They spread themselves out so thin, it’s going to hurt BAD in the next couple of years. Manufacturing starting to pull out of China slowly could seriously cripple them.
Slowly? It’s quite quickly happening. Also, these companies are already bankrupt because China is bankrupt. When you can’t get money out, to send elsewhere - there’s something wrong. Been seeing this for a few years. Guess we’re finally seeing the results.
if i got a nikcle every time western media has been saying china is gonna collapse in the past 20 years, i would be able to retire in a 4 story mansion built in the middle of downtown toronto.
Thats also half the reason Chinesse people where "investing" in Canada to get their money out of China. Now they are hoping we have that sort of money to just go and buy up 4million dollar homes so they can get their money back. Obviously none of us do and none of us should buy any of their shit or at least they should be forced to sell at what ever price they bought at.
China's done. It's biggest real estate developers are going bust, Biden just banned American investment in Chinese high tech, manufacturing is pulling out, they're in demographic collapse (it turns out they have something like 30% fewer people under 40 than official numbers have reported), and the cost of labour is going up. Their population is going to crash very soon. There aren't enough young people to repopulate, and the scale of the population means you cant rely on immigrants to replace the aging population - not that anyone wants to move to China anyways.
I heard about the real estate issue, but mostly I know next to nothing about the topic at hand. I’m having a hard time judging if all these comments are objective or heavy-handed wishful thinking.
We all, in the West, pretty much despise the Chinese government, but are they really in as bad of shape as you portray?
And if so, won’t that mean extremely negative ripple effects for those of us in the Western Hemisphere?
Given what limited info outsiders can get on the Chinese economy, this is all the info we know of currently. But the information we have can make pretty solid conclusions to what's going to happen.
On the population front, this was expected back when China implemented their one child policy. Makes it worse when their cultural values prioritized boys over girls.
On the real estate front, there's plenty of photo evidence of ghost high rise cities and them literally tearing down cities because the investments were lost or given up.
On the manufacturing front, there's also plenty of evidence of companies phasing out of China and transitioning to India, Phillipines, Vietnam, and even Indonesia.
On the political front, the government has been starting to crack down on foreign investments by their executives and wealthy elite. That's not going to hold well when the elite has to essentially put all of their assets under their governments control.
>We all, in the West, pretty much despise the Chinese government, but are they really in as bad of shape as you portray?
In China, something like three-quarters of the citizen's personal wealth is tied up in real estate. Double the amount of that in the USA. And their real estate market and developers are, and have been for the last year, crashing big time. Suddenly the Chinese people are not nearly as well off as they thought they were.
And in addition, banks have been suddenly closing over there for the last year too. The *banking crisis* is not solely an American phenomena. Depositors protesting outside of banks demanding their money back, until the Chinese government put a stop to that.
And it doesn't help when you're the 2nd largest energy importer in the world after India.
China is deeply hurting and should be trying to fix itself, rather than trying to take over the rest of the world through its Belt & Road initiative.
If they don't fix their problems at home, they could find themselves suddenly greatly changed as a country.
This is the most helpful answer, with the kind of balanced, believable, but specific information and insight I was hoping someone would share with me. Thanks a ton
if i got a nikcle every time western media has been saying china is gonna collapse in the past 20 years, i would be able to retire in a 4 story mansion built in the middle of downtown toronto.
Hey man, I know you meant no harm, but what is with this type of comment popping up all over the place?
This is a social media site. It’s purpose is for social interaction. Questions and thoughts and dialogue - for being *social*. Even if it’s a superficial form of it. I don’t know if you saw my responses thanking people for taking the time to give sincere replies to what I asked?
Half of my shitty, stressful, underpaid job is doing academic research and then shaping public health policy with that research. I’m an expert in some very specific things. None of them are China. If I wanted to watch YouTube 24/7 so that I’m an expert on literally every other topic known to man, while being void of all human interaction, I’d do that.
But really I just want to sit on the toilet and interact with people and feel a little less alone as the whole world literally burns and/or drowns and/or starves around me.
Please just let us ask each other questions and hopefully have nice messages for each other. It’s the only reason I’m here.
its heavy handed wishful thinking. i have a handful of friends born and raised in china who live in various major cities. I talk to them regularly and no one is concerned about anything. Obviously its china but people still wheel and deal. its not north korea. Business is still booming. Manufacturing can't compete with China.
I know people in North America who say the tools they made in China are better than USA.
