I live in San Francisco, CA (we pedes exist here) and the only reason our property prices are so insane is because of Chinese foreigners buying up our land and housing and letting it sit vacant, on top of our politcians refusing to pass bills to allow new housing to be built.
Politicians here are 100% in the pockets of China. Why build new housing when they can artificially inflate the price of land that China owns and profits off of? Scientists say this area is long overdue for an earthquake powerful enough that it can topple the city. Time for it to hit.
I can't personally trace it, but the many on the seattle subreddit claim prices in Seattle, and especially in Vancouver, BC are way high because of chinese purchases. I think there is a new law that you can't have an agent buy a place for you sight unseen anymore.
Live in Vancouver and worked in Buying Property field
(One of the small people who actually makes the stuff happen.)
Bigger foreign buyer tax, but there are ways to mitigate it.
Don't know about any rules on sight unseen.
They did start a Empty housing tax, where if your house isn't occupided for some number of months you get dinged.
(avoids vacant property. ways to get around it as well but harder to do.)
Prices have gone up in the last 2 years but not nearly as much.
As before the changes.
Old saying (from 10+ years ago) was if you can't sell your house in 2 days, fire your realator and call a Chinese Realator. .... now we see the price of it.
If you live in Seattle, you'd understand that an 800,000 "median" home was built in 1940, during war restrictions. so no gables -- just a box. It will have a basement! but that basement will have a concrete floor and concrete begins to smell like the cigarettes and cat feces and human funk absorbed into it over 80 years. The house will smell like mold, the rooms will bet tiny. Did I mention 800,000?
Now, oddly a new 1200 sqft townhome might "only" cost 800,000 as well. No yard, and shitty neighbors probably, but at least it doesn't smell like the dead. And by townhome, I mean 4 or more of them built sharing walls on one property, so no backyard. You split the front yard 4 ways kind of, with fences.
Vancouver apartments/condos built pre-2005 are kinda dumppy and run down, you can still find some nice ones but not nice enough to justify paying 500k for.
I live in San Francisco, CA (we pedes exist here) and the only reason our property prices are so insane is because of Chinese foreigners buying up our land and housing and letting it sit vacant, on top of our politcians refusing to pass bills to allow new housing to be built.
Politicians here are 100% in the pockets of China. Why build new housing when they can artificially inflate the price of land that China owns and profits off of? Scientists say this area is long overdue for an earthquake powerful enough that it can topple the city. Time for it to hit.
Very similar in NYC! https://newsfeed.time.com/2013/03/28/chinese-mom-buys-6-5-million-new-york-city-apartment-for-two-year-old/
I can't personally trace it, but the many on the seattle subreddit claim prices in Seattle, and especially in Vancouver, BC are way high because of chinese purchases. I think there is a new law that you can't have an agent buy a place for you sight unseen anymore.
Live in Vancouver and worked in Buying Property field
(One of the small people who actually makes the stuff happen.)
Bigger foreign buyer tax, but there are ways to mitigate it.
Don't know about any rules on sight unseen. They did start a Empty housing tax, where if your house isn't occupided for some number of months you get dinged.
(avoids vacant property. ways to get around it as well but harder to do.)
Prices have gone up in the last 2 years but not nearly as much.
As before the changes.
Old saying (from 10+ years ago) was if you can't sell your house in 2 days, fire your realator and call a Chinese Realator. .... now we see the price of it.
That and illegals who take up like 50% of housing
You can't really find a safe, clean, post 2005, 1BR apartment for under 400K or generally under 1500 in rent.
What is so important about it being built post 2005?
If you live in Seattle, you'd understand that an 800,000 "median" home was built in 1940, during war restrictions. so no gables -- just a box. It will have a basement! but that basement will have a concrete floor and concrete begins to smell like the cigarettes and cat feces and human funk absorbed into it over 80 years. The house will smell like mold, the rooms will bet tiny. Did I mention 800,000?
Now, oddly a new 1200 sqft townhome might "only" cost 800,000 as well. No yard, and shitty neighbors probably, but at least it doesn't smell like the dead. And by townhome, I mean 4 or more of them built sharing walls on one property, so no backyard. You split the front yard 4 ways kind of, with fences.
Vancouver apartments/condos built pre-2005 are kinda dumppy and run down, you can still find some nice ones but not nice enough to justify paying 500k for.