Canadians are most likely non-resident speculators in the US

The National Association of Realtors (NAR) in the US has just released data on foreign buyers. Noticeably missing from the top five list is China, but at the very top of the top 5 US markets there’s one country: Canada.

That’s right, Canadians are the most likely foreign buyer in the US.

NAR stats show that Canadian and UK buyers are the most likely to buy property for occasional use. Going back to 2016, 80% of Canadian, and 61% of UK buyers were non-resident buyers. To contrast, only 39% of Chinese buyers were non-resident. This means Canadian and UK citizens are more likely to buy property and not move into it. Whereas 61% of Chinese buyers are likely to buy property for relocation.

To understand how impressive this statistic is, you have to look at the relative number of people. China has over 1.317 billion people, and Chinese citizens purchased 29,195 US homes in 2016. That results in 11,386 US homes sold to Chinese citizens for investment or occasional use. To contrast, Canada has 35.85 million people, and Canadian citizens bought 26,851 US homes in 2016. Since 80% of Canadians are non-resident, that’s 21,480 homes for investment or occasional use bought by Canadians just last year.

You should be ashamed of yourselves.

Read the full article here.

Sort by:   newest | oldest | most voted
BubbleTea
Guest
BubbleTea

Douglas Todd: New tax approaches to the ‘astronaut’ phenomenon
What can be done? The short answer is better taxation and immigration policy — and rigorous enforcement.
“Theoretically, each of these wealthy immigrants should be paying Canadian tax on their worldwide income and capital gains. But the reality is the Canada Revenue Agency has not been enforcing this regime and this news has spread through the immigrant community,” Lesperance says.
http://vancouversun.com/opinion/columnists/douglas-todd-new-approaches-to-the-astronaut-phenomenon

backwardsevolution
Guest
backwardsevolution

“Historically Canadians have been the largest foreign buyers of US real estate almost every year.”

Chinese-Canadians buying on speculation. I read an article that stated this is what’s happening. New Chinese Canadians are off speculating in other markets, not just here. They’re doing it everywhere.

southseacompany
Member
southseacompany

“Toronto Homeowners Are Suddenly in a Rush to Sell”, Bloomberg

https://www.bloomberg.com/news/articles/2017-05-24/toronto-bidding-wars-turn-to-homebuyers-remorse-as-market-slows

“After a double whammy of government intervention and the near-collapse of Home Capital Group Inc., sellers are rushing to list their homes to avoid missing out on the recent price gains. The new dynamic has buyers rethinking purchases and sellers asking why they aren’t attracting the bidding wars their neighbors saw just a few weeks ago in Canada’s largest city.”

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
Abdul Lahazi
Guest
Abdul Lahazi

It looked to me like the guy recording the incident reached out his hand to help the guy out of the water. IMO these people should be thanking their lucky stars that this didn’t end with a drowning. They should be charged and fined for feeding wildlife.

bullwhip29
Guest
bullwhip29

i don’t understand what these folks are thinking. the fact that they are considering legal action illustrates not only how self centered they really are but also how out of touch they are with fellow residents who grew up here.
another silly example is that Jason Wong guy who got rescued from Lynn Peak the other night, chuckled about it like it was no big deal when interviewed on tv and never bothered to apologize openly to those that saved him and his wannabee thrill seeking adventure buddies who probably thought the $1000 parkas alone would be sufficient to conquer the mountain trails

KickThemOut
Member
KickThemOut

Hmmm…interesting…
Volvo and Lotus are about to join forces under Chinese ownership

https://ca.finance.yahoo.com/news/volvo-lotus-join-forces-170505329.html

Dave
Member

Meet your new government. Have a look at this photo in this article:

http://www.timescolonist.com/opinion/columnists/les-leyne-work-together-but-with-whom-1.20157897

That’s who is running BC now more or less assuming the NDP win Courtney (which looks to be 99% right now). The Provincial bureaucracy is already adjusting to this new reality. I have seen it first hand. Trust me on this.

bullwhip29
Guest
bullwhip29

yup, this is all coming at a time when poloz has his hands tied and the market is voting with their feet now. TSX is in tank mode now with banks breaking important technical levels (and the US continuing to flirt with all time highs)

RE mkt turbulence or worse yet a material correction in Vancouver (and all those tax free regions on periphery) looking more and more likely with Ontario to follow in lock step.

what does this say when the fate of the Cdn housing mkt is potentially “riding” on a few votes one way or the other???

