Class action against Airbnb?

Dude Chillin pointed out this article about a Vancouver strata lawyer preparing a class action suit against Airbnb:

A Vancouver strata lawyer says she is preparing a class action lawsuit against Airbnb, alleging the company is “profiting from the unauthorized use of other people’s property.”

Recently, Polina Furtula — who is on the strata council of her Yaletown condo tower — sent demand letters to Airbnb about unauthorized listings in her building. Airbnb notified the hosts of the complaints and shortly afterwards, the hosts decided to remove their listings.

Read the full article here.

143 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
trackback

[…] Just me shared this story from the BBC. […]

Oracle
Oracle
2 years ago

See how a small minority got trudeau and morneau to back down on tax changes?!! Same has got to happen on housing. A small protest can turn into a protest of tens of thousands within a week.

Combat roach
Combat roach
2 years ago
Reply to  Oracle

No kidding, you are right. People managed to bring the wall down, oust Ceaușescu, set Mandela free and yet Canadians sit and watch how locusts have stolen the country and made them homeless. Shame…

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Oracle

Then the racist card gets played and debate is shut down.

Oracle
Oracle
2 years ago

So just got back with a night out with friends. One guy kept spewing out about real estate. Said his house was with $1.8 million in Surrey and i said no way. He has a few houses and this is what Surrey has turned into. I pay more tax then their entire family combined. The gov and c r a seems to protect these people more than hard working canadians. When will the people wake up and take action??

Just me
Just me
2 years ago

Kyle Bass Says History Will Remember Xi for Reckless Policies. https://www.bloomberg.com/news/articles/2017-10-25/kyle-bass-says-history-will-remember-xi-for-reckless-policies “Today Xi is celebrated in media reports, but when future historians look back, he will be blamed for recklessly building the Chinese economy on a foundation of sand,” Bass, founder of Hayman Capital Management, said in an email Wednesday. Bass, who has called for a 30 percent drop in the Chinese currency, said in an interview earlier this month that he expects the government to relax its grasp on the exchange rate after the National Party Congress. Bass, who made a fortune betting against U.S. subprime mortgages, said in early 2016 that losses in Chinese banks could be four times bigger than those suffered by American lenders during the global financial crisis. He has said that crucial figures, like the share of non-performing loans, have been understated. “Recklessly growing… Read more »

Best place on meth
Best place on meth
2 years ago
Reply to  Just me

Cheating chinese have been taking all kinds of shortcuts in their quest to be the #1 economy in the shortest time possible.

The problem is that their economy is like most of the products they sell all over the world – they look really nice on the surface but they fall apart soon after they’re bought.

They’re frauds on every level.

Oracle
Oracle
2 years ago

ugh! Be realistic man. they are buying all our land up and you say they are a fraud? Do something! Email weaver that you’re voting NO unless real pressure applied in next 180 days.

Abdul Lahazi
Abdul Lahazi
2 years ago

Even their money is a fraud. Fake monetary system.

Oracle
Oracle
2 years ago
Reply to  Just me

I’d say be proactive about your own land rather than hope for some mythical event in a far off country. Email weaver that you’re voting NO unless real pressure applied in next 180 days.

paulb
paulb
2 years ago

New
172
Price Change
54
Sold
123
TI:9839

https://www.instagram.com/clivestevepaul/

history
history
2 years ago

Xi”s pretty cleaver

the heat is on that ‘Students’ oversea breeding program is catching a bid, so he doubles down on Empty House syndrome.

Just me
Just me
2 years ago

You cannot miss the irony in this.

Xi Jinping at the Communist Party Congress: “houses are built to be inhabited, not for speculation”.

http://www.scmp.com/business/article/2116621/what-president-xis-congress-message-means-chinas-housing-market

“While that comment isn’t new, to reiterate it at such an important meeting is highly unusual,” said Larry Hu, China economist for Macquarie Securities in Hong Kong.
“We see almost no chance of property measures being loosened in the next 12 months.”
“This is a turning point, the central government has started stepping in, and there will be more policy tightening,” Wong said.
Some analysts think that policymakers’ wider aim is to promote better equality among the population and that they consider speculators do nothing but drive prices beyond the average buyer.

Doomcouver
Doomcouver
2 years ago
Reply to  Just me

The CCP don’t have the balls to stop real-estate speculation. If they did that the economy would enter recession overnight.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

Recession is a abstract word. You’ve been brainwashed.

A Recession is when there is a depression for some people (job loss etc) and other people are just doing fine. Individual people don’t go into a ‘recession.’

