home owners are too big to fail and are the economic engine that is driving the provice. everyone knows this. deal with it.

you don’t have to like it to make money from it.

Foreign models promoting a local f&b outfit were arrested in Beijing for disturbing public order.
Legal processions and assemblies must be filed with local authorities in advance, or else be treated as unlawful gatherings. The hiring company must have calculated on a cheap publicity stunt at the expense of the foreigners.
http://tinyurl.com/pcummd5

Do you know any “local” bought a property listed more than $2 million? Can you point to the sale info?

The buyers could be “local”, e.g. permanent residents, but the money is very likely foreign.

The mortgage calculator would tell you that for a $1,500,000 mortgage (3.7% 3-year):

NOTES
The Household Income Required figure of $ 311,223 is the minimum amount of Gross Income to qualify for a total mortgage of $ 1,500,000 under generally accepted underwriting guidelines. To determine qualifying sources of income, contact CanadaMortgage.com. Individual lender policies may vary.

Why is it always assumed that the $2m buyer is a first-timer, with minimal downpayment? They’re probably move up buyers. The “very likely foreign” conclusion is therefore flawed.

@3: Yes, I know of one case. Husband and wife are both specialist doctors.

It will not be surprising to anyone that ultra-high income earners can afford bubble prices, even though the incomes are local.

1 out every 5 person (men, women, and children) in Ottawa has an Ashley Madison account…. hmm….

http://www.zerohedge.com/news/2015-07-22/ottawans-outed-1-5-found-be-cheating-dirtbags-who-deserve-no-discretion

Most senior managers, portfolio managers, specialist doctors & lawyers, real estate brokers, skilled trades, masseuses & escorts, and likely a lot of small/mid size biz owners/partners make that much $$$ – even though the declared earned income for a lot of them might be very low.

And yes, add in things like equity from previous house purchases, it’s not that hard to believe locals can and do routinely by $2M+ houses.

Dig around a little and it’s not hard to find people who makes over $150K+/yr in undeclared cash income. Heck, just go to Craiglist’s “Theureputic” or Skilled Trades listings and likely the poster of every ad on there is making over $100K+ cash/yr in cash, with very little going to CRA.

@ VMD
From that article….

Despite the closure of the IIP and the lacklustre response to the IIVC, millionaire migrants continue to flow steadily into Canada via Quebec’s version of the IIP, which still operates. Some 6,111 certificates of permanent residency were issued under that scheme last year, CIC data provided by Kurland shows. Despite pledging to live in Quebec, about 90 per cent of such immigrants end up leaving the French-speaking province, previous data indicates, with most thought to end up in the west coast city Vancouver.

Re #8 vangirl:

Not really. It’s a catch-22. Once you get-in, you are protected by the charter of rights as having the freedom to move about the country (between provinces,) freely.

We can’t go after the individuals, we need to go after Quebec. They’re really f!#@!ing us over on this one.

….“The failure to attract [more applications] despite the fact that they postponed the deadline again and again is simply [because] it is not competitive in front of the worldwide competition for investor [immigrants] from China and around the world,”….

Or, there were only six applicants who though they could convincingly fake how they earned their wealth.

If I were to invest $2M in a start-up biz, I would most definitely have a say in how it is run. Giving $2M to some “VC portfolio manager” and hope to get that money back in a few years sounds more like a scam than anything legit.

“The failure to attract [more applications] despite the fact that they postponed the deadline again and again is simply [because] it is not competitive in front of the worldwide competition for investor [immigrants] from China and around the world,”….

There is no need to apply for any of these so called “investor” programs.

You can buy any “vacation property” as you would like, then with a 10-year visitor visa, you can stay up to 180 days in Vancouver on your vacation days, or simply rent your property out. Sure, you don’t get much rental income (for your $5 million view property in West Vancouver), but the price is going up forever, way better than any Shanghai stocks

$2 million for a slightly better than average in richmond. this is where we are now. i think it’s time for you people to think about leaving the region. there is no hope for you. go somewhere that you can be happy.

http://www.realtor.ca/Residential/Single-Family/15495587/9500-PINEWELL-CR-Richmond-British-Columbia-V7A2T9

$1 million for a house on a small lot and on a busy road. this is what being priced out looks like. just leave and don’t look back.

http://www.realtor.ca/Residential/Single-Family/15801464/10371-WILLIAMS-RD-Richmond-British-Columbia-V7A1H6

but renters are winning right pats?

Most senior managers, portfolio managers, specialist doctors & lawyers, real estate brokers, skilled trades, masseuses & escorts, and likely a lot of small/mid size biz owners/partners make that much $$$ – even though the declared earned income for a lot of them might be very low.

And yes, add in things like equity from previous house purchases, it’s not that hard to believe locals can and do routinely by $2M+ houses.

Dig around a little and it’s not hard to find people who makes over $150K+/yr in undeclared cash income. Heck, just go to Craiglist’s “Theureputic” or Skilled Trades listings and likely the poster of every ad on there is making over $100K+ cash/yr in cash, with very little going to CRA.

Most senior managers, portfolio managers, specialist doctors & lawyers, real estate brokers, skilled trades, masseuse & female companions, and likely a lot of small/mid size biz owners/partners make that much $$$ – even though the declared earned income for a lot of them might be very low.

And yes, add in things like equity from previous house purchases, it’s not that hard to believe locals can and do routinely by $2M+ houses.

Dig around a little and it’s not hard to find people who makes over $150K+/yr in undeclared cash income. Heck, just go to Craiglist massage or Skilled Trades listings and likely the poster of every ad on there is making over $100K+ cash/yr in cash, with very little going to CRA.

patriotz #15 said “If a politician isn’t willing to come out and say that prices should go down”…”they should just skip the Jon Stewart act and say nothing about a bursting bubbles or affordability. It just sounds clownish.”

I agree that people that don’t know anything about Andrew Weaver, or cannot see/hear the sarcasm in his delivery, must be taking a statement like the one he made at face value. Given the idiotic statements/policies regularly made by Christy Clark and her BC Liberals (e.g., “real estate is affordable”; “we don’t dare burst the real estate bubble”), I can see the confusion.

That said, sarcasm in politics isn’t new. And yes, Andrew Weaver’s actions speak loud and clear as to what he is getting at.

Most senior managers, portfolio managers, specialist doctors & lawyers, real estate brokers, skilled trades, sex trade workers, and likely a lot of small/mid size biz owners/partners make that much $$$ – even though the declared earned income for a lot of them might be very low.

And yes, add in things like equity from previous house purchases, it’s not that hard to believe locals can and do routinely by $2M+ houses.

Dig around a little and it’s not hard to find people who makes over $150K+/yr in undeclared cash income. Heck, just go to Craiglist massage or Skilled Trades listings and likely the poster of every ad on there is making over $100K+ cash/yr in cash, with very little going to CRA.

Most senior managers, portfolio managers, specialist doctors & lawyers, real estate brokers, skilled trades, and likely a lot of small/mid size biz owners/partners make that much $$$ – even though the declared earned income for a lot of them might be very low.

And yes, add in things like equity from previous house purchases, it’s not that hard to believe locals can and do routinely by $2M+ houses.

Dig around a little and it’s not hard to find people who makes over $150K+/yr in undeclared cash income. Heck, just go to Craiglist “Theureputic” or Skilled Trades listings and likely the poster of every ad on there is making over $100K+ cash/yr in cash, with very little going to CRA.