Friday, April 22, 2011

60% of Toronto Condo Sales to Mainland Chinese

Why is Cam Good the only source for data? Or shall I say "data".

The new real estate protectionism is misguided
In the last two months, we've sold over 700 condos in Toronto. Sixty per cent went to Mainland Chinese buyers.
There is a rapidly growing middle class in China which is just now beginning to realize they can afford homes abroad.
Uh, yeah, and that middle class make $3000-$6000 per year. That doesn't put condos anywhere within budget. Since you talk to all of these Chinese buyers, why don't you ask them where the money came from? We're all quite curious to hear the answer.

For that, we should be grateful.
This from the guy who gets a percent of every sale. And a few boomers will time their escape, but what about everyone else who wants to buy?

But instead of gratitude, I see growing fear and resentment that foreign buyers are inflating prices and pricing "us" and "our children" out of the market.
You act surprised. "Please sir, may I have another?"

It's too late for protectionist measures anyway. There are so many Chinese here already.
Ha ha, he did say, "suck it up."

We are a nation of immigrants after all and Chinese Canadians are some of the best. I've got no tolerance for this kind of attitude. In fact, I would love to see the advocates of this nonsense debate their ideas with some native people. I think they would really enjoy the irony.
Assuming the argument has merit, which I honestly don't want to get into since Canadian culture isn't my culture. Addressing the logic only . . . Why would a repeat performance have more validity? This is your argument: that some people got pushed aside once, so they have no right to speak out if it happens again? Seriously weak tea.

Let's look at what this global trend is doing to benefit us: It's driving demand and creating a real estate industry that is the envy of the entire world.
OMG. You look at the U.S. and make this thoroughly specious argument? Dear mother of realtor lockboxes you are willfully ignorant.

Our land, homes and businesses have become more valuable
This is just like a fortune cookie, except you always add "on paper" to whatever a realtor (or banker) says. Valuable ON PAPER. The supply of future fools will run out. Every single bubble in history they have run out. Then and only then will Agent Weak Tea grasp the problem.

The argument for protecting our real estate from offshore investment is not economic, but emotional.
It is actually both. It's straightforward what happens when foreigners bring too much money to your shores: inflation. Brazil figured this out very early in this game, they were the only ones. In Canada, heads will roll.

Relax. Stop feeling sorry for yourself and pick up the phone to call a realtor or a mortgage broker, either of whom will be more than happy to show you how easy it can be to get your real estate groove on.
OMFG. OMFG. Seriously. I can't mock this. Satire is dead, long live satire.

Well, I'll give it a go, but it's going to be difficult. LOL.

Yeah. You there making 90k a year. Come on over and borrow 10 times that to buy a house. (cue Austin Powers) Yeah, baby. Get your groove on. What, you don't want to borrow ten times your income, you lazy, feeling sorry-for-yourself sap.


JonDylan said...

this is brilliant... my gf and I both make 60k, and are finding it impossible to buy a house in Toronto. We work here, live here, both have Grad degrees .. yet can't buy a house in our city (or it would be very painful).

Foreigner can buy residential real estate .. why? So we have shinier condo's we can look at from the outside? This is a big deal. Thanks for the article.

KY said...

Canada needs to puta cap on foreigners buying property. Should be based on an escalating scale. I.e Canadian citizens should be allowed to buy a home worth '400,000> while non-Canadian citizens should be able top buy something worth lede than 400,000