Army of Chinese millionaires plan to emigrate

Among the more controversial findings of the study is that 27% of the more than 20,000 Chinese multimillionaires with more than US dollar (USD) 15,000,000 in individual assets have already emigrated abroad, and around 60% of those with more than USD 1,500,000 in assets, 960,000 people, have already or are planning to do so. Reportedly, this ‘rich exodus’ began in 2009.

If even 10% of these people land in Vancouver, will it have any effect on our bubble?

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Anonymous
Anonymous
9 years ago

#24,

did you landlord kick you out again? or did you get laid off again? why so jumpy!

Cris
Cris
9 years ago

I don't want to sound racist but perhaps that is why Asian Conservative candidates were elected in the desirable areas of Vancouver… I don't see the Conservative's pro-business stance let up when it comes to migrants with money.

Anonymous
Anonymous
9 years ago

@Anonymous: …There is a huge fire at south east Vancouver. Anyone living nearby and can tell us the exact location of the fire? It can be seen as far as Richmond and Burnaby…..

I'm sure we'll be seeing plenty of fires as prices continue to tank.

specialfx3000
specialfx3000
9 years ago

HAM is at it again. Richmond RE is on fire.

http://www.cbc.ca/news/canada/british-columbia/st

There are fist sized ash-balls all over 6 Rd area.

jesse
9 years ago

May sales higher than April's? It's hard to argue otherwise. May is usually a huge listings month too so Realtors will be telling you it's "busy".

No signs yet of a heavy crash in Vancouver, from what I see. Other areas of the province, OTOH…

AG Sage
9 years ago

@Best place on meth: April was the pinnacle month last year, so the rise is not a surprise.

patriotz
9 years ago

@chinaren:

Foreigners purchasing real estate properties here can borrow from Canadian banks, up to as much as 60% – 65%… This from another angle, reflects the confidence of the Canadian banks toward the the housing prices.

Serious logic gap between those two sentences. Canadian banks are legally allowed to lend up to 80% on uninsured mortgages. If they are only willing to lend 65% to a borrower they have no effective recourse against, what does that tell you?

REIC is watching us
REIC is watching us
9 years ago

The development, "The Remy," at 9388 Cambie, was to be a 188-unit condo development that would include varied affordable-housing options.

Ground was broken in June of 2010, and Premier Gordon Campbell was on hand to mark the occasion; taking advantage of building-code changes introduced in 2009, The Remy was to be one of the first developments in B.C. to go more than four storeys high using wood, rather than concrete.

But in 2009, according to news reports, Richmond Fire Rescue warned the taller wood buildings could be a fire hazard, as the city's ladder trucks could only reach 18 metres — around 12 metres short of a six-storey building.

Read more: http://www.vancouversun.com/news/Flames+engulf+co

Anonymous
Anonymous
9 years ago

There is a huge fire at south east Vancouver. Anyone living nearby and can tell us the exact location of the fire? It can be seen as far as Richmond and Burnaby.

Woodrow
Woodrow
9 years ago

@paulb.:

15K Party? I need something to celebrate after last night

Bailing in BC
Bailing in BC
9 years ago

Ouch! Look at Squamish's stats. Detached prices down 8.6% YoY and down 24.5% over 3 years. Glad I'm out. Would have lost $44k this year had I held on.

Best place on meth
Best place on meth
9 years ago

@STFU:

Sales were down 21% from last month.

Who are you to tell me when I can come back to this blog?

I live here, bitch.

Absinthe
Absinthe
9 years ago

@paulb.: So happy to see you back!

STFU
STFU
9 years ago

Best place on meth Says:

May 3rd, 2011 at 3:43 pm

Stat are out.

Detached benchmark up from 866K to 879K

Apartment up from 403K to 409K

Attached up from $511K to $514K

http://agentwill.com/statistic…..-released/

_____________

Hey Assface – wrong again eh?

No March 18th collapse….

And don't give me some bullshit about higher inventory, slightly declining sales, and distorted average prices.

Go back to your grad class and there – reality bites and you clearly cannot handle it.

Just STFU until prices started to decline for 6 months…then you can come back to the blog

Patiently Waiting
Patiently Waiting
9 years ago

@lol cats: go fuck yourself, realwhore scum

chinaren
chinaren
9 years ago

@Anonymouse: "secondly because they can borrow at low rates and get a higher return on their cash elsewhere."

Foreigners and non-residents can borrow easily up to 65%. This has been discussed in details by realtors to prospective foreign buyers online. Q&A, last paragraph. Answer: Foreigners purchasing real estate properties here can borrow from Canadian banks, up to as much as 60% – 65%. The mortgage loan is repayable 20 to 25 years. Currently Canadian mortgage interest rate is much lower than in China. Mortgage loan and the age of the properties purchased are unrelated; neither is the age of the buyer. This from another angle, reflects the confidence of the Canadian banks toward the the housing prices.

If you are interested, read them at sinonet dot org.

lol cats
lol cats
9 years ago

@paradox:

my keen sense of empathy detects a little jealousy.

the beauty of the future is that it is entirely unpredictable, and your crystal ball is scratched and cloudy to boot.

your extended correction may come this fall or in X years.

just because you were born here, it doesn't mean you should get a break on housing costs, sorry.

i sense your life has an extensive history of poor choices, and some serious bong activity.

i feel for your kids too.

VHB
VHB
9 years ago

@paulb.: Yay Paulb!!!

paulb.
paulb.
9 years ago

New Listings 340

Price Changes 96

Sold Listings 225

1
1
9 years ago

Metro Vancouver home sales reached 3,225 in April, an 8.2-per-cent drop from April 2010 and a 21-per-cent decline from March 2011.

Read more: http://www.vancouversun.com/business/Metro+Vancou

Anonymouse
Anonymouse
9 years ago

YOY inventory down 10%

VanRant
VanRant
9 years ago

Election over. Conservatives got their majority. Time for Bank of Canada to rise the interest rate.

Anonymous
Anonymous
9 years ago
paradox
paradox
9 years ago

@BV I am not saying this is good or bad, I just dont know what the future impact will be. I have nothing against asians or others, just saying what I see happening before my eyes. On a side note, I have no sympathy for those rich chinese coming with stolen money through bribery and corruption and bidding up prices to crazy levels here. Only people who got heir money the easy way can spend it in such a manner. I also worry for the young generation and my kids and others I know with still real jobs and unable to afford a house and start a family here without becoming a lifelong debt slave. I cant quantify the impact of chinese money here and the fact that nobody else seem to be interested tells me that the powerful lobby… Read more »

jesse
9 years ago

@Bear Vancouverite: "I heard that they are tired of working with the Chinese immigrants." You mean they'd rather work with people who don't play hardball with commission structures? Let's get some perspective: Realtor commission schedules haven't changed in 10 years at least, when prices were 50% less. Every time a house is sold, Realtors and their agencies are raking in significantly higher commissions on an inflation-adjusted basis for ostensibly the same service, never mind they should be charging less given the technological improvements in the past 10 years. Enter the "greedy" foreigner who cut his teeth in the highly competitive and adversarial Chinese business climate. He must smell an overpriced service a mile away. He will only pay what the service is worth and it's a heck of a lot less than the going 5%/2.5% schedules the soft pliable locals… Read more »