Who cares about the economy going into recession when asset values can be restored to sane values. Those entering a depression have simply chosen the wrong careers.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  Just me

Hoo Phlung Poo( LLC) will resurrect the glory days(Inc.) of Mao Tse Dung(Ltd.) and drive out the evil capitalist scourge(T.M.) ….and ..oh yeah….free pumpkins for all !!!!!

bullwhip29
bullwhip29
2 years ago

B.C., Ontario mull pre-construction condo sales registry amid CRA crackdown
http://vancouversun.com/news/local-news/b-c-ontario-mull-pre-construction-condo-sales-registry-amid-cra-crackdown

Oracle
Oracle
2 years ago
Reply to  bullwhip29

NDP will study it and assign a task force to get back to us in 2021. Geoff Meggs and Gang are running the show.

Just me
Just me
2 years ago
Reply to  Oracle

I suspect Meg’s does have a role in this sudden slowing down of activity on the housing front. He seems intent on politicking more than anything else. Beware ideologues who age out of their own ideals.

Oracle
Oracle
2 years ago
Reply to  Oracle

The moron who keeps down voting my posts must be real dumb. Hey, life isn’t fair. Accept your fate and quit being a kid. Try to keep up. Having a keyboard does not mean you are smart!

Doomcouver
Doomcouver
2 years ago
Reply to  bullwhip29

If the CRA were doing their jobs this would have happened at least a decade ago.

Bong
Bong
2 years ago
Reply to  Doomcouver

CRA has been chronically under funded. Harper cut 10% of its budget. We don’t pay for enforcement in Canada. That’s why criminals love it so much.

Oracle
Oracle
2 years ago
Reply to  bullwhip29

mull…….nothing to see hear folks.

bullwhip29
bullwhip29
2 years ago

West Vancouver files to demolish home allegedly built without permits
http://bc.ctvnews.ca/west-vancouver-files-to-demolish-home-allegedly-built-without-permits-1.3649097

>>> boy this guy must have seriously pissed someone off…. https://www.instagram.com/phil.garrow/

Dude Chilling
Dude Chilling
2 years ago
Reply to  bullwhip29

Wealthy people who think they are above the law.

Oracle
Oracle
2 years ago
Reply to  bullwhip29

Can be stopped by ‘donations’

YVR
YVR
2 years ago
Reply to  bullwhip29

Funny thing is the guy is a major developer/home builder in West Van. He obviously knew better but must have thought he had already paid the right people off?

bullwhip29
bullwhip29
2 years ago

‘We can’t risk people’s lives’: Maple Ridge Council votes to prohibit homeless camp
https://globalnews.ca/news/3825203/maple-ridge-council-homeless-camp-known-as-anitas-place/

>>> again, it would seem anyone and everyone from the toniest of westside Vanc neighborhoods to all the FOMO-bots turned RE gurus is getting drunk on real estate spirits and developing a case of incurable nimbyosis as a result.

Doomcouver
Doomcouver
2 years ago
Reply to  bullwhip29

So first the government was complicit in allowing billions of dollars in foreign and domestic speculative capital to buy up all the homes, and now they’re making it illegal to not have a home? How exactly has there not been a massive revolution in Canada yet? Oh yeah Canadians are too ill-informed and lazy to care… I forgot about that…

Oracle
Oracle
2 years ago
Reply to  Doomcouver

It’s the local Caucasian girls who can’t pay rent that are bearing the brunt of these policies. Many are selling bodies to landlords to make ends meet.

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Oracle

Selling bodies? Like corpses? Well we are near Halloween …

Shut It Down Already
Shut It Down Already
2 years ago
Reply to  bullwhip29

So you’ll be suggesting that they relocate to your backyard then? If not, why not – other than “incurable nimbyosis”?

Doomcouver
Doomcouver
2 years ago

That’s a good idea. I bet the Maple Ridge council has some really nice back yards. We could all have campfires and sing songs about how homeless we are. It’ll be awesome.

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  Doomcouver

I’ll bring the marshmallows.

Best place on meth
Best place on meth
2 years ago
Reply to  Abdul Lahazi

I’ll bring a pumpkin.

Fully paid for.

Just me
Just me
2 years ago

Will it fit in your car. Or do you need a German made SUV to deliver it?

Doomcouver
Doomcouver
2 years ago
Reply to  Just me

If you’re going to be homeless and living in your car, it might as well be in a Mercedes.

