There Are 66,719 Empty Mansions In Vancouver

Zero Hedge ^ | 11 February 2017 | Tyler Durden

[ameribbean expat]

Chinese ghost cities come to Canada.

[Grampa Dave]

So are they buying in Seattle, Portland and the Gay Frisco areas?

[FrankR]

Good...then the immigrants won’t be homeless!

[faithhopecharity]

same in Los Angeles and San Francisco, only difference is that they usually hire a local agent to rent the places out so there are not as many actually VACANT
but same speculative bubble in pricing, yes indeedie...

[Moonman62]

In Sunny Isles Beach (Florida) they are putting up one huge oceanfront condo after another. And most of the units stay vacant after being bought. The story I read said it’s mostly business people who don’t trust the banks in the countries where they are from.

I guess there is only so much bad art they can buy to store their wealth.

[central_va]

Trade deficits don’t matter. /sarc

[Presbyterian Reporter]

Why should anyone care if a house sits empty?

So long as the owner is paying the property tax, the other people are getting a bonus.

The absentee owner demands no government services for the taxes paid.

[Pearls Before Swine]

“Occupy Vancouver.”

I can see it now.

[MamaB]

I get pictures of abandoned houses/buildings on FB. Some are still beautiful after decades. A poster showed a picture of. one and when he went in, there was money on the dresser and other places. I love the stories about them. They showed one that I would stay far away from. It was a beautiful hotel on the edge of a mountain. No thanks. I think it was in Central America.

[faithhopecharity]

you got it, the supply of bad art isn’t adequate to hide all the stolen moola

ha!

[ealgeone]

Room for Canada’s muslims.

[Theoria]

Yes, big time, all of the above.

[21twelve]

In Seattle now. Our neighbor is trying to buy a house and he said it is terrible. 1,400 sq. foot tear down (built 1963, never updated, rat turds filled the attic, etc.) had 30 offers in a day, went for over $700,000. Most of the offers are Chinese, with some Indians.

He looked at one house and the house next store to it was huge and about three years old. Ready to move in (appliances, etc.) but it had never been lived in. Brush overgrowing the place. Built by some Chinese guy. He figured after three years of being closed up it was already having mold and mildew issues.

[Celtic Conservative]

Lookup “this is dan bell” on youtube- tons of that stuff.

CC

[stylin19a]

let the syrians know....

[Gay State Conservative]

IIRC they passed a law there imposing a huge tax on real estate sales made to non citizens.I believe it was done to cool off the market which,it was claimed,had become overheated due to Chinese money.

[Grampa Dave]

Decades ago, when the Japanese economic machine seemed to be unstoppable, they started buying golf courses, restaurants, big home, estates, vineyards and whatever they wanted to buy throughout California.

They fired good managers/stewards of their new businesses and the places went down hill fast.

Then, their economy went south, and they lost property big time here.

[SaveFerris]

[I guess there is only so much bad art they can buy to store their wealth.]

I know an artist that painted triangles. Not sure if they were Isosceles or not. It was a great investment of "found money".

[Mr. Blond]

Never understood this financial strategy. It’s not an investment if it goes unrented, and devalues as it delapidates.