Observations and Opinion of a West Coast Woman – “The result is that many of the people born and raised here are now leaving Vancouver since affordable housing for families is quickly disappearing.”

This poster expresses opinions that are representative of those held by a significant subgroup of Westcoasters. It’s hard to know exactly what percentage of the market is being driven by the kinds of sales she describes. -vreaa

West Coast Woman at greaterfool.ca 9 Apr 2010 10:28 pm -

“Just today I heard the “money expert” for CKNW Radio in Vancouver (Michael Levy) state that Vancouver’s “red hot market” will NOT be affected by the upcoming increases in interest rates. He has also continually stated that Vancouver does NOT have a housing bubble. I just shake my head every time I hear him say these things. The 1950’s houses in my ordinary middle class neighbourhood now sell for $1.8 to $2.1 Million. In 2002-2003, they were selling for $500 – $600,000. For the most part, it’s developers buying the older homes, ripping them down and replacing them with 4000 – 5000 sq. ft. monster homes: Asking price $3.3 – $4.0 Million. These new houses are completely unaffordable for almost everyone who actually works here, so they are usually bought by Chinese immigrants (or is it “visitors”) who park their wives and children here while they work where they can make money and pay no taxes – in China. Meanwhile, we pay through our taxes for their children’s free Canadian education and medical – only so that they can all pack up and leave once the children have finished school, since the children find they can make much more money there than here. The net result is that many of the people born and raised here are now leaving Vancouver since affordable housing for families is quickly disappearing. And since every piece of land is now so “valuable” it has to be used for developer-driven expensive miniature condo housing (instead of parks, public spaces or commercial space), many businesses are also leaving the City. How anyone can look at what is happening in Vancouver and claim it isn’t in a housing bubble and that this “red hot market” is not driven by low interest rates is beyond me.”

3 responses to “Observations and Opinion of a West Coast Woman – “The result is that many of the people born and raised here are now leaving Vancouver since affordable housing for families is quickly disappearing.”

  1. Please inform yourself of Canadian tax law before making charges against certain ethnic groups. Those who leave their wives and children here while working abroad are deemed by CRA to be Canadian residents for tax purposes. As a result, their world wide income (employment and investment income) will be subject to Canadian tax at the same rates applicable to all Canadian residents.

  2. If Chinese immigrants buy a house for $4 Million, the school tax portion of their property tax bill will certainly cover the cost of their children’s public schooling and then some. Health care premiums are also separate from income tax. Your ignorance of these issues smack of bigotry.

  3. van man -> thanks for your comment.
    Please see HERE for a discussion of the issue of collecting this type of anecdote.

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