Is it time to curb foreign real estate buying in Vancouver?
While Vancouverites are complaining Chinese inflated our housing market, US is proposing a new bill to encourage Chinese to buy there & help them to begin a true housing recovery. We hear on daily news that all world leaders trying to encourage Chinese to invest in their countries. While the rest of the world envy Canada, esp Vancouver is in this LUCKY position, Vancouverites said otherwise.
Canadian always worry & said our economy will not improve unless US economy improves because we have so many trades business tied with each other. The reality is real estate plays a big part of economy in any country especially in US at the moment. If you are one of them eco the above comments, then, we need to make sure US real estate recover asap! Well, that means we, Canadian, cannot take the advantage of our high currency, low US housing to buy a retirement home in sunny Florida, Arizona to retire. Do we REALLY want to see Chinese buyers go to invest in US instead of here? Are we REALLLY happy when we see our housing value go down(only 5 areas that the public keeps on complaining in the whole Lower Mainland)? If that really happens, can you imagine our real estate market collapse because the value of the property doesn't worth as much anymore & it affects current home owners might have difficulty to refinance & potentially push them into forclosure? In my opinion, that's worse than interest rate hike so, beware of what you wish for...This has nothing to do with me being in the business, this is the realistic economic situation. Just because some people are unable to buy where they want to live don't make Vancouver an unaffordable city. It just tells me those people are not willing to accept the reality. Maybe thing could be different if those had made proper financial plan in the past to help them buying real estate when it was manageable to them. Or is it simply you never want to take on the mortgage responsibility & prefer to live your "Balanced Life" & now "Ooops" u realized everything is out of reach so you join the group who can't afford & start complaining? Vancouver real estate has been out of reach for over 20 yrs, when Chinese had very little impact on the housing value. Is it too late for you to get into the real estate market? ABSOLUTELY NOT! It's all depends on whether you MUST buy your dream home IMMEDIATELY or if you are willing to take BABY STEPS!
There's no perfect policy for anything, anywhere, anybody. When some gets benefits, others might not be the case. It depends on which side of the coin u are in. It is like asking if it is good to have high Canadian dollars. It depends on who you are & what business you are in, right?
Read "Is it time to curb foreign real-estate buying in Vancouver?" & make your own decision.
Tina Mak Personal Real Estate Corporation
Canadian always worry & said our economy will not improve unless US economy improves because we have so many trades business tied with each other. The reality is real estate plays a big part of economy in any country especially in US at the moment. If you are one of them eco the above comments, then, we need to make sure US real estate recover asap! Well, that means we, Canadian, cannot take the advantage of our high currency, low US housing to buy a retirement home in sunny Florida, Arizona to retire. Do we REALLY want to see Chinese buyers go to invest in US instead of here? Are we REALLLY happy when we see our housing value go down(only 5 areas that the public keeps on complaining in the whole Lower Mainland)? If that really happens, can you imagine our real estate market collapse because the value of the property doesn't worth as much anymore & it affects current home owners might have difficulty to refinance & potentially push them into forclosure? In my opinion, that's worse than interest rate hike so, beware of what you wish for...This has nothing to do with me being in the business, this is the realistic economic situation. Just because some people are unable to buy where they want to live don't make Vancouver an unaffordable city. It just tells me those people are not willing to accept the reality. Maybe thing could be different if those had made proper financial plan in the past to help them buying real estate when it was manageable to them. Or is it simply you never want to take on the mortgage responsibility & prefer to live your "Balanced Life" & now "Ooops" u realized everything is out of reach so you join the group who can't afford & start complaining? Vancouver real estate has been out of reach for over 20 yrs, when Chinese had very little impact on the housing value. Is it too late for you to get into the real estate market? ABSOLUTELY NOT! It's all depends on whether you MUST buy your dream home IMMEDIATELY or if you are willing to take BABY STEPS!
There's no perfect policy for anything, anywhere, anybody. When some gets benefits, others might not be the case. It depends on which side of the coin u are in. It is like asking if it is good to have high Canadian dollars. It depends on who you are & what business you are in, right?
Read "Is it time to curb foreign real-estate buying in Vancouver?" & make your own decision.
Tina Mak Personal Real Estate Corporation
The Bridge from East to West since 1992
Vancouver Radio Realtor AM1320
www.TinaMak.com
www.Tina Mak.ca 温哥华中文地產網站
www.GenYrealestate.ca
604-412-5860/tinamak@tinamak.com
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