Jonathan Manthorpe believes there is a direct line linking the explosive real estate bubbles in Toronto and Vancouver and how secure Chinese President Xi Jinping looks on his throne.
The evidence — the vast amount of money being spirited out of China by relatives, friends and cronies of the Red Aristocracy around Xi — suggests he’s set to tumble. Last year about $US1 trillion was spirited out of China by Communist Party leaders and their hangers-on, in defiance of currency regulations.Image Source
They clearly do not feel the regime is secure and want their assets hidden away in stable overseas havens like Canada, the United States, Australia or Europe.
Sounds like it’s not “London Bridge is falling down”, its “The Great Wall is tumbling down”?
Motley doesn’t really have the answer … One thing for sure, Vancouver is dragging Seattle’s real estate to become one of the most expensive place to live in U.S … Bad influence, eh?
Meanwhile, those with vested interest in Vancouver’s real business are fight tooth and nails … believe the taxes are going to kill off The Goose That Laid the Golden Eggs – Real Estate
While I think the New Taxes On Foreign Buyers Will Not Affect Vancouver Real Estate Sales In The Long Run, Bill Tieleman @ TheTyee.ca opines such measure is wat too little,, too late … Folks will be sleeping in the street. Regardless.
However, things seem to be slowing dow? Maybe not, developers in Canada are good at creating supply shortage to shore up prices, don’t they?
Canada’s housing starts fall in July from June: CMHC
Building Permits also down …
And Loonies remains “Rock Steady” (at 30% discount against the green back, though),
Now, lets forget about affordability – house will never be affordable for a long time to come, whether the Emperor of Middle Kingdom, Xi Jinping tumbles down or not. Let’s just examine the rental situation …
Can we conclude it’s getting Smaller, Tighter, More Expensive, Unsatisfactory, and even making renter folks “No Class”?
And “skinny” development like this ain’t going to help …?
Here is a few shots of Highrise Utopia by Michael Wolf: –
Tall, skinny, but not sexy at all. More at Toronto to infuse some life into highrise condo for families
And the online buggers like Uber, AirBNB, or whta have you better don’t us the real brick and mortar warriors for a ride … ?