Madashell
Madashell
2 years ago

Premier Horgan says it is not realistic for BC to follow New Zealand’s lead as it bans foreign buyers.

Just me
Just me
2 years ago
Reply to  Madashell

Link?

Doomcouver
Doomcouver
2 years ago
Reply to  Madashell

This smells like Oracle-excrement to me. There’s plenty of stupid things the NDP have said, you don’t have to making stuff up yourself.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

Hey Einstein, ther can be others that share my viewpoint. And check my record of predictions. Ask Just me.

patriotz
2 years ago
Reply to  Madashell

I would assume at a minimum Horgan would be aware that NZ isn’t actually banning foreign buyers, so I don’t buy this.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  patriotz

Ummmmm..New Zealand is a country
….BC is the provincial entity within the country known as Canada
Thus……Horgan has no such authority

Just me
Just me
2 years ago

This is evidence of the slow drop in quality of life for Vancouver residents, due to the massive displacement triggered by millionaire migrants and mainland Chinese “students and housewives”. Read at your own peril….it is depressing. How did we let this happen? Just-released Statistics Canada census data only confirms what everyone already knows: renting in the Metro Vancouver area is becoming increasingly unaffordable for a large swath of the population. http://www.cbc.ca/news/canada/british-columbia/census-data-reveals-what-metro-vancouverites-already-know-rents-are-through-the-roof-1.4371734 Life after renoviction After his renoviction, Gallagher was able to find a new home in Vancouver, but it wasn’t easy. He’s now forking out $500 a month more than he used to for a smaller apartment with problem neighbours. “We are not in a happy place,” he said. Not surprisingly, the ordeal has he and his partner considering if they’d be better off moving away. “It’s certainly affected our… Read more »

Dude Chilling
Dude Chilling
2 years ago
Reply to  Just me

There can be problem neighbors when you buy too. And that is much worse.

Doomcouver
Doomcouver
2 years ago
Reply to  Just me

It hurts to say this, but the best solution is to leave the GVR. The brain drain will eventually collapse the market when the only game in town is real estate (we’re almost there now), then Vancouver can go back to being a beautiful, yet boring back-water. I make a pretty good income, but if I lost my job, or if rent prices spiked, I would be taking my own advice and would leave. You definitely would not catch me being one of the poor middle-aged people working at wal-mart or starbucks trying desperately to make ends meet here. With the real estate mania as bad as it is, if I can get together enough savings, now might be the perfect time to buy an RV and travel the continent. The bubble could potentially take a decade or longer to… Read more »

Oracle
Oracle
2 years ago
Reply to  Doomcouver

You are so clueless. What will happen is life will go on. The Rich landowners will enjoy the good life with cheap servants and the landless renters will become workers who can barely make ends meet as rents rise etc.

Don’t take it wrong way but, visit other cities in Asia centuries old. That’s how it is there.

Oracle
Oracle
2 years ago

NDP Flip Flop ON HYDRO!!!

https://thetyee.ca/News/2017/10/25/Fixing-BC-Hydro-Accounting/

LMAO….maybe not. These guys got to get kicked out of office ASAP. Voters made a huge mistake. Even Tyee says so.

Oracle
Oracle
2 years ago

Lets see if local MSM put out a info-graphic like this. There is no real mixing in Toronto.

Chinese — Richmond Hill/Markham
S Asians from N India — Brampton/Mississauga
S Asians from S India — East Toronto in Scarborough.

https://www.thestar.com/news/gta/2017/10/25/a-majority-of-torontonians-now-identify-themselves-as-visible-minorities-census-shows.html

Oracle
Oracle
2 years ago
Reply to  Oracle

98% visible minority in some areas. WOW.

Vancouver hasn’t seen nothing yet..

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Oracle

Once the snow flies…….. they will be even more visible.

Doomcouver
Doomcouver
2 years ago
Reply to  Oracle

This is just more evidence that the Liberal ideal of multiculturalism doesn’t work in the real world. People only want to live with, and interact with people from their own culture. It’s not a race thing, it’s just that Canadians only want to interact with Canadians, whatever their skin color is. Stupid Neo-Liberals and their opaque rose colored glasses can’t change that. Tribalism is normal, and a healthy human trait to have. That’s why people with English or French as a FIRST language should get bumped to the front of the line on immigration. That’s the way it always was until the PC culture messed it all up. Without a change in the near future you’re going to ghettoize huge sections of Canada, and could lead to Quebec-style separation attempts in the most “multicultural” areas. In the next decade, Richmond… Read more »

Dude Chilling
Dude Chilling
2 years ago
Reply to  Doomcouver

Islam is the greatest threat to the West in my view. Because it is social, political, and cultural it is not just a religion.