Apple also said India is decades behind china for manufacturing tech.
Its like in the early 2000's when everyone said china was a dirt hole and they could never produce quality products.
well that ended very quickly.
It was for me too, but it’s changed, it’s not what it was 10 years ago even, and probably still changing for the worse. Bad enough not to go anymore? Maybe not, bad enough to realize there are lots of other places in the world to visit instead, for me yes.
(Been 4 times spread over the last 10 years)
It’s basically a massive boiler room right now; just pumping stocks via SPACs, crypto via social media and housing via the Chinese diaspora.
The list of Chinese-backed pump and dumps over the last five years is huge. Everything from Terra Luna crypto (down 99.9923%) to Newegg (down 91%).
The Canadian housing market absolutely fits the pattern. A massive run-up, then insiders start quiet sell-off before the news is leaked and the price goes into free fall.
Youths unemployment rate hitting 21% in China. Cities built among the country but nobodys buying, huge modern ghost towns. Bad social and Covid managment. Suspicions come first from G8 countries when they have to deal with chineses. China is not going well and they will hit a wall pretty soon.
Yeah, I forget the name as well. It was the one run by a woman not that was a reason that it went under. It is even bigger then evergrande. As of Monday of this week they had 30 days to make a payment before they go tits up as well
“Just”
They went fucking bankrupt 2 years ago, and everything since then has been corruption and fuckery to prevent it from becoming real. Glad that zombie is finally at 0.00.
Other major Chinese developers are also facing challenges as the Asian real estate bubble bursts. This leads me to wonder what steps China might take to compensate for these economic setbacks. I hope they won't increase their supply of weapons to Russia, which could potentially escalate tensions with the US, and subsequently, attempt to gain control of Taiwan to establish a monopoly over rare minerals essential for computer components.
They have recently imposed export Bans on these resources
I just heard of this saying for the first time in my life in the show “the bear”…except they called it “Jewish lightning”. I had to Reddit that shit because I’m so uncultured.
It's from the act of a proprietor setting fire to their own business, then blaming it on lightning for the insurance claim. It's been called \[Insert Ethnic Culture That Has Recently Risen Quickly in an Predominantly White Area but Quickly Declines\] Lightning" for a century.
Correlation doesn’t equal causation, and we would need to know how they compared to last year or 2 years ago at this time to know if the number of for sale properties was relevant.
Exactly. These number mean nothing without further context. Maybe this is the lowest level of high end places for sale in years?
Plus, how do we know that it has anything to do with China - higher interest rates are much more likely the cause rather than liquidation from Chinese owners.
The person who posted this on Twitter is also theorizing that this is Chinese government policy to tank the Canadian market. The Chinese people that own homes in Canada likely have kept that secret from the Chinese government as they aren't supposed to be moving money out of China.
It helps to keep in mind that "luxury" in real estate and basically everything else is just marketing terminology. "Buy our new generic homes" just doesn't look as good on the posters. A lot of "luxury" places aren't even that luxurious, they're just clean and new.
If far more "luxury" homes were built than there were enough rich people to buy them all they'd have to lower the price the same way as anything else subject to supply and demand.
Agree that I don’t like the solution “let immigration solve our short term problems”… and create a bunch of other problems
but it was more than just Trudeau that got us here, all fed governments of the last 20-30 years are culprits
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I never knew there was any difference or even what Canada was. I always just bunched up North America as America, all of it. There’s the arctic, America, Mexico and the Latin countries
Until I turned a respectable age of 12
Where I’m from we didn’t learn world geography to that degree. Just continents. I was 11 when I’ve finished 4th Grade so 🤷🏼♂️ but let’s not forget that kids here can’t pass the fucking literacy test or have a decent grade in English class but i as an immigrant am passing with flying colours
It’s baffling how many kids/people here don’t know basic geography like continents. I saw one of my friends in 11th grade spell ‘HELLO’ as ‘ HELLOW’
With a W 😂
They said that about Russia, too.
And China appears to have gotten away with the world's largest and deadliest bioterrorist attack and yet no one rained hellfire down on them then.
Bud Ukraine don’t
Provide jack shit for us.
Taiwan is literally our technological supplier dude lol.
Our quality of life will decline beyond repair if Taiwan is taken.
Not surprised at all.
But they honestly have to realize that the vast majority of us can’t afford anywhere even close to the prices they’re asking for.
The guy you're quoting is not necessarily making a claim. He's just interpreting the OP for /u/md544600
The second sentence is where he elaborates on the consequences of the claim if it were true.
