“A Caucasian friend who owns a house told me that in 20 years time in Vancouver the only Caucasians left will be serving moneyed Asians. Does he intend to then sell for 10 million dollars and leave?”

“A friend (who has a house) told me that in 20 years time Vancouver will be populated by HAM [‘Hot Asian Money’], and that the only Caucasians left will be serving them.
Does he picture himself living in such a community, being Caucasian himself? Does he intend to sell for 10 million dollars and leave?
I thought I did not agree with that vision of the future, until I went to Telus World of Science and noticed bilingual exhibition panels: English/Chinese. Not other language. I will sent them a letter expressing my frustration as a non-Chinese ESL immigrant, since they made my kids feel like secondary citizens.”

painted turtle at vancouvercondo.info 26 Sep 2011 8:06am

We personally don’t foresee that “20 years time” outcome, but we wouldn’t be at all surprised if a good number of local owners, who DO imagine this happening, are harbouring fantasies of cashing-out big and then leaving to retire elsewhere.
– vreaa

17 responses to ““A Caucasian friend who owns a house told me that in 20 years time in Vancouver the only Caucasians left will be serving moneyed Asians. Does he intend to then sell for 10 million dollars and leave?”

  1. Let’s face it, some long-time-resident granny in a west side bungalow will do well for herself even if prices drop 60%.

  2. Hmmm. 20 years.

    Well, if that particular scenario should come to pass… and provided that senescence hasn’t unduly taken its toll – I shall grow my hair long (again), cultivate a righteous FuManchu ‘stache!… and establish a NewTemple! A new style! As venues go, the Mount Boucherie MissionHill ReEducationCentre, I mean, Wine Education Centre, might do.

    A shrine to TheMysteriousOccidentalArts.

    Aspirant acolytes ‘O The Orient will, of course/necessity, compulsorily submit to the new rituals/Mystical Shibboleths of the Temple ‘O BBQ/Vino. And pay handsomely for the privelege!

    It could look something like this…

    Chapter 8 – The Cruel Tutelage Of Nemesis

    http://tinyurl.com/5uhvbva

  3. in 20 years time Vancouver will be populated by HAM [‘Hot Asian Money’], and that the only Caucasians left will be serving them.

    What does this mean? Are business owners, doctors, bus drivers, store clerks, etc. not serving others (Asian or Caucasian)? I don’t get this attitude. Does this guy suffer from an inferiority complex?

  4. The “non Caucasian” angle is a bit odd. The West side will always have doctors and lawyers earning large. Here’s a wild prediction: if the upper middle classes are priced out, we’ll see foreign ownership restrictions and other hamfisted curbs rather quickly.

    I doubt it will come to that, though.

    • The upper middle class has been priced out long time ago, if you go by traditional or semi-traditional standards.
      Right now we are in bizarro world, though, where anyone from CEO’s to NINJAs can “afford” to buy.

  5. Many people already are now, never mind in 20 years. Look at most schools on the west side – majority asian students. Look at UBC.

    I am not sure what to make of the comment. This is Canada – multiculturalism – at its finest? probably not. It is a sad state to see Vancouver itself change so much in such a short time period. Is this new chinese imperialism – rip down houses they paid 2 million for and literally we have seen the Vancouver landscape change so much in the last twenty years. I don’t think any other city in Canada, even the U.S. has seen so much tear down, new build construction. Calgary exploded outward, but it was prairie landscape, so not much tearing down.

  6. Somehow you are going to need to come up with a better argument about all this “HAM” that we are going to be servitudes for. Those poor schmucks are in far worse shape than Vancouver’s blind fools. Believe what you want to believe.

    More Signs China Is Going Bust

    http://www.marketoracle.co.uk/Article30702.html

    “The east China city of Wenzhou is battling its own subprime crisis,” Shanghai Daily reports, “after seven local business owners fled.” Wenzhou, the “cradle of China’s private economy,” is China’s latest ground zero for a credit boom gone bust.

    Hu Fulin is one of the seven “runaway bosses” who, faced with insurmountable debts, decided to hit the road this month, “leaving thousands of employees in a state of shock and enormous unpaid loans in hundreds of millions of yuan.”

  7. Wesbrook village, at UBC, is virtually 100% asian – the exceptions are the faculty/staff rentals and co-development building.

    The new UBC developments are targeted towards Asians:http://www.vancouver-real-estate-direct.com/buzz/2011/09/vancouver-yu-wesbrook/

  8. I’d like to point out that a buddy of mine from BC became an oral surgeon he moved to NYC instead. He didn’t think he could afford Vancouver, so yes professionals are leaving. I’ve known him for 15 years

  9. It’s already the case! What the hell do people think is fundamentally driving housing prices and the general economy in Vancouver? Is it local manufacturing/industrial employment and income growth? (Don’t be fooled by the rationale of lower interest rates and cheaper mortgages – it’s a red herring. Lower interest rates have just allowed more marginal buyers to buy into the market but it’s not the fundamental driver otherwise it would be universal.)

    Furthermore, do you think it’s the Chinese who are leaving Vancouver to find employment in the interior or other provinces in order to provide for their families? Vancouver has a service-based economy – it’s a fact. So do you see the HAM working the trades or taking cashier jobs at your local department stores or servicing your car. Just open your eyes and observe and come to your own conclusion but the bottom line is that the rich don’t service the poor. Vancouver is pretty obviously a city for the rich and the rich have increasingly become HAM. And, finally, a housing price collapse in Vancouver will not change this fact.

    • You may be underestimating the effects of record low interest rates and marginalRE buyers on the economy. That alone can add fuel beyond belief.
      Remember this post?:
      When A Speculative Mania Ends, Wealth Simply Disappears
      (The converse is that during the mania, wealth has simply ‘appeared’).

      Having said that we agree that we do see some of the effects that you describe; but they are very hard to quantify and it’s unclear what effect the coming price crash will have on all this.

    • Hahaha…cant rely on them Chinese too long, when they go, they’re taking Vancouver (…and most of Canada and Australia) down with them…
      http://www.businessinsider.com/china-economy-more-worrying-signs-2011-9

    • “Just open your eyes and observe…” – Airedales

      Priceless. Or, in the immortal words of Mobuto Sese Seko (whose notoriously profitable administration/’stewardship’ of Zaire inspired political lexicographers to invent: “Kleptocrat”)…

      “In a word, everything is for sale, anything can be bought in our country. And in this flow, he who holds the slightest cover of public authority uses it illegally to acquire money, goods, prestige or to avoid obligations.” – November 25, 1977

      Although personally, ‘Nem’ has always preferred this SeseSeko Pearl ‘O Wisdom:

      “The chief is the chief. He is the eagle who flies high and cannot be touched by the spit of the toad.”

      Of course, Mobuto was mistaken – as sooner or later, all ‘high flying’ Kleptocrats invariably succumb to the ambitious Toad[s]…

      http://tinyurl.com/3qrpeeq

      • Afterthought, in the spirit of, “How the world really works.” & “Follow the money.”…

        [G&M] – Banker in Iran scandal said to be in Toronto

        “A top Iranian banker who resigned amid a massive embezzlement scandal, one that has soured the political fortunes of President Mahmoud Ahmadinejad, has fled the country and is reported to be in the Toronto area – where a $3-million home is owned in his name. The scandal is described as the biggest fraud in that country’s history. The amounts of money involved exceed even the $2-billion loss the Swiss bank UBS recently sustained due to a rogue trader.”,,,

        http://tinyurl.com/3vcslqe

      • Iranian Banker/Toronto – > One to follow; will he keep the house?

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