Nouveau Silk Road: From Middle Kingdom to The Great White North
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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.
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”?
Firstly, there is a lack of evidence that foreign investors are responsible for soaring housing prices.
Secondly, it has been speculated by some market pundits that a housing bubble doesn’t even exist.
So what?
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
Morrison said the effects could take years to play out given some deals involve the sales of condos still being built. Canada’s westernmost province introduced the tax for foreigners as price gains intensified this year. The cost of a detached home in …
Years of inaction mean only the rich can hope to own a home in Vancouver. … One example: Only 10 years ago, just 11 per cent of Vancouver detached homes were valued at $1 million or more – when the city was already Canada’s most expensive.
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
The Globe and Mail
“Housing prices might be a bubble in someCanadian cities, but July data show that starts and construction rest on a firmer foundation tied to population growth and demand,” CIBC Capital Markets chief economist Avery Shenfeld said in a research note.
OTTAWA—Statistics Canada is reporting that the value of building permits issued by cities in June was $6.4 billion, down 5.5 per cent from the previous month.
And that’s not a big surprise, in 2014 you saw a surge of building construction and activity and now it’s all pulling back now that we’re in a recession,” he said.
CANBERA (Alliance News) – At 8:15 am ET Tuesday, Canada Mortgage and Housing Corp. released Canada housing startsdata for July at 8:15 am ET Tuesday.
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 …
In Canada, a monthly budget of $1,000 can lease a renter anything from a single room in a house with five roommates to a three-bedroom house on a quiet cul-de-sac.
… rising cost of rental units in Canada’slargest cities, along with vacancy rates near zero, mean it’s increasingly difficult for people who rely on rental units to find – and keep – their housing.
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 …?
Deborah Scott, the architect and developer behind 24 Mercer St., said the “boutique”condo tower is modeled after the narrow lofts of New York’s Soho neighbourhood.
Here is a few shots of Highrise Utopia by Michael Wolf: –
“We’ve created a set of regulations that enables people to use part of their property to achieve an income through short-termrentals,” said Osborne, adding the strategy isn’t likely to address other issues around access to affordable housing. Aaron …
Looks like we are at the cross road into an uncharted territory … Let’s hope Canada will become an real utopia of north america, and another Slumdog Millionaire of the third world.
Previously, Renters driven to tents, rental bidding wars, and more affordability issues . More affordability stories … Forced to camp for shelter Castanet.net – Jul 9, 2016 Kelowna has a notoriously low rental vacancy rate, as low as 0.5 per cent according to some, which makes it difficult for those looking to rent something affordable. Homeless camps in Abbotsford Image Source Potential condo buyers camp out — in Abbotsford? CBC.ca – Jul 9, 2016 Given Metro Vancouver’s red-hot housing market, the sight of anxious buyers camped out in front of a condo development isn’t considered all that unusual … About 20 prospective buyers are lined up for Fraser Valley condos; some have waited close to 2 weeks.
Vancouver, Vancouver, Vancouver. I always wonder why do foreign investors, particularly those from China are so obsessed with this city … Fengshui? Image Source Foreign investment has impact on Vancouver housing market, say researchers
Winter’s chill can’t freeze condo boom A new reading Monday on the strength of the condo market, particularly in Central and Eastern Canada, raised eyebrows among economists. GTA home prices tell tale of 2 cities: condos vs. family homes Different market segments moving in different directions Real estate in the Greater Toronto Area is becoming increasingly divided between existing single family homes and a crush of new condo towers, one of Canada’s biggest banks says in a report issued Monday. TD Bank economists Derek Burleton and Diana Petramala said people’s obsession with house prices in the Toronto area has obscured the differences between various subsections of the market: the 905 area versus the 416; detached houses versus condos; and new builds versus existing homes. Real estate in the Greater Toronto Area is becoming increasingly divided between existing single family homes and a crush of new condo towers, one of Canada’s biggest banks says in a report issued Monday. TD Bank
To be exact, In Toronto’s housing market, ‘$2-million is the new $1-million’ The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Image Source The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Torontonians who can barely wrap their minds around a housing market where $1-million is the average price for a detached home might want to take notice of a new fast-approaching benchmark. Sotheby’s offers private jet, helicopter service to woo luxury homebuyers to Calgary Bank of CanadaProspective clients will be flown to Calgary by private jet from practically anywhere in the world and then taken on helicopter tour of multi-million-dol