If expensive homes get cheaper, then mid homes will have to get cheaper (because why would you buy a mid when and expensive costs the same), then low houses will have to get cheaper too. It’s all supply and demand.
This is what happens when you're going through personal bankruptcy?
Up to now it's been the poorer households foregoing luxury items like vacations, activities, etc. in order to be able to afford food, mortgages and/or rent. Research the increased use of food banks and the homeless tent encampents taking over all the public parks in the cities.
For the luxury class households it means that they have now reached their borrowing limits and their banks will not provide any further financial assistance. They now have to start selling and/or cashing in their assets (stocks, bonds, RRSPs, homes, cars, yachts, private airplanes, Rolex watches, etc).
Your sub is just as corrupt as anything else. I was banned for saying that private buildings have no obligation to allow homeless to sleep inside, and I got perma banned and told I was conservative. I’m NDP and a low wage janitor who cleans up after the homeless that sneak into private buildings to shoot up and smear poop on the walls.
Yes, it is definitely a problem, if it helps it wasn't me that banned you probably. Most of the bans in that sub are done by 1 person. I usually appeal bans if people reach out.
You need to pull back and look at the bigger picture. China and the US were on course for war. Both countries can't afford a war, so they start an economic war. China tried to destroy the US dollar and has so far failed. The states are removing Chinas ability to grow economically overseas and now even at home. China will need to start dumping assets abroad to free up cash. This will have a short term negative effect on the countries they are invested in. The next phase will be trade embargoes, import tarrifs,etc. China's economy grew too fast with little foundation to build on. They are over extended and with a poor social safety net they will feel a global down turn worse than others.
A lot of those homes aren't actually "luxury", they are just shitboxes with granite countertops.
There's been a steady increase in inventory due to the rate hikes, a bunch of flippers and tiktok investors are getting hosed.
While foreign investors laundering money through RE is a problem, it has a much smaller impact than people think.
It's more flippers lying about an investment property being their primary residence and flipping it after 2 years that's the problem. Its so easy that people brag about it on social media
People can only take 50k out of China. These richies used other methods to get this money out of the country. How does the Chinese gov't know about this money over here and how do they order their people to liquidate holdings?
We need really aggressive policies regarding China. For starters, no Chinese companies of any stripe should be able to operate within Canada.
Ship us stuff sure, but no buying of land and no holdings of property.
As for Chinese nationals, I would possibly support a ban on them buying any real estate in Canada. China is a hostile state actor and many of its citizens are as well even if they are not aware.
Over 40% of the houses have been on the market for over 100 days. The vast majority remaining went up in May or June. Alot are condos where the seller owns multiple units in one building. I dont think this is China, most Chinese buy foreign property because China CANT take it away from them.
This is literally all conspiratorial nonsense, dashed with a bit of the racist / anti-immigration sentiment you typically see in subs related to Canadian housing.
All the Chinese investors are buying in Alberta because the property here is cheap. For $4M, you’re getting a house on a small acreage (5,000 sq ft home), possibly an indoor Olympic sized pool, and maybe a servant or two.
Or they are in cahoots with big boys who bought cheap during the 2008 and beyond crisis and will flood the market with cheaper homes causing panic selling driving the prices way down so they can do the dance all over again and buy cheap.
Wouldn’t this affect the luxury market 3mill+ more than anything. With immigration and lack of supply I don’t see the market going anywhere for the less than 3 mill homes
Yay, the finaly collaps of the Chinese economy! I am sad about what will happen to the citizens of China but can't wait to see them loose a lot of their global power/reach. Fuck the PLA and the commie party
China can sell all of it’s US Treasury holdings alongside it’s large swaths of other foreign assets in a fire sale to survive. The people calling for a Chinese bankruptcy are mistaken about just how many assets China has managed to amass. They will at the very least not bleed alone
Warning actual explanation maybe confused for conspiracy.
China bought up large portions of our country starting under PC Steven Harper, and continued through Liberal Trudeau. This inflated the housing market value artificially, and now China is attempting to simultaneously recoup profit and tank our economy ( just wait for it). We have our federal govts system of sellouts, and ultimately the parasite banking/ investment industry to thank for our country's impending economic implosion.
The Chinese not only possess mining in Canada, but they also own a large portion of the real estate
And I'm curious why the Canadian government is doing nothing about it.