Doomcouver
Doomcouver
2 years ago
Reply to  Dude Chilling

Though I will concede Islamism it is bad for the USA and Canada, due to our geographic distance from Muslim countries, the damage is fairly muted. If we’re going to talk about Europe though, you could easily argue that Islamism could plunge most European countries into Sharia hell in the near future, but that’s another conversation. There are many more factors here that are likely more damaging than the very small portion of Canada becoming slowly Islamized. European democracies in general are under threat from a lot of different factors. These include: flight of capital and jobs to China, India and other asian countries, cultural destruction from excessive immigration by culturally incompatible peoples (Islamists, Maoists, etc.), geographical displacement by wealthy foreign interests, and government policies that destroy the middle class and increase income inequality, just to name a few. Until… Read more »

Dude Chilling
Dude Chilling
2 years ago
Reply to  Doomcouver

Europe is just further along the Islamification path than North America.

Best place on meth
Best place on meth
2 years ago
Reply to  Dude Chilling

We’re not in any danger, they can’t come by the millions on foot.

Abdul Lahazi
Abdul Lahazi
2 years ago

They won’t come “on foot” get real.

Whistler or Bust?
Whistler or Bust?
2 years ago
Reply to  Doomcouver

But Justin is going to save the middle class!

patriotz
2 years ago
Reply to  Doomcouver

“That’s why people with English or French as a FIRST language should get bumped to the front of the line on immigration. That’s the way it always was until the PC culture messed it all up.”

Afraid not. Prior to the 1930’s Canada had no immigration controls at all (except on Chinese), so there was no line to get in front of. Post-WWII Canada took loads of “DP’s” from Eastern Europe and people from countries such as Italy who spoke little or no English.

In fact if you gave native English or French speakers priority in immigration today the primary beneficiaries would be blacks from the West Indies and Africa. Not sure that’s what you’re after.

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  patriotz

Who cares what happened “prior to the 1930s” We are in the 21st century now and things have changed quite a lot.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

Dude, the lower mainland could vote to separate from Canada soon. Don’t think Europeans own this land anymore. Max 2 decades before Europeans totally powerless here.

Oracle
Oracle
2 years ago
Reply to  Doomcouver

You’ll be outnumbered. And With China warships by Lions Gate bridge, I’d suggest locals hightail it towards hope.

Just me
Just me
2 years ago

Forget fast cars and yachts, passports are the new status symbol for the ultra rich.

http://vancouversun.com/news/world/forget-fast-cars-and-yachts-passports-are-the-new-status-symbol-for-the-ultra-rich/wcm/10c73afc-586e-4ecd-b469-866db82b5229

The root cause of our problems (declining quality of life in the Metro Van area) is the emergence of these millionaire migrants, who acquire real estate holdings and declare little or no taxes. these people have no interest in participating in local societies. They should not be allowed to do this. In Canada, the Quebec door for “investors” is still very active.

Oracle
Oracle
2 years ago
Reply to  Just me

Good that you finally get it. problem now is convincing the next person will be like banging your head against a wall. By the time they get it, its too late….like the case of as now.

Oracle
Oracle
2 years ago
Reply to  Oracle

Case in point is this headline: http://www.cbc.ca/news/canada/calgary/alberta-recent-immigrants-2016-census-data-1.4370779

No fucking way more settle in Alberta. What it means is more entered through their PNP program. Will take years to get this through peoples heads.

Doomcouver
Doomcouver
2 years ago
Reply to  Just me

I don’t think the wealthy people will like it here when all the real estate agents, bankers, and construction workers become homeless, and their anger gets directed at the Chinese that used to pay them their salary. The anti foreign wealth backlash is coming to Canada, but too many people are getting rich off the wealth migration to care for the time being. The wealthy guests will leave just as fast as they arrived when that happens.

Madashell
Madashell
2 years ago

Ontario, B.C. to work with CRA to track flips of presale condos
https://beta.theglobeandmail.com/news/national/ontario-bc-explore-measures-to-track-presale-condo-flipping/article36709289/?ref
About time! Don’t forget about the past flips too.

franko
franko
2 years ago
Reply to  Madashell

I guess they didn’t bother to tell Selena about it…before or after her stint on CKNW.

BubbleTea
BubbleTea
2 years ago
Reply to  franko

Salina who?

