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Chinese envoy calls out lax regulations

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Real Estate Professional | 26 Jun 2015, 12:00 PM Agree 0
The Chinese government’s top envoy in Vancouver says the city’s skyrocketing house prices and affordability crisis are due to a lack of regulation in the booming real estate market.
  • Izzie | 26 Jun 2015, 12:51 PM Agree 0
    She think all government body works like China: you can just set up rules 1.can't have more child, 2 can't go to school if you don't have permanent residence. 3. Can't adopt if you are not single... The list goes on...
  • EddieN | 26 Jun 2015, 12:52 PM Agree 0
    If it were up to the Chinese, those who don't agree with the government get shot. Yep, let's take advice from that dude.
  • WP-Vancouver | 26 Jun 2015, 12:57 PM Agree 0
    The Chinese have their own 'Bubble' brewing in real estate..that aside, this kind of 'run-up' in prices never ends well (especially for the working class!)
  • KJ - Vancouver | 26 Jun 2015, 01:14 PM Agree 0
    Hey the canadian dollars is at 80 cents to the US $$ , Canada is on sale !!
    Why wouldn't American , Europeans and Chinese buy everything, its cheap!
  • Irene | 26 Jun 2015, 02:46 PM Agree 0
    Why no one mentioned, that when Foreign Investor or any Non Canadian Resident sells the property he pays 25% of the Sale Price ( not Capital Gain)Tax to Government. Isn't it a good help in revenue for the Government and Taxpayers?
  • Use Your Heards | 26 Jun 2015, 05:47 PM Agree 0
    Off shore buyers buying luxury properties isn't going to drive up the price of affordable housing, they are two completely different types of housing. They may drive up the price of luxury housing but I'm not going to lose any sleep over what the top 2% of our population has to pay for housing. They can afford it anyways.

    Why would the real estate board lie about the % of overseas buyers? They would lose all credibility and it is an easy number for any government organization to verify.

    Good point Irene.

    Use your heads people, I'm sure you are all more intelligent than you are acting.
  • John | 28 Jun 2015, 11:26 AM Agree 0
    According to a Bloomberg report, Second to China in illegal outflows, both in 2012 and cumulatively over the 10 years was Russia, with $122.86 billion and $973.86 billion, respectively. For aggregate losses from 2003 through 2012, Mexico came in third, followed by India, Malaysia, Brazil, Indonesia, Thailand, Nigeria, and South Africa.
    Does this mean that the Canadian real estate market is a money laundering Mecca ?
    Kind of ironic.
  • Maxy | 29 Jun 2015, 04:12 AM Agree 0
    EddieN and Izzie, you missed the point. We should be interested in the quality/validity of Fei's comment and not in her country of origin. Ask the struggling Vancouver residents what they think about the issue The advice from or comment by the Chinese Envoy makes sense. We should get off our "better than thou" China bashing. While the government in China may be draconian in some areas China is NOT another word for evil. Canada has her own dark sides too. If a "devil" has good idea, take the good idea and discard what makes a devil evil. We want to lecture other countries but get worked up whenever another country points to our weakness. What about UN reports on maltreatment of Native Peoples. We consistently and covertly practice law of the jungle. Those who have power lord it over those that have not.
  • Patricia | 29 Jun 2015, 05:45 PM Agree 0
    I assume Cal Lindberg was misquoted as there is NO WAY its 40% of sales going to offshore buyers and I am pretty sure he wouldn't get his numbers off by that much....
  • Stealthie | 29 Jun 2015, 05:49 PM Agree 0
    @Patricia He was referring to the amount of sales coming from his brokerage.
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