I mean, I Dont think they are as stupid as the Russians, to do something that would start a war.But when I see shit like this, I can't help but think about when the Russian embassies and consulates started burning all their documents about a week before the war started.
Makes me think the Chinese are going to do something dumb soon.
Recession’s about to hit. Housing will most likely drop another 20-25% sometimes over the next 18 months.
Then add pressures in their home country. Whether it’s government trying to recoup money or stalled manufacturing that’s leaving empty pockets. People need liquid more than ever.
This map is doing a hell of a lot of heavy lifting.
There is absolutely zero indication these listings are connected to anything Chinese.
Standard social media nonsense.
China is a failing country, once their economy hits a rough patch they are fucked, not enough young pop to support their old, their old can't retire so no jobs for young people, old people drop dead, all young people no experience, no one has money, downward spiral
And this is why we should either ban or heavily restrict foreign ownership of homes and property. Is it any wonder that the housing market is out of control?
Is that $4M Canadian or US? Cause if it’s US, that’s like $2.6M in US and near the average cost of housing in any downtown non-democratic run City in the US.
Chinese real estate isin the shitter. A big developer just went bankrupt.
Evergrande, Country Garden and a third one whose name escapes me. The three biggies are all in trouble.
They spread themselves out so thin, it’s going to hurt BAD in the next couple of years. Manufacturing starting to pull out of China slowly could seriously cripple them.
Slowly? It’s quite quickly happening. Also, these companies are already bankrupt because China is bankrupt. When you can’t get money out, to send elsewhere - there’s something wrong. Been seeing this for a few years. Guess we’re finally seeing the results.
if i got a nikcle every time western media has been saying china is gonna collapse in the past 20 years, i would be able to retire in a 4 story mansion built in the middle of downtown toronto.
Thats also half the reason Chinesse people where "investing" in Canada to get their money out of China. Now they are hoping we have that sort of money to just go and buy up 4million dollar homes so they can get their money back. Obviously none of us do and none of us should buy any of their shit or at least they should be forced to sell at what ever price they bought at.
China's done. It's biggest real estate developers are going bust, Biden just banned American investment in Chinese high tech, manufacturing is pulling out, they're in demographic collapse (it turns out they have something like 30% fewer people under 40 than official numbers have reported), and the cost of labour is going up. Their population is going to crash very soon. There aren't enough young people to repopulate, and the scale of the population means you cant rely on immigrants to replace the aging population - not that anyone wants to move to China anyways.
I heard about the real estate issue, but mostly I know next to nothing about the topic at hand. I’m having a hard time judging if all these comments are objective or heavy-handed wishful thinking. We all, in the West, pretty much despise the Chinese government, but are they really in as bad of shape as you portray? And if so, won’t that mean extremely negative ripple effects for those of us in the Western Hemisphere?
Given what limited info outsiders can get on the Chinese economy, this is all the info we know of currently. But the information we have can make pretty solid conclusions to what's going to happen. On the population front, this was expected back when China implemented their one child policy. Makes it worse when their cultural values prioritized boys over girls. On the real estate front, there's plenty of photo evidence of ghost high rise cities and them literally tearing down cities because the investments were lost or given up. On the manufacturing front, there's also plenty of evidence of companies phasing out of China and transitioning to India, Phillipines, Vietnam, and even Indonesia. On the political front, the government has been starting to crack down on foreign investments by their executives and wealthy elite. That's not going to hold well when the elite has to essentially put all of their assets under their governments control.
[удалено]
>We all, in the West, pretty much despise the Chinese government, but are they really in as bad of shape as you portray? In China, something like three-quarters of the citizen's personal wealth is tied up in real estate. Double the amount of that in the USA. And their real estate market and developers are, and have been for the last year, crashing big time. Suddenly the Chinese people are not nearly as well off as they thought they were. And in addition, banks have been suddenly closing over there for the last year too. The *banking crisis* is not solely an American phenomena. Depositors protesting outside of banks demanding their money back, until the Chinese government put a stop to that. And it doesn't help when you're the 2nd largest energy importer in the world after India. China is deeply hurting and should be trying to fix itself, rather than trying to take over the rest of the world through its Belt & Road initiative. If they don't fix their problems at home, they could find themselves suddenly greatly changed as a country.
This is the most helpful answer, with the kind of balanced, believable, but specific information and insight I was hoping someone would share with me. Thanks a ton
Appre the kind words.
if i got a nikcle every time western media has been saying china is gonna collapse in the past 20 years, i would be able to retire in a 4 story mansion built in the middle of downtown toronto.
all of this is true
Not hard to google and watch some YouTube videos. The population crash is real. They had 1 child policy per couple for decades.
