(public).sospep.subjects ~ view article ~ vancouver-housing-plenty-of-blame-in-real-estate-game

<h1 style="text-align: center;">plenty of blame in real estate crisis</h1>
<h2>[WHAT]</h2>
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<li>&nbsp;] by Gary Mason @globeandmail.com - Mason's analysis of the real estate market in greater Vancouver places the blame on politicians lack of action.</li>
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<h2>[WHY]</h2>
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<li>]&nbsp;</li>
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<h2>[WHERE]</h2>
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<li><strong>] READ THE FULL ARTICLE</strong></li>
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<li>]&nbsp;<a href="http://www.theglobeandmail.com/opinion/plenty-of-blame-to-go-round-in-real-estate-crisis/article29384402/?cmpid=rss1" target="_blank">http://www.theglobeandmail.com/opinion/plenty-of-blame-to-go-round-in-real-estate-crisis/article29384402/?cmpid=rss1</a></li>
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<h2>[WHEN]</h2>
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<li>] 2016-03-25</li>
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<h2>[EXAMPLE]</h2>
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<li>]&nbsp;History will not be kind to <strong>the political leadership in this country that has mostly watched, hands in pockets, as the hyperinflation</strong> we are witnessing in Metro Vancouver&rsquo;s real estate market <strong>destroys the home-ownership dreams of more and more of the young and middle class.</strong></li>
<li><strong>]&nbsp;The B.C. government recently vowed to crack down on real estate agents involved in nefarious practices such as shadow flipping that help to drive up prices.</strong> But this is a small measure that will do absolutely nothing to improve affordability. <strong>Its primary purpose is to improve optics:&nbsp;</strong></li>
<li>]&nbsp;This week, two economists from the National Bank produced <strong>a study showing as many as one-third of house purchasers in Metro Vancouver last year were from China.</strong> But perhaps the most interesting numbers to be revealed lately concern <strong>the impact that the immigrant-investor program</strong> &ndash; both the one run for years by Ottawa (and terminated in 2014) and another that still exists in Quebec &ndash; <strong>has had on the real estate madness we are witnessing.&nbsp;</strong>For example, <strong>after 10 years the average annual income tax paid by these millionaire migrant investors is $1,400. That compares with $7,500 for the average Canadian.</strong> The report notes that after five years, many of these investors have secured Canadian citizenship and returned to their home country.</li>
<li><strong>]The B.C. government, meanwhile, is only too happy to take rich immigrants through the investor back door</strong> that continues to be provided by Quebec. It doesn&rsquo;t care that it isn&rsquo;t seeing any of the loan money that immigrant investors have to pay; <strong>it is making tens of millions from the insane escalation in real estate prices these immigrants have set off.</strong></li>
<li><strong>]&nbsp;</strong><strong>Canadians should be furious that their governments allowed this to happen. </strong>Now all that these same governments can do is introduce lame measures that will have no meaningful impact on housing prices, but rather are designed to show that government is on the problem!&nbsp;Except they&rsquo;re not. And never have been. And hopefully history will judge them harshly for that.</li>
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<h2>[HOW-TO]</h2>
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<li>]</li>
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<h2>[REFERENCE]</h2>
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<li>] SRC = r/van, <a href="https://www.reddit.com/r/vancouver/comments/4c23un/plenty_of_blame_to_go_round_in_real_estate_crisis/" target="_blank">comments</a></li>
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<h2>[RELATED]</h2>
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<li>] # <a href="/view/article?id=4945" target="_blank">4945 - vancouver-housing</a></li>
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<h1 style="text-align: center;">&nbsp;</h1>

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