Canadian In Hong Kong Aims To Buy In Vancouver – “I plan to be another guy coming from Hong Kong buying your property and renting it out to you, even though I’m a white Canadian guy.”

“Let me share my story. I moved to Vancouver with my family when I was a teen from Eastern Canada. I went to UBC and graduated with a science degree. The jobs available to me were $12/h lab work on temporary contracts or sales at small supply companies, which at least had the potential for a career. How am I supposed to build up any substantial net worth $12/h? I opted for the latter; 100 applicants for every position. Needless to say, I did not make it to the 2nd round of interviews; a few interviewers asked to photograph me (kind of illegal) because it was hard to remember who’s resume belonged to whom.
I did some research and found work online that required my degree. I thought it’d be a side job until I found a “real” job. That ended up being a modest but living income. All of that money was from East Asia; not a dime from Canada.
Yesterday, I got a job offer in Hong Kong, and I’m going to take it. I’m going to make several times more here than I could in Vancouver. I’ll make incredible connections. Interestingly, although I’m not Chinese, many of my peers from UBC born in HK have returned for work because there’s simply more opportunity here. Yes HK is crazily expensive; it’s rents are easily double those of Vancouver! However, I can actually afford to live here without squeezing by. I’m going to be able to save a lot of money, which I hope to use towards a property in Vancouver. Ironically, I plan to be another guy coming from Hong Kong buying your property and renting it out to you, even though I’m a white Canadian guy.
I love Vancouver and do not want to settle down anywhere else. I see the huge appeal of living there from the perspective of Hong Kongers and Mainland Chinese. However, there’s just far fewer opportunities to grow in Vancouver; combine that with high costs, and you’ve got a losing combination. It’s good to end your career in Vancouver, not start it. I really feel Canadian employers treat young employees like trash in the name of economics and wonder why we jump ship at the next opportunity that comes along.”

– twelvis commenting on a reddit thread ‘Some Vancouver workers have been priced right out of the country’, 22 Feb 2013 [hat-tip proteus]

40 responses to “Canadian In Hong Kong Aims To Buy In Vancouver – “I plan to be another guy coming from Hong Kong buying your property and renting it out to you, even though I’m a white Canadian guy.”

  1. Why not ? Thats what the government wants ,they dont give a shit about Canadians ,they just want the money to keep funding their outrageous wages.

  2. “Canadian employers treat young employees like trash in the name of economics and wonder why we jump ship at the next opportunity that comes along.” – TwelvisPelvis

    …and the EligibleRentersPool for Twelvis’ Burgeoning, HK Administered PropertyEmpire would be… ???

  3. Yes, this called “getting out, in order to get in” …good luck to you.

  4. The choice is obvious especially for young educated people like yourself. That however indicates tough times down the road for aging Canada especially in post bubble economy. Good jobs will be even harder to get and taxpayers will have bail out (in one form, or another) institutions and individuals, who created this mess. Looks like we really borrowed our way out of recession and housing crash. That worked more or less like the band aid on body which requires stiches.

  5. A cautionary tale… and, such as it is, your Quote ‘O TheDay, DearReaders…

    “This is going to be a nightmare. This is going to be tragic. I just think they’re going to go in there and sell off all our assets. We’re not going to have anything left. And if you sell off the assets, we’re still going to be in debt.” – State Senator Coleman Young II, Detroit Democrat [and the son of a longtime mayor of the city]

    [WaPo/Bloomberg] — Michigan Governor Rick Snyder plans to put a state manager in charge of ending Detroit’s fiscal crisis, stripping power from officials of a withered city that in 1940 was the nation’s fourth biggest and a seat of industry.

    …”Detroit, with a deficit of about $327 million and more than $14 billion in long-term obligations, would be the sixth Michigan city put under state control as Snyder tries to prevent what could be the largest U.S. municipal bankruptcy. Starting later this month, a manager would have the enhanced power to cancel labor contracts, cut spending and dispose of city assets…

    …As Detroit’s bond prices have fallen, the yield premium on Detroit limited-general obligation bonds maturing in 2015 has risen to an average of more than 9 percent this year, up from about 7.5 percent in the last four months of 2012, according to data compiled by Bloomberg.

    Among the city’s challenges are uncollected taxes. Almost half of property owners didn’t pay levies totaling about $131 million last year, according to the Detroit News. That’s about 12 percent of the general-fund municipal budget, the newspaper said Feb. 21.

    http://tinyurl.com/a2jldzk

    [#CouldBeWorse/Bonus’Zen’]

    [AlArabiya] – Cash-strapped Egypt considers offering pyramids, other monuments for rent

    …”Egypt’s finance ministry sent a proposal to the country’s antiquities ministry to consider offering key monuments, including the pyramids, to international tourism firm as a quick solution to generate funds needed to overcome the financial crisis, an official has said.