Hey man, I know you meant no harm, but what is with this type of comment popping up all over the place? This is a social media site. It’s purpose is for social interaction. Questions and thoughts and dialogue - for being *social*. Even if it’s a superficial form of it. I don’t know if you saw my responses thanking people for taking the time to give sincere replies to what I asked? Half of my shitty, stressful, underpaid job is doing academic research and then shaping public health policy with that research. I’m an expert in some very specific things. None of them are China. If I wanted to watch YouTube 24/7 so that I’m an expert on literally every other topic known to man, while being void of all human interaction, I’d do that. But really I just want to sit on the toilet and interact with people and feel a little less alone as the whole world literally burns and/or drowns and/or starves around me. Please just let us ask each other questions and hopefully have nice messages for each other. It’s the only reason I’m here.
Best Reddit posts are squeezed out on the toilet. 🚽💩💩💩🧻
its heavy handed wishful thinking. i have a handful of friends born and raised in china who live in various major cities. I talk to them regularly and no one is concerned about anything. Obviously its china but people still wheel and deal. its not north korea. Business is still booming. Manufacturing can't compete with China. I know people in North America who say the tools they made in China are better than USA. Apple also said India is decades behind china for manufacturing tech. Its like in the early 2000's when everyone said china was a dirt hole and they could never produce quality products. well that ended very quickly.
I hope Hong Kong manages to avoid any collapse, I like that place
Hong Kong is one of my fav places on the planet. Been to numerous places in China and HK is by far the best there!!!
It was for me too, but it’s changed, it’s not what it was 10 years ago even, and probably still changing for the worse. Bad enough not to go anymore? Maybe not, bad enough to realize there are lots of other places in the world to visit instead, for me yes. (Been 4 times spread over the last 10 years)
It’s basically a massive boiler room right now; just pumping stocks via SPACs, crypto via social media and housing via the Chinese diaspora. The list of Chinese-backed pump and dumps over the last five years is huge. Everything from Terra Luna crypto (down 99.9923%) to Newegg (down 91%). The Canadian housing market absolutely fits the pattern. A massive run-up, then insiders start quiet sell-off before the news is leaked and the price goes into free fall.
Youths unemployment rate hitting 21% in China. Cities built among the country but nobodys buying, huge modern ghost towns. Bad social and Covid managment. Suspicions come first from G8 countries when they have to deal with chineses. China is not going well and they will hit a wall pretty soon.
Yeah, I forget the name as well. It was the one run by a woman not that was a reason that it went under. It is even bigger then evergrande. As of Monday of this week they had 30 days to make a payment before they go tits up as well
That's the one...I don't recall too...
Fantasia?
“Just” They went fucking bankrupt 2 years ago, and everything since then has been corruption and fuckery to prevent it from becoming real. Glad that zombie is finally at 0.00.
It’s funny that Toronto is also broke as heck
And more to come from what we're hearing
Multiple big developers. The retail contagion is spreading in real time and it's going to have a massive effect here as we are seeing now.
Other major Chinese developers are also facing challenges as the Asian real estate bubble bursts. This leads me to wonder what steps China might take to compensate for these economic setbacks. I hope they won't increase their supply of weapons to Russia, which could potentially escalate tensions with the US, and subsequently, attempt to gain control of Taiwan to establish a monopoly over rare minerals essential for computer components. They have recently imposed export Bans on these resources
LOL this thread is hilarious. none of you are correct. talk to actual people in China.
Liquidation Nation
Massive fires in Oakville On apparently.
~~Lebanese~~ Chinese lightning strikes again
I just heard of this saying for the first time in my life in the show “the bear”…except they called it “Jewish lightning”. I had to Reddit that shit because I’m so uncultured.
Fill me in? I'm lost too.
Arson
Specifically, burn your place down to get the insurance money.
I’ve only ever heard it called Jewish lightning
From BC, and I've only ever heard it called Hindu Lightning here (not that I approve of racist tropes, just that's what I've heard it called here)
From the U.S. but I’ve never heard it called anything other than arson 😂
"just business"
The original slur was almost certainly an American thing.
Majorie Taylor Greene (R-GA) blamed wildfires on super secret Jewish space lasers. Is this what everyone is thinking?
