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.
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...
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...
Condo developers start 2014 with record number of launches … And more are planned, with new project launches scheduled unusually late, into May, as builders see a surge of pent-up demand after the downturn of the last two years, especially for condos close to the Toronto core. Developers are so optimistic that confidence has returned to the condo market, they’ve launched sales of a record number of new units — more than 2,700 — in January and February alone. Those 2,721 new units are in eight projects, according to figures from research firm RealNet Canada, which will release March launch numbers later this month. That exceeds the 2,394 units in nine projects launched in January and February of 2011, the record year for condo sales. The total is also up significantly from the 1,261 unit sales launched in the first two months of 2012, and the 1,873 units that went to market in the same period of 2013. That’s when fears of a condo crash led to a dramatic slump in sales and flagging ...
But do they even have the what it takes to purchase a 300 square feet cookie cutter condo ? Young Canadians to put their money where their house is: RBC poll Young Canadians feel that housing remains a very good investment, according to the 21 st Annual RBC Home Ownership Poll. Nearly nine-in-ten (86 per cent) of those aged 25-34 believe that owning a house or condo is a very good investment, up from less than eight-in-ten (78 per cent) in 2013. This sentiment has echoed into buying intention, as likelihood to purchase has increased in nearly every region in the country. Interest from the 25-34 age group has increased significantly from one-in-four (25 per cent) in 2013 to nearly half (41 per cent) of respondents in 2014. This change in buying intention points to a renewed confidence in young buyers who may have felt that buying wasn’t an option last year. “The increase in the number of those who feel the housing market is a good investment, as well as the number of those w...
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.
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
Story from http://www.theglobeandmail.com/ … Aggressive development: Inside the building and selling of a Toronto condo tower A man who makes a living helping the country’s largest bank avoid risks is preparing to double down on a market that many people believe is on the verge of a nasty fall. Babak Habibzadeh, a 29-year-old risk manager with Royal Bank of Canada, lives with his parents and bought his first condo two years ago. He rents it out and has been delighted with the returns to date. So today he’s buying another – a one-bedroom-plus-den, 601-square-foot unit on the 18th floor of a yet-to-be constructed building in Toronto called Core Condos that is scheduled to open in 2017. He’s not yet sure if he will rent it out or live in it, but says it will be a sound investment either way. “Are you excited?” the saleswoman asks him as he plows through a stack of paper in the sales office, outlining the $360,000-plus deal. “In three years I will be,” he says. Toronto’s condo boom ...
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