Canada’s subsidizing foreign millionaires

Anyone who has spent time in Vancouver recently knows there is one topic everyone talks about: real estate.

The frenzied housing market, where tear-down homes sell for millions of dollars, is showing no sign of slowing down. In fact, 2016 is already breaking records for sales.

According to the Economist, Vancouver is the most expensive city in North America and the second-least affordable housing market in the world, after Hong Kong.

The average detached home now sells for over $2.2 million.

This gonna make you vomit….

  • Drunk_by_Noon

    Well… YEAH!
    Canada, I love you like a brother, but WHAT WERE YOU THINKING?
    Millionaires from the third world are the biggest class of thieves, criminals, crooks, and liars that there ARE in the world.
    How do you think they became millionaires in a country where people are starving or living a subsistence existence?
    Do you really think that they found a consumer need and filled it?
    NO! They stole ever single dime of it.
    Why do you think why most Russian oligarchs can’t even get a tourist visa to visit Disneyland?

    • El Martyachi

      Russian Disneyland is better anyway.

      Children play happily on the weaponry and people seem to enjoy themselves. And yet there is something brazen, if not insensitive about the display. These are, after all, the tools of war — killing machines really — paraded as if they are toys and rides at an amusement park.

      • Drunk_by_Noon

        I can’t wait to ride the “Splatterhorn”.

        • El Martyachi

          … run by crane-operator school washouts.

    • Justin will restore the program, those millionaires are oppressed Chinese oligarchs!

      • Drunk_by_Noon

        Those rich Chineese really bring a lot of traditional values to Canada.

      • k1962

        The investor immigrant program was ended by Harper, but apparently 1700 of them still come in through Quebec which has its own immigration rules and they head straight for Vancouver. But it’s not just the rich immigrants that are the problem. The investors who have no intention of ever living here (or sending their wives and children to live here) still invest in our housing. Your average Canadian making Canadian wages just cannot complete. We are now into absurd housing prices. I feel bad for my kids and every other Vancouverite’s children. The other problem is that these rich investors are also going to what were once affordable, nice places to live like Victoria and Kelowna and the Fraser Valley and prices there are going straight up as well. We need to slam the damn door shut or we will all be tenants in our own country.

        • Rosenmops

          Exactly. My son is living in a basement suit in Vancouver. I’m trying to convince him to move away. I hope these crooked billionaires don’t ruin the whole province.

          The university in my town brings in lots of Russian students– minigarchs. Also Nigerians. However at least they are not muzzlum.

    • Rosenmops

      Canada gets crooked billionaires from other places too, Iran for example. So vibrant!

      • Waffle

        The late, great George Jonas nailed it when he said Canada was like a hotel (an expensive one).

  • simus1

    Providing welfare and low cost education to a few thousand “zero income immigrant” family members of non resident Chinese head of household multimillionaires is just a symptom of much larger problems.
    Government waste is a huge industry for insiders and empire builders.

    • Observer

      You forget the free healthcare.

      Many bring their elderly senile parents here so we can pay to take care of them and that is extremely costsly.

  • reidjr

    While on a much smaller scale this is starting to happen in a Ottawa burb (Kanata) a new development aimed at the Asians small two story houses are going for $800,000.

  • Ford Prefect

    As an Albertan I find it all amazing that your ditz of a leader does all she can to stop our piplines somthing that will bring money to the provience. Then she embraces money laundering in the housing market which is a disaster that just has not happened yet. I guess we know which party pays more for the sex. I will enjoy the crash immensely.

  • ismiselemeas

    I’m in real estate in Toronto. We have a steady stream of 30 something heritage Canadian clients who are now leaving Vancouver in droves and resettling in Toronto. Vancouver will collapse in 5 years, not due to property prices but because of the flight of its most productive citizens. It is no longer a “Canadian” city. Our clients all say the same thing about Toronto, they can’t believe how “Canadian” it is.