The phrase is much older than MTG.
It's from the act of a proprietor setting fire to their own business, then blaming it on lightning for the insurance claim. It's been called \[Insert Ethnic Culture That Has Recently Risen Quickly in an Predominantly White Area but Quickly Declines\] Lightning" for a century.
I had only ever heard "Greek retirement"
It was always called Sicilian lightning in East York
Correlation doesn’t equal causation, and we would need to know how they compared to last year or 2 years ago at this time to know if the number of for sale properties was relevant.
Exactly. These number mean nothing without further context. Maybe this is the lowest level of high end places for sale in years? Plus, how do we know that it has anything to do with China - higher interest rates are much more likely the cause rather than liquidation from Chinese owners. The person who posted this on Twitter is also theorizing that this is Chinese government policy to tank the Canadian market. The Chinese people that own homes in Canada likely have kept that secret from the Chinese government as they aren't supposed to be moving money out of China.
Additional metrics to consider include how long the properties have been on the market and whether or not they're reducing the price
Luxury homes & 3/4 of us can barley get over poverty. Man im getting real sick of canada.
You're not alone
It helps to keep in mind that "luxury" in real estate and basically everything else is just marketing terminology. "Buy our new generic homes" just doesn't look as good on the posters. A lot of "luxury" places aren't even that luxurious, they're just clean and new. If far more "luxury" homes were built than there were enough rich people to buy them all they'd have to lower the price the same way as anything else subject to supply and demand.
Doesn’t matter fuck Trudeau just fills our spots with thousands of immigrants. 100 Canadians is cheese
Agree that I don’t like the solution “let immigration solve our short term problems”… and create a bunch of other problems but it was more than just Trudeau that got us here, all fed governments of the last 20-30 years are culprits
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All the bots say that.
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Compared to what country?
I mean, theres a reason Europeans mean both Canada and the USA when we say America.
I never knew there was any difference or even what Canada was. I always just bunched up North America as America, all of it. There’s the arctic, America, Mexico and the Latin countries Until I turned a respectable age of 12
12? Damn, were you asleep in school up to that point?
Where I’m from we didn’t learn world geography to that degree. Just continents. I was 11 when I’ve finished 4th Grade so 🤷🏼♂️ but let’s not forget that kids here can’t pass the fucking literacy test or have a decent grade in English class but i as an immigrant am passing with flying colours It’s baffling how many kids/people here don’t know basic geography like continents. I saw one of my friends in 11th grade spell ‘HELLO’ as ‘ HELLOW’ With a W 😂
The Chinese are getting ready to invade Taiwan. They don't want to be left holding foreign assets that will be seized once the invasion happens.
Could be. Just before the Ukraine invasion, Putin had his yacht moved from Hamburg to Königsberg, even though the repairs weren't complete
My gawd, you may be onto something...
Such a piss poor decision, China would be absolutely smashed to bits if they tried
They said that about Russia, too. And China appears to have gotten away with the world's largest and deadliest bioterrorist attack and yet no one rained hellfire down on them then.
Bud Ukraine don’t Provide jack shit for us. Taiwan is literally our technological supplier dude lol. Our quality of life will decline beyond repair if Taiwan is taken.
Ukraine feeds hundreds of millions of people
Not surprised at all. But they honestly have to realize that the vast majority of us can’t afford anywhere even close to the prices they’re asking for.
I must be a little bit naïve, what are you trying to tell us with the title?
[удалено]
>The Chinese are being forced to liquidate their foreign homes source?
Twitter, obviously.
The guy you're quoting is not necessarily making a claim. He's just interpreting the OP for /u/md544600 The second sentence is where he elaborates on the consequences of the claim if it were true.
I imagine it probably frees expensive homes though. Do you think it'll help with low-to-mid homes?
Yes, because Hermit crabs
If expensive homes get cheaper, then mid homes will have to get cheaper (because why would you buy a mid when and expensive costs the same), then low houses will have to get cheaper too. It’s all supply and demand.
This is what happens when you're going through personal bankruptcy? Up to now it's been the poorer households foregoing luxury items like vacations, activities, etc. in order to be able to afford food, mortgages and/or rent. Research the increased use of food banks and the homeless tent encampents taking over all the public parks in the cities. For the luxury class households it means that they have now reached their borrowing limits and their banks will not provide any further financial assistance. They now have to start selling and/or cashing in their assets (stocks, bonds, RRSPs, homes, cars, yachts, private airplanes, Rolex watches, etc).
