So canada looks better than China's ghost cities

[shootingstar]

https://www.bing.com/videos/search?q=China+Ghost+Cities+2018&&view=detail&mid=64C895FFDDBCDC3590B364C895FFDDBCDC3590B3&&FORM=VRDGAR  

Empty cities and modern. Looks like corruption and local investors ripped off in CHina.  There is even a city in China that kinda mimics Paris in some its archtitectural facades..

Meanwhile part (not all) of high pricing for real estate is in Vancouver, Toronto and now where are:   https://vancouversun.com/life/homes/new-homes/chinese-inquiries-up-for-calgarys-residential-real-estate/wcm/f0649789-624f-438b-aa1f-c0bb03f8b7a1 I realize that there has been a ton of media light on the mainland Chinese investors, driving some prices high.  However the local real estate agents are just to blame also, licking their chops for higher commissions.  

So ok.. clearly Canada still looks good compared to closer to home, a Chinese ghost city.

[Razors Edge ★]

I watched the video, and don't get that understanding at all (corruption and local investors ripping off China).  I'd say the video presents two opinions - 1) the optimistic "build and they will come" where it is a phased approach of: build -> ghost town -> inhabited town; or  2) the pessimistic "built before the need, government may offer incentives to move factories (jobs!), and some sort of bubble/credit issue may exist if the space is not eventually filled".

 

[Razors Edge ★]

13 hours ago, shootingstar said:

So ok.. clearly Canada still looks good compared to closer to home, a Chinese ghost city.

This is a separate story altogether, and in line with the one places like London and NYC have faced over the years with foreigners wanting "safe" places for their money.  Russians in particular were/are an issue in London - buying expensive real estate, driving up prices for locals, and just holding (not occupying) the property.  Japanese folks did the same in the 80s/90s in the US, as it is a good hedge against your local economy getting into a recession.  Chinese are now jumping in wholeheartedly.

The dark flip side is that often Russian or Chinese or Middle Eastern money is "dirty" money - ie corrupt or even criminal persons trying to launder their money though "safe" countries like the US, UK, or Canada where we have property rights and those folks know, once they get possession in these places, they won't "lose" it at a whim from their cronies. If life goes bad for them, AND they can get out of their country alive, they will have property in the US/UK/CA to get them by comfortably.   

[shootingstar]

8 hours ago, Razors Edge said:

UpThis is a separate story altogether, and in line with the one places like London and NYC have faced over the years with foreigners wanting "safe" places for their money.  Russians in particular were/are an issue in London - buying expensive real estate, driving up prices for locals, and just holding (not occupying) the property.  Japanese folks did the same in the 80s/90s in the US, as it is a good hedge against your local economy getting into a recession.  Chinese are now jumping in wholeheartedly.

The dark flip side is that often Russian or Chinese or Middle Eastern money is "dirty" money - ie corrupt or even criminal persons trying to launder their money though "safe" countries like the US, UK, or Canada where we have property rights and those folks know, once they get possession in these places, they won't "lose" it at a whim from their cronies. If life goes bad for them, AND they can get out of their country alive, they will have property in the US/UK/CA to get them by comfortably.   

Yup the dirty money/laundering part.  Our federal Canadian finance minister did say that our laws had to be tightened even more so to prevent this. 

I really find it disgusting when the Canadian news talk about "dropping" with an edge of false panic, for real estate prices at the slightest blip-drop...it is the local real estate community that is pumping this false news.  So what if the housing prices in Vancouver and Toronto should cool down abit.  Right now in Vancouver, it is super insane.