Talk of placing restrictions on foreign buying in Vancouver has been in the news. Speculation tax or some other rules seem to be universally shot down (of note by the Liberals today in Victoria) likely because its been correctly identified that speculation really isnt the problem. People arent flipping presales the day after possesion. In my opinion they are getting cash into the safe and stable county of Canada, but I dont know specifically if this is an absolute fact. Its a familiar story to anyone in BC, or maybe even Canada, that foreign money (Chinese) has been taking over. I guess things have come to a head and the conversation about racism, jealously and resentment is really getting going.
I am wondering what peoples thoughts are about why this has not really happened in Victoria. Will there be a day when we say "wow I cant believe you used to be able to get a house in Uplands for under 2 million!!"? There are simple answers like YVR vs YYJ, The ferry, UBC, overall size. What are some of the other reasons? Will these reasons be a deterant to the rich foreign buyer forever?
Supplement to that, the Shanghai stock market is up 100% in a year:
The Chinese Yuan is also pegged to the USD, giving them yet another 15% bonus in the last year.
Edited by Szeven, 25 May 2015 - 06:44 PM.