    Rumors about the proposal, which some described as preposterous, have circulated online for weeks.

    But on Wednesday, Adel Abdel Sattar, the secretary general of the Supreme Council of Antiquities, in an interview with Egypt’s ONTV channel confirmed the existence of a proposal to offer Egypt’s monuments, including the pyramids in Giza, the Sphinx, the Abu Simbel Temple and the temples of Luxor, to [an] international tourism firm.”…

    http://tinyurl.com/atx28aw

    [NoteToEd: Try as I might, I’m hard pressed to think of any historic, monumental edifices we could flog to the Qatari’s… perhaps we could mummify the Premier and her CabinetCronies and entomb them in an elaborate ParticleBoardSphinx?]

  6. I am waiting for comments saying every penny from HAM are dirty, comrade this or wu more that

    • Naker Official #9000

      Loyal cadre, be on your guard! This forum is full of disharmonious splittists and pro tibet western imperialist running dogs!

      Wu Mao has been deposited in your account – however, it will be held in escrow until an appropriate time (as I see fit) upon an internal review of your comment portfolio – for the motherland! Avenge national humiliation!

      For the rscore, all of my money is clean – we vacuum sealed it into the lining of my suitcases when we entered the country. How else can I afford my sons’ orange and green masaratis?

      • Naked official 9001

        sb

      • Naked Official #9000

        SB = 傻屄
        [shǎbī / sha3 bi1]
        noun/adjective.
        Stupid cunt, or describes something as being very stupid. Often shortened to “SB”, “sha bi”, 傻B, 2B (2 = S), or 傻 + any Chinese character with the “bi” sound like 逼 or 比. In fact, 屄 is the true character but almost never used.

        Yes! Let the butthurt flow through you, cadre!

    • “DirtyMoney” is so pejorative…. especially when you allow that some visitors have gone to such extraordinary lengths to assure it’s ‘cleanliness’…

      [G&M] – Alleged dragon head laundered triad cash in Canada: court documents

      …”An accused triad leader from Macau laundered millions of dollars of dirty money in Canada as immigration officials waited over a decade for access to police wiretap information that allowed them to move to have him deported, court documents show.

      Lai Tong Sang, the alleged “dragon head” of the Shui Fong gang who fled a bloody turf war by coming to Canada, was the subject of an investigation by the Integrated Proceeds of Crime unit, according to documents filed with the Federal Court of Canada in Vancouver…

      ….“It should be noted that it is extremely difficult to investigate or prosecute members of organized crime, given that they are often sophisticated, very mobile, have access to vast resources and use violence or threats to intimidate witnesses,” stated a report by Citizenship and Immigration Canada filed in court. Evidence from wiretaps and police investigations was not able to be released at the time that Mr. Lai arrived in Canada and was the target of an assassination attempt by gang rivals.

      “Information within the disclosure packages indicates that the Shui Fong were involved in various criminal activities, but not limited to, murder, assault, extortion, gang fighting, illegal gambling, and living off the avails of prostitution,” said the report. Mr. Lai’s membership in the Shui Fong is lifelong, “even if he is not active in criminality in Canada.”

      Mr. Lai did not attend his IRB admissibility hearing in person, but called in from Macau. His wife and children live in Metro Vancouver, and immigration officials seek to have them removed on the grounds that material facts were misrepresented in their visa applications.”…

      http://tinyurl.com/c9b7k84

      [NoteToEd: Curiously, for some reason best known only to themselves, the G&M’s editors have opted to disallow comments on that particular story.]

  7. Red-dit Guards say the damnest things.

  8. Real Estate Tsunami

    They all will be back.
    Once they need health care or pensions.

    • That’s sad, when the initiative to come back or stay is based on a health need or aging. Disproportional increase in the number of both categories results no money to pay for it.

      • Real Estate Tsunami

        Simply question:
        Where would you rather give birth, in China or Canada?

      • Of course in Canada but my choice does not explain where the money for a health care are going to come from if disproportionally more younger and healthier people would move out and sick/older people move in or stay as they are obviously more limited in their choice of the moving out for a job seeking or retirement.

      • Real Estate Tsunami

        Olga,
        You’re hitting the nail on the head.
        Unfortunately, I believe we’ve gone too far down this road and as a result I see lower quality of health care and lower pensions for everyone.
        There are more than 4 million “Canadians” with dual Citizenship living outside of Canada.
        There are more than twice the number of CareCards in circulation than there are people living in B.C.