KickThemOut
KickThemOut
2 years ago
Reply to  BubbleTea

Oh please…stop pretending…you know Selina who!

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  KickThemOut

SELENA ROBINSON
you know…..Svend’s wife..

Best place on meth
Best place on meth
2 years ago

Saliva is who’s wife?

franko
franko
2 years ago
Reply to  BubbleTea

The one with the P-L-A-N

Doomcouver
Doomcouver
2 years ago
Reply to  BubbleTea

NonSalient Robinson

kabloona
kabloona
2 years ago

Dude robs banks to pay for bad real estate deals…. 😉 http://www.vancouversun.com/news/national/accused+bank+robber+suffered+from+depression/15328161/story.html “Stephen Vogelsang, 53, has been charged with two counts of robbery stemming from heists in Medicine Hat last week. Investigators said in both instances, the same man entered the bank and demanded money, leaving each scene with an undisclosed amount of cash…. …Vogelsang was a journalism instructor at Red River College in Winnipeg from 2002 until 2011. Before that, he worked as a sports anchor at CKY — now CTV Winnipeg — before becoming news director. Court documents in Winnipeg show Vogelsang and his then-wife lost $85,000 on the sale of three properties in Vernon, B.C., where they lived between 2011 and 2014. They purchased a $540,000 home when they returned to Winnipeg. After the couple divorced in December 2016, payments were being missed on the house and… Read more »

KickThemOut
KickThemOut
2 years ago
Reply to  kabloona

Another reason why we need to kick out the locust communists scambags.

Hyper-mega-Bull
Hyper-mega-Bull
2 years ago

21.9% of the population reported they were or had ever been a landed immigrant or permanent resident in Canada. This proportion is close to the 22.3% recorded during the 1921 Census, the highest level since Confederation.

https://www.statcan.gc.ca/daily-quotidien/171025/dq171025b-eng.htm?HPA=1

KickThemOut
KickThemOut
2 years ago

All the more reason to kick these fakers out! If your family hasn’t been in Canada for at least 3 generations and contributed to building Canada like mine was, you should either shut up and work hard to build Canada or get the fuck out. No more nice guys being taken advantage of. Frankly, all real estate transactions should have a locals preferences first where the seller is obligated to sell to the highest local true Canadian bidders first.

Best place on meth
Best place on meth
2 years ago
Reply to  KickThemOut

Newcomers are always welcome, just not your kind.

bullwhip29
bullwhip29
2 years ago

“Water shapes its course according to the nature of the ground over which it flows; the soldier works out his victory in relation to the foe whom he is facing.” ― Sun Tzu

http://bc.ctvnews.ca/video?clipId=1241117

KickThemOut
KickThemOut
2 years ago
Reply to  bullwhip29

Fucking traitor…quoting some unpronounceable Chinese guy’s quote? Seriously?! Why the fuck are you so ashamed of Western thoughts and ideas and philosophy?! You know, the kind of ideas that brought the modern world?

Burnabonian
Burnabonian
2 years ago

but..but…AirBnB is just a communication service. They don’t rent anything; they just facilitate private transactions between consenting adults.

Just like Uber isn’t an employer.

We’ll see what the courts say…

Just me
Just me
2 years ago

There is enough to scare the living lights out of you.
We live in scary times. The Mainland Chinese are determined to get rich quick and moral compass is lacking.

KickThemOut
KickThemOut
2 years ago
Reply to  Just me

Obviously…how else could a dictatorship communist country like China get rich? Most of its citizens are still eating grass and bark today, and dumping shits down the river. How could anyone from such a country be rich? I still haven’t read any convincing story about how there could be so many rich people from a shithole as BPOM likes to say. Something doesn’t add up.

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  KickThemOut

They lie, cheat, and steal.

Shut It Down Already
Shut It Down Already
2 years ago
Reply to  Just me

Yet you still maintain you’re not racist. What a joke.

Try substituting “mainland Chinese” for another minority and ask yourself, “do I sound like a fucking Nazi?”.

Imbecile.

Best place on meth
Best place on meth
2 years ago

I don’t know which is more pathetic, the story of “the boy who cried racist” or the story of “the boy who cried Nazi”.

Actually, in today’s world the word “boy” would be substituted with “gender fluid being”, which you probably are.

Go fuck off to that “non-racist real estate blog” you speak of and stay there.

YVR
YVR
2 years ago

“Try substituting “mainland Chinese” for another minority”

Why? If you did that it wouldn’t be true.

