900kCrackHouse at vancouvercondo.info February 15th, 2011 at 8:43 am – “I know a number of cases of underused houses purchased by asian buyers:
1) My friends apartment was just purchased by foreign buyers and he was kicked out for “renovations”
2) I know a 20 year old university student who’s rich aunt from Asia just bought him a house in North Burnaby. He manages the tenants and when he can afford to pay the 70% mortgage, he gets the house. Oh, and I should mention they own two more houses in Burnaby, one of them a $1 million dollar house occupied only by the Aunt’s 18 year old kid.
3) Huge house in Fraser Heights in Surrey occupied by a 90 year old Grandma. The 18 year old daughter used to live there, but she wanted to live close to UBC so they bought her a condo out there.”
What do you do when you’re the investor owner of an ‘underused house’ and the price starts steadily dropping, month after month? Along with ‘local speculator’, and ‘boomer’ supply, ‘foreign investor’ supply will all start coming into the market at the same time. These groups of investors are largely momentum players, and they’ll start leaving when prices start heading the wrong way. -vreaa