/biz/ - Business & Finance

There’s a reason why so many foreign China buyers have been fucking up the housing economy here in Vancouver, BC. The wealthy want to move their assets into a illiquid appreciating asset out of country for shit like this happening. Got so bad that actual Canadian citizens were having a tough time finding a home let alone resorting to renting/leasing. This isn’t the least bit surprising and I expected it. Remember having a conversation with a real estate agent about how WallStreet is better than that of trying to sell houses when I went into options and using cash only leveraged buying on SPY. Dude mentioned that these foreign investors are buying houses and literally just leaving them empty. They drive the price up so high that it sets a standard that others follow - the result fucks up the actual citizens needing shit as the government let them buy it. That “foreign tax” isn’t even a debt to the wealthy probably.

Had this convo a few months ago - so things may have shifted. I’ve been focused on crypto lately as an experiment yolo play - so I’ve had Bloomberg on mute.