some west coast cities even instituted special taxes to try to prevent this. https://www.wsj.com/articles/for-chinese-home-buyers-seattle-is-the-new-vancouver-1486500393 https://www.wsj.com/articles/for-chinese-home-buyers-seattle... https://www.businessinsider.com/middle-class-chinese-buyers-us-real-estate-investment-2019-1 https://www.businessinsider.com/middle-class-chinese-buyers-... https://www.marketwatch.com/story/chinese-investors-buy-more-us-residential-real-estate-than-any-other-country-but-trumps-trade-war-could-soon-end-that-2019-05-15 https://www.marketwatch.com/story/chinese-investors-buy-more...
square90 6y ago
I think it's been heavily bought up by foreign real estate investors [0]. [0] https://vancouversun.com/opinion/columnists/douglas-todd-chinas-real-estate-investors-down-on-vancouver-but-not-out https://vancouversun.com/opinion/columnists/douglas-todd-chi...
deleted 6y ago
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