Rising Housing Prices In Vancouver Blamed On Foreign Buyers?

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WhatInThe

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A rise in Vancouver housing prices has been 'blamed' on foreign buyers.

https://ca.news.yahoo.com/soaring-v...r-anger-toward-foreign-052644854--sector.html

It's probably just a cycle which many are experiencing for the first time. It's happened in the states when the Japanese started buying a lot of property in the 80s. I think the Chinese are doing the same now on both coasts. In Florida the Europeans were buying a lot of housing during the boom.
 

Washington state did something similar. Blamed all the Californians moving up there for the constantly increasing property and rent prices. Washington used to be cheap. Not anymore.
 
It is certainly happening in Sydney. We have restrictions on foreigners buying old housing stock but they can buy new developments. Chinese investors are buying up in a big way and we now have a very worrying housing bubble. Land is at a premium because insufficient new land is being released onto the market. The two factors together mean that even modest homes like ours, three bedroom brick veneer, one bathroom, one toilet, are being snapped up for prices ranging from $800,000 - $1.3 million. The house is immediately bulldozed and two or three dwellings constructed on the land. First home buyers are completely priced out of the market.
 
Here in Arizona we had Canadians come in during the housing slump and buy up properties which they are using for rentals. It's ok but they are not really concerned with the neighborhoods affected. They don't seem very selective on tenants and since they don't have to live here they don't seem concerned.
 
The U.S., Canada, and Australia are probably about the only places left on the planet that aren't overcrowded or heavily polluted. From an "investment" standpoint, land and property in these regions makes good sense for someone who is looking for a good long term increase in net worth. However, if these purchases reach unrealistic proportions, it can ultimately lead to a economic collapse...such as we had in 2007/2008. The Housing Bubble was initiated by heavy foreign investment in places like Florida in the early 2000's, and then, millions of people bought into the myth that they could get rich by buying a house...and then, the greedy banks began issuing huge numbers of Liars Loans to those who should not be able to qualify for a mortgage....and we saw the results when the whole house of cards collapsed.
 
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AZ Jim said:
Here in Arizona we had Canadians come in during the housing slump and buy up properties which they are using for rentals. It's ok but they are not really concerned with the neighborhoods affected. They don't seem very selective on tenants and since they don't have to live here they don't seem concerned.
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As a landlord, I'm guessing that they tried to be selective because no landlord wants to spend thousands on property and then deliberately turn it over to bums who will wreck it.....but tenants do lie. We've had a couple of those. The problem that those Canadian landlords won't have taken into consideration is the distance involved. It's not like they could do a 'drive-by' or drop in to inspect things on a regular basis. Or maybe they were paying property management companies who weren't doing their job either.
 
Prior to the big bust, mid-2000s, my wife watching "HAG-TV" as I call it, shows were dedicated to revealing folks buying homes and re-selling very quickly, sometimes the same day! Ridiculous and greedy, if you ask me. An awful lot of folks eventually got burned real seriously.

Greed and gluttony, I subscribe only to the latter, am guilty of it, what with these wonderful buffets around here........(glad I faked my pictures!) imp
 
The English who sell their expensive London houses and come up to Scotland where houses cost much less sometimes get blamed for rising house prices here.
 

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