Credit When it comes to fire prevention, media in Canada basically take comments by local experts at face value ie. because we have Building Code in place, catastophe similar to Grenfell Tower a.k.a the London Inferno has no chance to take place. TRUE or FALSE? First, let’s take a look at what the media say, London’s fire symptomatic of larger safety issues globally, experts warn “One of the reasons is the technology that is now being used in building materials and building fabrics has outstripped the codes and standards in practice… CTV News London fire: Cladding blamed for inferno’s rapid spread restricted in Canada All exterior cladding materials for buildings higher than four storeys must be tested for fire resistance and comply with strict standards… Globalnews.ca Lessons of the Grenfell blaze: How can Canada’s thousands of aging towers be kept safe? “This requires a careful review of building codes , of approved materials,” said Graeme Stewart of ERA Architects, a specialist
Canadians richer than ever, and cutting back on mortgage debt Debt growth eases Canadians are getting the message on their ugly debt levels, at the same time as their wealth increases. Mortgage debt growth slowed: Statistics Canada Mortgage debt in Canada rose just 0.6 per cent in the first quarter of the year, to $1.1-trillion, marking the slowest pace since the depths of the financial crisis in early 2009, Statistics Canada said. Canadians’ household debt ratio drops asmortgage borrowing slows to 5-year low … More http://www.theglobeandmail.com Still, we are confused … Reading Toronto’s real estate market is no easy task Last week the Canadian Real Estate Association reported that sales across the country rose 5.9 per cent in May compared with April. More http://www.theglobeandmail.com Mirror, mirror on the wall … What’s happening ? The Magic Mirror says why don’t you buy this baby … ? 271 Chaplin Crescent – FOREST HILL This is a 3 bedroom, 2 bathroom house on a 35 x 106 foot lot
The Canadian Mortgage and Housing Corporation’s (CMHC) latest report warns of “problematic conditions” in the country’s largest housing markets. “In Toronto and Vancouver, this is due to the combination of price acceleration and overvaluation.” In an attempt to cool the most controversial housing markets – Vancouver, whereby average home prices has shot up more than 36% in just the last 12 months alone, the province of British Columbia is attempting to pump the brakes on foreign ownership, long suspected of driving up prices in Canada’s hottest housing market, by imposing a 15 per cent tax on foreign nationals buying property in Metro Vancouver. Twitter The situation is not only alarming, it is actually becoming a social political hot button. Some folks regard the foreign money as “imported housing virus” … the cause of the house prices insanity. This is further confirmed by today’s Bloomberg report: –
By Corruption Victim of City of Toronto It’s official: Ontario Municipal Board (OMB), the independent tribunal that adjudicates planning and development disputes will be scrapped and to be replaced by Local Planning Appeal Tribunal, starting with the City of Toronto. Under the new process, the tribunal will decide if a municipality has followed its official plans in the disputed decision. If it has failed to do so, the issue will be sent back to the municipality for reconsideration. Only if the municipality fails to come to a decision or fails to follow the planning process a second time would a full hearing be held, with the tribunal making a final decision. In another word, the City of Toronto will have the final say over most of the cases as it will be almost impossible for the public to appeal against any planning decision of the municipality. Reason? Urban planning is a very subjective area. Unless challenged by another planner of equal standing, view of a planner will be construe
Today everyone in the realty business is citing this particular story by HuffPost: – Best Cities To Invest In Real Estate? Those Would Be Toronto, Vancouver, Calgary Image Source The Huffington Post Canada Canadian cities top the world for the real estate markets that make the best bet for long-term investment, according to a study from U.K. property developer Grosvenor — but they may not be such a great investment in the short term. Toronto, Vancouver and Calgary took the top three spots, respectively, on the survey that aims to measure which real estate markets are the most resilient, and therefore make the best long-term investment. “Canada, as a whole, is doing exceptionally well in developing resiliency,” Richard Barkham, group research director at Grosvenor, said in a statement. “The top three most-resilient cities in Grosvenor’s Resiliency index are Toronto, Vancouver and Calgary. For investors in property and real estate, it makes Canada a very sound long-term investment.” Bark
By Handy Joe Did you know, patios can increase your home’s value by 10 percent or so? Now that it’s summer, you’re busy making plans for vacations and backyard barbecues. While you’re at it, you might want to also consider remodeling projects that will increase your home’s value. Investing a little time and money in your residence now can seriously pay off if you decide to put it on the market down the road. Improving your home is an investment, and not knowing where to spend your money for the best value is a common issue for many homeowners. It’s important to consider your needs in the present and plan for the future, as in, how will this improvement pay off in the end? Knowing how to invest your money into your home is a valuable lesson—literally. Outdoor Living After the brutal winter, you’ll surely want to spend as much time outdoors as you can. If you enjoy being outside but you don’t feel like you have a place to do so, consider upgrading your outdoor space with a deck or sunroo
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