Dave
Member
Cutting interest rates 2 years ago when oil tanked was perhaps the biggest mistake our Central Bank has ever made. I say that as the outcome is already known, but it has yet to play out. But we’re starting to see why it was dumb. He killed our dollar and juiced the real estate bubble in our big cities, from a level that was already heated. The model of cutting interest rates is to stimulate the economy and job creation. But I would argue that model is faulty for the situation we faced at the time. No amount of interest rate cuts were going to bring back the oil jobs. And chopping $0.10 off our dollar wasn’t needed because we already had a $0.15 discount from parity which is already a strong export stimulus. I’m glad to see that the… Read more »
bullwhip29
Guest
bullwhip29

“Better to let the market crash on it’s own and then cut rates in response and be the hero.”

>>> poloz is just a poor man’s bernanke at best. future policy will even be more perverse than it already is with the monied corrupt sweeping in to buy even more RE at the expense of those who shouldn’t have owned in the first place and won’t be able to stay in the game despite whatever measures ottawa rolls out to prop things up. once the no money down crowd is underwater 5, 10, 15% or more the credit spigots are effectively shut off for them.

KickThemOut
Member
KickThemOut

@Abdul – Kinky Abdul, had no idea you like “cuc” sandwich so much. Lucky for you, you are now part of an elite tolerant group who don’t discriminate! Except for those nasty yellow locust from Asia off course, but then who cares about that when you are so enlightened on the important stuff.

http://www.thedailybeast.com/articles/2017/05/19/why-a-lot-of-americans-dont-want-to-befriend-a-transgender-person?via=twitter_page

bullwhip29
Guest
bullwhip29

wtf, give it a rest. go update your PoF or something…

KickThemOut
Member
KickThemOut

Jealous much?

bullwhip29
Guest
bullwhip29

Mega-Mansions Threat to Farmland, Says Critic
https://thetyee.ca/News/2017/05/24/Mega-Mansions/

bullwhip29
Guest
bullwhip29

If things are so rosy in Canada, why is the Bank of Canada being so cautious?
http://business.financialpost.com/news/economy/if-things-are-so-rosy-in-canada-was-is-the-bank-of-canada-being-so-cautious

>>> in one word, HOUSING. the powers that be along with most Cdns have gone all in on housing. there is no turning back now. chatter about engineering a softening in the RE market is laughable as every mom, dad, student and homemaker out there that is long RE prefers higher prices to lower ones.

bullwhip29
Guest
bullwhip29
Oracle
Guest
Oracle
Christy will NOT get her Majority. Very low probability now that Liberals win Courtenay-Comox now. She will have to resign. Next steps: Pressure the NDP and Greens to work together and form a governing coalition. Get them to enact major portions of their platforms. Do this by pushing stuff through as the Liberals have done over the last 16 years. 1. Proportional representation. —> Push it through with a vote. 2. Housing –> 30% Foreign Buyers Tax with no loopholes across province + 2% tax on all non-resident, non-income taxpayer homes + 2% tax on all rental homes (2nd homes) that is rebatable if rent declared. 3. Cap election spending for next election and ban corporate/union donations. 4. Education —> Limit public and private post secondary schools foreign students enrolment to MAX 20% of total. No exceptions. 5. Ban the… Read more »
Dave
Member
Let the games begin! The Greens and Liberals have very little in common, especially the key planks of their platforms. I think the Greens can only support the Liberals for a maximum of one budget. If they get a couple minor bones thrown to them, Weaver can go back to his supporters and say he got something done and that he is taking the higher ground and trying to make things work. But, that won’t last for a second budget because the Greens are a ‘visionary’ party. They aren’t going to give up on their big issues (like Site C, natural gas, fracking, commodity development, etc..), especially when the NDP share a lot of those values. The Liberals do not share the same big picture values. So a coalition of cooperation beyond an election is just not possible in my… Read more »
bullwhip29
Guest
bullwhip29

before champagne corks are popped we all need to remember that Krusty likely still has one or two lifelines lefts and that she will do anything and everything to either swing the absentee votes back her way or what is more likely, make andrew weaver an offer he can’t refuse

