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In Canada, the vast majority of rich foreigners buying property are American. Chinese investors, the favourite villain of the "rich foreigners" class, make up

In Canada, the vast majority of rich foreigners buying property are American. Chinese investors, the favourite villain of the "rich foreigners" class, make up only about 4% of foreign real estate investment.

bamboozled 4y ago
It would be funny though, if you were trying to say that Chinese foreign ownership isn't a problem in places in the world, because I mean, it's absolutely smashed Sydney's housing prices. Not saying there's anything "wrong" with any ethnic group, but there are sources of money in this world and some are particularly more present than others. I don't know why but I'd say Chinese foreign ownership is much lower in the USA than in Australia, parts of Asia. Either way, I'd say 4% is still a pretty large part of American real estate ?
- fatbird 4y ago
  Yeah, I wasn't fully clear. I'm talking about Canada, where Chinese investment is only 4%, contrary to perception that "Chinese money" is the source of our troubles. 4% is still a significant impact, but it's pretty much pure racism that singles out the Chinese as the primary driver.
  - seanmcdirmid 4y ago
    Aren't Chinese investments relatively restricted to Vancouver and Toronto areas? If that 4% is focused, it could have huge impact in those areas.
    - mixmastamyk 4y ago
      One third of Vancouver according to this post: https://news.ycombinator.com/item?id=34226812 https://news.ycombinator.com/item?id=34226812
mistermann 4y ago
It is not known how many transactions are conducted via proxy buyers, the Canadian government does not allow public access to the data that is required to determine what is actually going on in their country. Thus, the imagination steps in and fills in the gaps.
w3gv 4y ago
That 4% is hard to believe. Source?
alvah 4y ago
4% seems unlikely. This article is a few years old & mainly discusses Vancouver and Toronto, but in 2015, Chinese buyers made up around 1/3 of the Vancouver market: https://www.fortunebuilders.com/one-third-of-vancouvers-real-estate-market-is-owned-by-chinese-buyers/ https://www.fortunebuilders.com/one-third-of-vancouvers-real...

bamboozled 4y ago

It would be funny though, if you were trying to say that Chinese foreign ownership isn't a problem in places in the world, because I mean, it's absolutely smashed Sydney's housing prices. Not saying there's anything "wrong" with any ethnic group, but there are sources of money in this world and some are particularly more present than others. I don't know why but I'd say Chinese foreign ownership is much lower in the USA than in Australia, parts of Asia. Either way, I'd say 4% is still a pretty large part of American real estate ?

fatbird 4y ago
Yeah, I wasn't fully clear. I'm talking about Canada, where Chinese investment is only 4%, contrary to perception that "Chinese money" is the source of our troubles. 4% is still a significant impact, but it's pretty much pure racism that singles out the Chinese as the primary driver.
- seanmcdirmid 4y ago
  Aren't Chinese investments relatively restricted to Vancouver and Toronto areas? If that 4% is focused, it could have huge impact in those areas.
  - mixmastamyk 4y ago
    One third of Vancouver according to this post: https://news.ycombinator.com/item?id=34226812 https://news.ycombinator.com/item?id=34226812

mistermann 4y ago

It is not known how many transactions are conducted via proxy buyers, the Canadian government does not allow public access to the data that is required to determine what is actually going on in their country. Thus, the imagination steps in and fills in the gaps.

w3gv 4y ago

That 4% is hard to believe. Source?

alvah 4y ago

4% seems unlikely. This article is a few years old & mainly discusses Vancouver and Toronto, but in 2015, Chinese buyers made up around 1/3 of the Vancouver market: https://www.fortunebuilders.com/one-third-of-vancouvers-real-estate-market-is-owned-by-chinese-buyers/ https://www.fortunebuilders.com/one-third-of-vancouvers-real...