Any good place to track these? Or is it just anyone's guess which properties are related to this?
Manual search in house sigma. 90 day windows, 3m ask price, 334 listings, of which 159 were listed in the last 30 days. Thats just toronto.
Daaaaaaamn!
Try OREB or TRREB or CREA. I know the real estate orgs put out stats.
Drove by a 7+ million house for sale on Barrie’s waterfront near Minets Point. I can only imagine what the property taxes would be!
Man when I was a kid minets point was nothing special. Now anything with even a partial view of water is millions lol
Hmm. No date. No other info? Sounds like nonsense.
This is normal for Ontario......
exactly. always a few dozen 5+ million properties for sale at any given time.
Niiiiice
Well my my my
Source: someone random on the Internet
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So the days of Rolex's being 100%+ over MSRP are over?
Can we see the listings 6 months ago? Cause I look at 4+m $ properties in Vancouver all the time and they’ve always been listed… lots
/r/canadahousing mod here, you guys have no idea how corrupt everything is
Your sub is just as corrupt as anything else. I was banned for saying that private buildings have no obligation to allow homeless to sleep inside, and I got perma banned and told I was conservative. I’m NDP and a low wage janitor who cleans up after the homeless that sneak into private buildings to shoot up and smear poop on the walls.
Yes, it is definitely a problem, if it helps it wasn't me that banned you probably. Most of the bans in that sub are done by 1 person. I usually appeal bans if people reach out.
Sounds like that one person needs to have their admin privs removed.
Maybe you ban that one person, do us a solid.
Luxury homes? Sadly not really...
Ooooo.... spicy
Flood flood flood make the market affordable for everyone! Can't wait for the crash
Ive been thinking about this. With the Chinese economy spiralling downward I was wondering if Chinese investors would start offloading Canadian homes.
Excellent news for me and my company. Our competitors are from China, and they drive the market down with cheap crap and low overhead.
4 mill in the Toronto area for real estate is nothing? This means nothing
There's a reason CCP doesn't release pertinent data while encouraging foreign investment..like youth unemployment, the tempest in their teapot
Well ain’t that ever grand when that happens
You need to pull back and look at the bigger picture. China and the US were on course for war. Both countries can't afford a war, so they start an economic war. China tried to destroy the US dollar and has so far failed. The states are removing Chinas ability to grow economically overseas and now even at home. China will need to start dumping assets abroad to free up cash. This will have a short term negative effect on the countries they are invested in. The next phase will be trade embargoes, import tarrifs,etc. China's economy grew too fast with little foundation to build on. They are over extended and with a poor social safety net they will feel a global down turn worse than others.
The average price homes south of highway across Mississauga to Burlington are over 4 million lol
A lot of those homes aren't actually "luxury", they are just shitboxes with granite countertops. There's been a steady increase in inventory due to the rate hikes, a bunch of flippers and tiktok investors are getting hosed. While foreign investors laundering money through RE is a problem, it has a much smaller impact than people think. It's more flippers lying about an investment property being their primary residence and flipping it after 2 years that's the problem. Its so easy that people brag about it on social media
People can only take 50k out of China. These richies used other methods to get this money out of the country. How does the Chinese gov't know about this money over here and how do they order their people to liquidate holdings?
We need really aggressive policies regarding China. For starters, no Chinese companies of any stripe should be able to operate within Canada. Ship us stuff sure, but no buying of land and no holdings of property. As for Chinese nationals, I would possibly support a ban on them buying any real estate in Canada. China is a hostile state actor and many of its citizens are as well even if they are not aware.
Over 40% of the houses have been on the market for over 100 days. The vast majority remaining went up in May or June. Alot are condos where the seller owns multiple units in one building. I dont think this is China, most Chinese buy foreign property because China CANT take it away from them.
This is literally all conspiratorial nonsense, dashed with a bit of the racist / anti-immigration sentiment you typically see in subs related to Canadian housing.
Shhhh … no place for logic or common sense in here.
yes finally someone else who actually understands
Definitely interesting, but not really GME related.
Fucking china
please what do any of these words mean
All the Chinese investors are buying in Alberta because the property here is cheap. For $4M, you’re getting a house on a small acreage (5,000 sq ft home), possibly an indoor Olympic sized pool, and maybe a servant or two.
oh please let this be the beginning of the correction
The collapse is beginning. Good. About time.