Just me
Just me
2 years ago

I guess I have to remind you (again!) this is not about race.
I have absolutely no problem with Chinese people from Taiwan, Singapore and Hong Kong. They behave in a proper and correct way.
My big problem is with the greedy, corrupt and lying mainland China immigrants who have ruined the social fabric of Vancouver in the last 15 years. And my problem is with their criminal behavior, not their ethnicity.
This is about money, not race.

Dude Chilling
Dude Chilling
2 years ago

We are experiencing a confluence of baby boomer demographics winding down and globalization of cheap wages and manufacturing which is keeping prices low and manufacturing costs cheap. Add in to that mix, massive influx of immigrants willing to work for basically nothing thus keeping domestic wages low and there is the perfect economic storm of epic proportions. No inflation and no domestic growth. Hence, low interest rates and high real estate prices for the rest of our lives.

Dude Chilling
Dude Chilling
2 years ago
Reply to  Dude Chilling

and to add to this, in Canada we have nothing except real estate and immigration; that is our entire economy. So we will never see politicians touch either of these sacred cows.

patriotz
2 years ago
Reply to  Dude Chilling

“in Canada we have nothing except real estate and immigration”

There’s a lot more to Canada than Vancouver fella.

Dude Chilling
Dude Chilling
2 years ago
Reply to  patriotz

The rest of Canada does not have immigration and real estate? I see. I feel much better about things now.

Just me
Just me
2 years ago
Reply to  patriotz

This is such a silly argument. Since there are other places that differ significantly from Vancouver, we should just ignore what happens in Vancouver. Let it burn.

It is quite obvious, moreover, that many places (e.g. Toronto, with all its millions of residents) have been catching up fast the “Vancouver RE diseases”. Once Montreal is in madness mode will you finally acknoledge we have a problem?

Sometimes one has to wonder whether you are just resentful you no longer live in Vancouver. It almost seems you are wishing things get worse, not better.

patriotz
2 years ago
Reply to  Just me

The very fact that I am on this forum means that I think there is a problem with RE in Vancouver. Indeed I thought there was a problem back in 2005. That does not mean I have to agree with some nonsense that the whole country has the same economic foundation.

I’m not resentful that I no longer live in today’s Vancouver. What I’m resentful about is that the metro has been ruined with the connivance of its own residents.

Just me
Just me
2 years ago
Reply to  patriotz

The whole country is slowly being Vancouverized. And ideological people of the right and of the left (yourself included) appear unable to see the truth.

Abdul Lahazi
Abdul Lahazi
2 years ago

US new home sales soar to highest level in a decade

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=w99407&mobile=false

Developers are feeling optimistic. A survey by the National Association of Home Builders and Wells Fargo found that their outlook is the brightest it has been since May.
Homebuilders are increasingly focused on higher-priced housing, potentially freezing out potential buyers of more modest incomes. The average price of a new home rose to $385,200 in September, the highest on records dating back to 1963.

People just can’t get enough houses. Until interest rates rise substantially (which will be never) this real estate binge will not stop.

KickThemOut
KickThemOut
2 years ago
Reply to  Abdul Lahazi

And who is the biggest group of foreign buyers in US?

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  KickThemOut

You ever use Google?
Chinese buyers led the pack for the fourth straight year, followed by buyers from Canada, the United Kingdom, Mexico and India. Russian buyers made up barely 1 percent of the purchases.

https://www.cnbc.com/2017/07/18/foreigners-snap-up-record-number-of-us-homes.html

patriotz
2 years ago
Reply to  Abdul Lahazi

The NAR stats for “foreign buyers” include recent immigrants (within the last 2 years I believe). Since Mexico and China are the top 2 source countries for legal immigrants to the US (Canada is not even in the top 10), it may well be the case that Canada is the #1 country for actual offshore buyers.

Abdul Lahazi
Abdul Lahazi
2 years ago
Reply to  patriotz

You should write an article for CNBC then and explain your knowledge because they must not have a clue.

Abdul Lahazi
Abdul Lahazi
2 years ago

Did you read the article or just the title? This also says Chinese bought the most property in the US. Way more than Canadians.

Oracle
Oracle
2 years ago

http://vancouversun.com/news/local-news/census-immigration-to-b-c-down-homeownership-stable-aboriginal-population-growing

Don’t believe headlines like this. They are taking data straight from PNP programs. Just because you ‘land’ in another province (via provincial immigration programs) doesn’t mean you stay there.

Most end up in Vancouver.