      • Makes you wonder when they will finally get around to putting photos on Care Cards. That seems long overdue. Is the BC medical system so out of control that they issue so many cards though?

      • Real Estate Tsunami

        They could put photos on the Care Cards.
        But you know, don’t want to upset the “ethnic vote”. 🙂

      • 4SlicesofCheese

        They are combining care cards and drivers license now.
        I do not know about China, but I think it is a misconception to think health care outside of Canada are bad.
        Look at the hospitals in BC, and the whole family doctor scam in Canada is a joke, quantity vs quality of patient care. In and out, next, wheres my cheque?

      • Realtor behavior

        Healthcare is a joke here! Every time I went to see a doctor, they didn’t give a shit about me. They always only gave me steroid cream which charged $60 plus at pharmacy which cost only $6 if I bought it myself, or tylenol. When I was in excruciating pain at the ER for GERD, they left you in the lobby, assuming you are one of the drug addicts who needed a shot for morphine, while you were struggling with your pain for hours until you gave up and left. I haven’t been seeing any doctor for years. I am seeing myself have my next doctor’s appointment in Canada, more likely for my death certificate than for treatment.

    • Naked Official #9000

      Loyal cadres deserve full ride benefits and pensions!

      Zhong He discovered this continent in 1491 in anticipation of the harmonious glory of the party!

  9. Chinese health care inflation, a primer
    Price of 1 pound of White Ginseng at the Canadian farm, 2012: $18.33
    Expected price of 1 pound of White Ginseng at the Canadian farm, 2013: $26.29
    look out Above, inflation is slated to ravish China in the years ahead.

    • While I agree about inflation in China overall, what does it say about the Chinese health care if the White Ginseng is still considered to be a valuable drug.

  10. Seeking knowledge...

    As someone who also graduated from a Canadian university and having traveled to HK and China for business and pleasure, this guy will do well there. Here is why: he has a North American university degree, Canadian work experience, and (I don’t know why this is) he is a Caucasian working in Asia. But he is going to have one big, humongous culture shock. If he thinks Richmond on the weekends is too “Asian” for him, he will be running back in no time. HK life makes Vancouver look like the town in Pleasantville.
    Of course, this is purely from my own personal observations.

    • Real Estate Tsunami

      Same experience here.
      Money is great, but quality of life is bad.
      Only recommended for workaholics.

      • LS in Arbutus

        Totally concur, but if you are young and willing to work hard and SAVE your money, it’s a good place to do this.

  11. why does the does the worlds most world-class livable city have a such pitiful career opportunities

    • High RE and overall living costs kill the city and change its character. When people spend more for the RE they have no money for other things. Misallocation of resources.

    • UBCghettodweller

      At least for someone with a physical sciences degree- there are nearly no established companies with R&D departments and no one is stupid enough to try and start a company in this city for a number of reasons, most of which have been outlined in this thread and others.

  12. Here is what I read:
    I am a white entitled young guy with an education that could never afford a property in Vancouver and have been a renter to date.

    I am going away to make lots of money so I can invest heavily into Vancouver real estate to get revenge on all those renters out there. It does not matter that the cash flow and ROI (cap rate)on real estate in Vancouver is abysmal, if not negative. I am going to do it anyway and not worry about the math.

    I have been told real estate is the only path to riches and by golly I am going to stick it those Vancouverites.

    Good luck with your investment plans

  13. Yes, make your money abroad, and invest it in housing in Vancouver. Once the bubble has been realized, it’s best to cram as much money in here untill the bubble pops.

  14. So dude’s going to go abroad, make his fortune like a Jane Austin hearthrob, then come back and subsidize my rent?

    Sounds like a plan.

  15. It remains to be seen exactly on whom he will exact his revenge for being priced out of the Vancouver housing market upon graduation. In terms of property inequality, Hong Kong will be no different than the city he has left, only amped up by a factor of 10. He will enjoy Hong Kong’s 17% flat tax rate, and 0 on capital gains. His lungs may not enjoy the pack a day habit he is about to breathe out of the poor air, or worrying about Mainland Chinese foodstuffs to the exent that he will pay triple for imported from Australia. Hong Kong is alive, entertaining, safe, has parkland and beaches, and is the hub of asian travel to the exotic — my advice as a Gwei Loh who lived in HK for 3.5 years, is to worry less about buying Vancouver real estate in the future, and to do his best to learn Mandarin or Cantonese, and learn as much about the people who are year by year, in HK or Vancouver, his people too.

  16. Crap comments. Asian Vancouver landlords posing as students. Who now see their “investments” dwindling away. Just wait till the banks ask for more cash cover on your “investment properties” that’s when it starts to get interesting.

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