Dave
Member
Something could happen there. Both Clark and Weaver are Federal Liberals more or less. Trudeau wants to keep pipelines and commodities going so maybe there is some kind of three way deal to be made there. The problem for the Liberals is that Weaver can only hold off his band of wingnuts for so long. The Green supporters are hard core activists and that aren’t going to compromise on the big ticket stuff when they have the ability to shut it down. I think the Greens and Liberals can only make a single deal on one budget. After that, the NDP will force the big ticket issues and the Greens won’t be able to say no to Horgan. Clark won’t have the support of her party if she compromises too much. You can’t turn your back on the ‘Rest of… Read more »
bullwhip29
Guest
bullwhip29

kevin falcon is in bed with the RE cartel just as much as krusty is but who knows, people have very short memories. we’ll see how this all plays out. as much as i despise clark, she has some very “crafty” people on her team willing to do anything and i wouldnt be the least bit surprised if they had a contingency plan or two in place should the result wind up being as it currently is.

Dave
Member

I’m not sure the Liberals should want to be in power. I think it’s a hot potato. If you give the NDP and Greens a run at government (say a year from now), it will almost guarantee the Liberals a return to majority afterwards. In contrast, I think a weak Liberal government will produce an NDP majority.

Clark won’t be running next time around no matter what. She’s young enough that she can run for the Federal Liberals. She just has to engineer the right kind of exit a year from now.

squeak
Member
squeak

Of course, big money at stake.

Jerry Boyle
Guest
Jerry Boyle

And for the Liberals, a bridge or other infrastructure is a golden opportunity for pork-barreling — directing taxpayer dollars to their private-sector favourites (and contributors) — both during construction and far into the future through tolling. The are highly pragmatic predators.

Dave
Member

Not going to argue that.

Best place on meth
Guest
Best place on meth

B.C.’s finance minister is facing criticism that passing the foreign buyers tax on properties inside Metro Vancouver benefited him personally, given his real estate portfolio that exists just outside the tax’s boundaries.

The one home and six investment properties that belong to Mike de Jong in Abbotsford are worth almost $1 million – a significant investment that rose in value relative to similar properties inside Metro Vancouver, records suggest.

That puts de Jong in a conflict of interest when handling the province’s controversial real estate file, says Duff Conacher of Democracy Watch.

http://bc.ctvnews.ca/b-c-minister-s-properties-surge-after-he-passes-foreign-buyers-tax-1.3426516

Oracle
Guest
Oracle

If Greens and NDP cooperate and stick with their platforms, then look out below.

Shut It Down Already
Guest
Shut It Down Already

Yet another idiot disgracing themselves in Shanghai:

http://m.huffpost.com/us/entry/us_5923bb47e4b094cdba56f40f

Combat roach
Guest
Combat roach

In Shanghai? Idiot is idiot, why does it matter where?

KickThemOut
Member
KickThemOut

That’s right! It only matters where he is born!

Best place on meth
Guest
Best place on meth

NDP leads in Comox by 101 votes, only about 600 ballots left to count.

Dave
Member

That looks like a wrap. Very unlikely the Liberals pick up 100 votes with only 600 left to go. Why didn’t Elections BC work the extra hour to count those ballots?

From what I am seeing, the real estate industry isn’t even concerned about the election result. I think they underestimate the risk by a long shot. But that’s consistent with a bubble mentality.

CBM999
Guest
CBM999

I heard that it was 900 left to count, but still. The NDP won the absentee ballots in that riding last election even when the Liberal MLA McRae won so I don’t see this flipping.

Liberals were saying that because the candidate there was the former head of the military base that all his old soldiers would vote for him absentee lol.

