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.
By Corruption Victim of City of Toronto It was comforting to hear the assuring statement by Toronto Fire Chief Matthew Pegg: – Officials say London inferno won’t happen in Toronto : Strict building codes and inspections should prevent similar infernos “Here in Ontario we are fortunate to have the comprehensive fire protection and fire safety measures that are contained in the building code ,” He further explains residential building in the province must be constructed with non-combustible construction (in accordance with the Ontario Building Code ) ie. be built out of materials that don’t burn. Of particular interest here is the fact that the Fire Chief himself confirmed Fire Code refers to Building Code to determine building safety . In another word, building that contravened the building Code in fire safety also violated the Fire Code (under the Fire Protection and Prevention Act, 1997). Unfortunately, an inquiry with Toronto Fire Prevention revealed the responsible...
A rundown old house with a hodge podge of apartments in Roncesvalles Village drew crowds last week when it was listed with an asking price of $769,000. The property at 52 Harvard Ave. drew five competing bids and sold for $913,000. The owner purchased the house in 1988 for $135,000, he says. “It’s gone from pandemonium to just a heavy frenzy,” he says. Read more http://www.theglobeandmail.com/ Don’t not wish to join the Bull Run ? Sorry, you ain’t got no choice, because it takes … $430,000 to live in a former glue factory in the Junction Triangle Address: 371 Wallace Avenue , Suite 22 Neighbourhood: Dovercourt-Wallace-Emerson-Junction Price: $434,900 The Place: A one-bedroom unit in Wallace Station Hard Lofts, a former glue factory that takes its name from a now-defunct railway station.
If the followings are anything to go by, then homes and buildings in Toronto are a disaster waiting to happen … Toronto’s glass condos are burning thermal holes in the sky Greenhouse-gas-leaking towers setting us up for climate change fail According to City’s TransformTO plan , we’ll all be living near accessible fossil-fuel-free transit, tossing our waste into tiny garbage bins and getting 75 per cent of our energy from renewable sources, and all our homes, condos and apartments will be retrofitted to become lean, clean greenhouse-gas–saving machines. But in a city where half our greenhouse gas emissions now come from leaky buildings , the glass condo boom may be setting us up for failure. Here is the glaring reality: many glass towers and other hastily built condos are falling apart faster than the old concrete giants – springing leaks, facing high repair bills and prompting lawsuits. They’re also greenhouse-gas-emitting giant thermal holes . Anyone living in ...
Everyone has a crush for real estate these days … Even people traditionally has nothing to do with real estate, in fact, enemies of the brick and mortar business model – The Geeks: – Google and Facebook employees are flocking to a startup that’s … Image Source Tech Insider – Jun 23, 2016 But it wasn’t a traditional real estate transaction. … Square, Google and Facebook executives have gathered to shake up the real – estate world . eyyy Think you can’t afford to invest in real estate ? Think again
TD Bank, IMF say Canadian real estate 10% overvalued CBC.ca The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today. Affordability is falling as prices rise, but TD expects price hikes to slow Many experts and economists, from the OECD to the IMF, agree the Canadian housing market is overvalued – the question is by how much. According to TD economist Diana Petramala, the figure is 10 per cent. The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today. The truth is it’s either 90% overvalue or it’s still undervalue … It looks as if people think Canadian real estate is still a steal. That’s key … Demand, baby, it’s demand that matters, not what Joe can afford. So, what 10% ? Utter nonsense. Another nonsense … Toronto ...
Government’s foreign buyer numbers way off according to Asian real estate conference Asia Real Estate Association of America, Vancouver chapter representatives say the government’s data sample is too low to be accurate. Agents, experts say Chinese buyers account for much more than 3% of B.C. homebuyers China Cash Power A provincial government statement that only 3 per cent of B.C. residential sales are made to foreign buyers and that Chinese nationals represent just 2.5 per cent of Metro Vancouver home buyers drew rolling eyeballs and laughter at the packed July 7 Asia Real Estate Association of America (AREAA) conference in downtown Vancouver.
There is no Housing Bubble, you hear that loud and clear? Image Source CMHC sees no 1980s style housing bubble in Toronto high-rise condo market Financial Post – Jul 19, 2016 Canada Mortgage and Housing Corp. sees very limited speculation in the condominium industry in Toronto among builders, a situation unlike the 1980s when the market crashed. In a report out Tuesday, CMHC, the Crown corporation that guides Ottawa on … Canada Housing Agency Doesn’t See Bubble in Toronto Condo Market Bloomberg Risk of speculation in Toronto condos mitigated by presales: CMHC The Globe and Mail “1980s style housing bubble for Condo”? CMHC does have a good sense of humor, eh?
Inside Canada’s vibrant Rio Olympic House by Yabu Pushelberg by Lauren Ro For the first time ever, the Canada Olympic House , the Rio home base for Canadian Olympians and their friends and family, was designed by Canadians. Ontario natives George Yabu and Glenn Pushelberg, who are best known for their luxury hotel, residential, and commercial interiors like the Four Seasons Toronto and Park Hyatt New York, simply asked the Canadian Olympic Committee: “What can we do for Canadian athletes to showcase their country?” Yabu recalled. The deconstructed Canadian flag is made up of hundreds of hanging ribbons.
We knew real state data is not available to the public – Data Ruling Appeal by TREB. We knew the government has no clue on the flow of dirty money – Tracking dirty money, show me the laundered money. We knew the City cover-ups as reported by The Star – Secret report reveals fire response problems (and many more coming to this site) Today, we heard someone has been charged by Toronto Police for exposing City’s scandals (details to follow …). We will save Civil Liberty for the next topic. The first question we have in mind is how will this impact real estate in Canada? If you are one of the deep-pockets, will you park your money in a place where corruption is rampant? Guess the answer is pretty straight forward – NO. We know rich people like those from China moved their wealth abroad is because they don’t trust their corrupt regime. Similarly for deep-pockets from elsewhere, particularly those from the third world do it for the same reaso...
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