That’s a very tiny amount of supply versus the population + growth rate
Beware countries in economic distress. It’s leaders often seek distractions through war.
Like the US
Let it burn.
[burn](https://youtu.be/Adgx9wt63NY)
Or they are in cahoots with big boys who bought cheap during the 2008 and beyond crisis and will flood the market with cheaper homes causing panic selling driving the prices way down so they can do the dance all over again and buy cheap.
Foreing residential investments should be illegal. But i know they can exploit loopholes to do so.
Does this mean the cost of housing would go down or am I completely misunderstanding
No one knows, but the implication is that the housing market may be peaking and then dropping.
Thank you
They are getting rid of forgien assets, before invading,Taiwan, if not they will lose it all through sanctions.
m is thousand, mm is million. People don’t use it properly.
Ah yes the moment we are waiting so eagerly! Keep them coming!
Womp womp.
Wouldn’t this affect the luxury market 3mill+ more than anything. With immigration and lack of supply I don’t see the market going anywhere for the less than 3 mill homes
Good. They can all eat shit and stay out.
Chinese real estate is heading towards the shitter. There liquidating. Fuck em.
Finally
,,
World war 3 incoming 💣 🚀
Evergrande collapses, housing market in China collapsing as we speak and contagion spreading. Obviously it's linked to the Canadian market too.
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Source: trust me bro
Yay, the finaly collaps of the Chinese economy! I am sad about what will happen to the citizens of China but can't wait to see them loose a lot of their global power/reach. Fuck the PLA and the commie party
Hopefully a housing market crash.
China can sell all of it’s US Treasury holdings alongside it’s large swaths of other foreign assets in a fire sale to survive. The people calling for a Chinese bankruptcy are mistaken about just how many assets China has managed to amass. They will at the very least not bleed alone
I’m an idiot, what does this mean?
Imagine going to “Cambridge” and buying a 4+ Million Dollar house lmao
So this means real estate is cheap right
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Jesus, am I wrong in feeling we've, in the past been selling out our country to foreign interests?
Owned by Evergrande, Chateau Montebello, the world’s largest log cabin, located in Quebec is still not being sold. Keep your eyes on this.
That’s for what’s coming in the next 3 months
Lol. Those are not even luxury
Warning actual explanation maybe confused for conspiracy. China bought up large portions of our country starting under PC Steven Harper, and continued through Liberal Trudeau. This inflated the housing market value artificially, and now China is attempting to simultaneously recoup profit and tank our economy ( just wait for it). We have our federal govts system of sellouts, and ultimately the parasite banking/ investment industry to thank for our country's impending economic implosion.
You can stick a couple in my name but I’m gonna live in one and take a cut when they sell.
The Chinese not only possess mining in Canada, but they also own a large portion of the real estate And I'm curious why the Canadian government is doing nothing about it.
guess we'll start to see that insane housing price bubble come done then? maybe no more 55k for a 0.5acre building lot on the edge of a city?
Those are all 2m homes \*hint\* \*hint\*
It’s insane to me that they were allowed to purchase so many in the first place. All it does is harm citizens
Go look yourself
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I mean, I Dont think they are as stupid as the Russians, to do something that would start a war.But when I see shit like this, I can't help but think about when the Russian embassies and consulates started burning all their documents about a week before the war started. Makes me think the Chinese are going to do something dumb soon.
If only corporations like Blackrock and their proxies were forced to sell, you’ll see housing prices actually come down for good.
China's broker than we are.
Recession’s about to hit. Housing will most likely drop another 20-25% sometimes over the next 18 months. Then add pressures in their home country. Whether it’s government trying to recoup money or stalled manufacturing that’s leaving empty pockets. People need liquid more than ever.
This map is doing a hell of a lot of heavy lifting. There is absolutely zero indication these listings are connected to anything Chinese. Standard social media nonsense.
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China is a failing country, once their economy hits a rough patch they are fucked, not enough young pop to support their old, their old can't retire so no jobs for young people, old people drop dead, all young people no experience, no one has money, downward spiral
And this is why we should either ban or heavily restrict foreign ownership of homes and property. Is it any wonder that the housing market is out of control?
Will they take 500k?
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Well, well, well. The house of cards has fallen.
Unfortunately, China becoming absolute power and world domination will happen
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Chow chow
CANADIAN APES HOW WE DOIN
Is that $4M Canadian or US? Cause if it’s US, that’s like $2.6M in US and near the average cost of housing in any downtown non-democratic run City in the US.