If my boss were running I’d definitely vote against him. He’s a dick.

patriotz
Member

The fallacy is assuming that military personnel are more likely to be absentee voters. They’re not, and this should be clear from the results last time, when the NDP did better in the absentee vote than in the regular vote.

The reason in my view why it’s the NDP that does better in the absentee vote is that retirees, who we know support the Liberals strongly, are less likely to vote in absentee polls. Remember someone who votes in a poll in the same riding close to work because they don’t have time to go home to vote is an absentee voter.

Dave
Member

I might also just be organization and how the NDP gets their vote out. It could very well be old people in nursing homes. Yes, they disproportionately vote Liberal, but the NDP could disproportionately influence a lot of absentee voting within their grey haired support base.

The remaining votes will come down to demographics and where those votes were cast. It could swing Liberal, but 100 votes is very unlikely to be made up.

paulb
Member

New
446
Price Change
70
Sold
141

TI:8765

http://www.clivestevepaul.com

Combat roach
Guest
Combat roach

Why is this dude denied entry in Canada while notorious politburo cadres and other corrupted criminals are more than welcome to come over?

http://vancouversun.com/news/local-news/retired-senior-indian-police-officer-denied-entry-to-canada-at-yvr

bullwhip29
Guest
bullwhip29

Judge orders sale of home in British Properties
http://www.nsnews.com/news/judge-orders-sale-of-home-in-british-properties-1.20156429

Wen Hsien Tsai refused to go through with selling his house after discovering it had been “shadow flipped” twice for a much higher price has been ordered by a judge to complete the property sale, two years after signing the original sale contract.

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

Is “Applied Horror” a recognized art movement?

bullwhip29
Guest
bullwhip29

Family of girl grabbed by sea lion denies trying to feed it
http://www.cbc.ca/news/canada/british-columbia/family-sea-lion-speak-out-1.4128121

“The family of the girl who was grabbed by a sea lion and dragged into the water says they weren’t feeding the marine mammal.”

“The video also portrays the family as tourists, but Lau said they’re residents of Vancouver. ”

“Lau is considering taking legal action against the SFU student who filmed the video and posted it online without the family’s consent.”

>>> my god, you wonder why all the trash talk and what not and then the family speaks out and makes the situation worse…

Abdul Lahazi
Guest
Abdul Lahazi

Taking a video in a public place is not illegal so they would have no case. Same with posting the video on line. The family however could be fined for feeding wildlife which I believe the video shows them doing (or someone said they were doing). They are just butthurt because they can’t figure out how to make some cash from this.

bullwhip29
Guest
bullwhip29

both US and Cdn talk shows are tripping over themselves to land this interview. pretty sad…

CBM999
Guest
CBM999

As of noon Pacific time the Liberals are in the lead in Courtenay-Comox by 3 votes. Counting not done yet. This riding could flip the election

Combat roach
Guest
Combat roach

Day 2 of B.C. election final count ends with NDP leading by 101 votes in Courtenay-Comox

https://www.google.ca/amp/www.cbc.ca/amp/1.4128494

Abdul Lahazi
Guest
Abdul Lahazi

and some people don’t vote because they say their vote won’t matter…

bullwhip29
Guest
bullwhip29

many dont vote because they are convinced the system is rotten to the core. given that the recounts are not being televised live, one can safely assume krusty will steal this riding (and maybe a couple of others) and probably has dirt on weaver to leverage the greens into teaming up with her

kabloona
Member
kabloona

What a bummer…… 4 more years of the Atomic Chipmunk as Premier?
I can’t take it….

😀

squeak
Member
squeak

Probably more young talents will be travelling over the coquihalla come august when still good weather to move out of BC, which I can understand, they want a life, not existing in an over priced moldy dungeon.

southseacompany
Member
southseacompany

“Total Dollar Volume on Vancouver Real Estate Plunges Year Over Year”, Better Dwelling

http://vancitycondoguide.com/vancouver-buyers-600-million-less-on-real-estate/

“Buyers of Vancouver detached homes spent 49% less this April than they did in April, 2016. That’s nearly $611 million dollars less.”

“Although prices may not appear to be dropping, the total dollar volume is declining and in the detached market the plunge is substantial.”

Just me
Guest
Just me

A good chunk of China money has been constrained to stay at home.
Of course, our resident naysayers will disagree. But the truth is the truth, even if you refuse to accept it..

KickThemOut
Member
KickThemOut

@Abdul – So the Chinese are the stupidest people on Earth eh? And here I thought scamming, thieving, and stealing tens of millions of dollars required intelligence! Man, how stupid must Canadians be to have been conned by the stupidest people on Earth?

And are you actually a Canadian? I don’t think a real Canadian, one with history and heritage in Canada going back generations like my family would have a name like Abdul Lahazi. Sounds more like those ME refugees that are flooding Europe right now. Maybe we need to phone the tip line for Canadian Border Service about you.

Abdul Lahazi
Guest
Abdul Lahazi

Just imagine where those same Chinese would be if they stopped scamming, thieving, and stealing. They have no respect for anyone or anything but themselves and it’s all take take take with them. Stop calling me racist because you don’t agree with I say. It is all facts. Name calling is the sign of a weak mind.

KickThemOut
Member
KickThemOut

So says the guy who does a good chunk of name calling on this site?

And you stand by your point that only the stupidest people on the planet can possibly scam & steal as good as the Chinese? So what does that make people who fell for the Chinese scams & stealing? Stupider than the stupidest people on the planet?

Your intellect is simply amazing and awe inspiring. No wonder you have to been so right about everything, and your wife needs a constant supply of cucs. 🙂

Abdul Lahazi
Guest
Abdul Lahazi

Arguing that someone is smart because they can cheat better than someone else is not a good way to make a point. Are you 10 years old?

Shut It Down Already
Guest
Shut It Down Already

What was that about name calling?

KickThemOut
Member
KickThemOut

Sign of things to come…as a wise poster already said, learn Mandarin!

LeEco cuts 325 U.S. employees, will focus on Chinese-speakers
https://ca.finance.yahoo.com/news/leeco-cuts-325-u-employees-181100647.html

bullwhip29
Guest
bullwhip29

Controversial Chinatown rezoning for 12 storey building goes to public meeting
http://vancouversun.com/news/local-news/controversial-chinatown-rezoning-to-go-to-a-public-meeting

>>> if this is not the ultimate example of the pot calling the kettle black, I don’t know what is…

Best place on meth
Guest
Best place on meth

Save Chinatown!

Obliterate Richmond!

KickThemOut
Member
KickThemOut

Care to explain? Some people are against it, some are for it. Seems like the usual pro development vs I got too much time on my hands and I want to dictate how other people spend their money.
Is it because the article talks about people with Chinese names that you get all giddy and happy that your brain simply stops working?

bullwhip29
Guest
bullwhip29

hey space, i think you should take a nice long moonlit walk on the beach and spare us all the pain and suffering. is that too much to ask for?

Abdul Lahazi
Guest
Abdul Lahazi
Combat roach
Guest
Combat roach

It looks like going against the multiculturalism and tradition. Many might get offended.

“There are some regulations moving throughout the federal level right now. Once those are in place, we would like to be in a position to have wildlife officers fining people for feeding wildlife.”

Remember stickers and plates at swimming pools – “Don’t spit on the floor and urinate in swimming pool”?

Loon
Guest
Loon

Sealion Transient Feeding Underwater (STFU) tax.

KickThemOut
Member
KickThemOut

No I don’t remember those stickers & plates. But I do remember reading about a lot of Abdul’s brothers and cousin not showering and wearing street clothing in European swim pools, and justifying raping young boys in the changes room due to sexual frustration emergency and it’s ok in their faith.

bullwhip29
Guest
bullwhip29

and now we are hearing that “Mr. Lau” is considering suing the student who posted the video and you wonder why many simply despise your people.

Best place on meth
Guest
Best place on meth

That is despicable but it’s also par for the course for that shameless society.

They’re always trying some bullshit lawsuits that would rob Canadian taxpayers and we keep letting this trash into the country.

Whistler or Bust?
Guest
Whistler or Bust?

That is quite funny. I hope the dumbass wastes his money and tries.