Re: Vancouver Property Petitition
 

Mos bid's came from local residents, 9 bid in total, the winning bid 1.1 million over asking is an offshore buyer who already owns a home in the city, he may build a home for himself, or build one to resell, he doesn't know according to the realtor.

West Vancouver Home Sells For $1.1 Million Over Asking

Re: Vancouver Property Petitition
 

???????

according to that report ..........


1955 is 60 years ago .......... that's a long time for one owner occupancy!

Re: Vancouver Property Petitition
 

I'd imagine the real estate agents knows who the buyer is, I have no reason to doubt the person.

Not sure what your ????? mean exactly.

Regardless those who buy multiple properties are not living in them an that jacks the cost of housing up for everyone.

http://www.vancouversun.com/business...034/story.html

Re: Vancouver Property Petitition
 

In 1972, emigrants from Hong Kong bought the house next door about 6 months after we'd moved into ours.

They had 1 son born in Canada and a second son was born soon after they bought the house. After about 10 years in that little house, they bought a lot out towards UBC and built their own house. They moved to that house in about 1983 or so, but held on to the house next door, renting it out to a succession of tenants, some good some horrendous.

We saw them occasionally and knew that they bought a 3rd house in east Vancouver that they were also renting out .........

These people were not wealthy, he had a reasonable job and she taught piano at home, but they were very careful with their money, and Chinese custom is to provide a house for each of their children on a child's marriage.

They probably did make money on the house rentals ........ although we know they had problems with some tenants next door, from the ones who caused much damage that cost thousand of dollars to put right, to the ones who skipped out owing 4 months rent.


Now the children are both married and each has a house, just as custom dictated should happen ......... the elder son married first, and chose the east Van house which was re-furbished for him

The younger son, who was about 6 when they left next door, wanted to be back in this neighbourhood, so that is what has happened EXCEPT the old house was in pretty bad shape, so it was demolished and a new one built.

Son, new wife and baby moved in next door about 6 years ago.


Now ........... were the parents investors, speculators, or just doing what Chinese parents do?

If they did it, how many other lower and middle class Chinese parents are also doing it?

You can't really call them "overseas" buyers or speculators.

Re: Vancouver Property Petitition
 

That has nothing to do with the articles which specifically specify by the realtor that the person who bought it lives oversea's, and certainly is wealthy considering he/she just spent several million on a house.

Modern Vancouver is a wealthy city, no doubt about that in my mind.

Re: Vancouver Property Petitition
 

There's a lot of focus on Chinese but Russians, Iranians and Americans are also common, plus rich Canadians. Chinese - some are wealthy, some are poor, some are middle class, but its the corrupt foreign money that is a real problem IMO, Vancouver is full of laundered money..like Australia.

Re: Vancouver Property Petitition
 

True ..... the Chinese are always the ones getting it in the neck


But, in fact, the North Shore is more likely to be wealthy Iranian.


"Offshore" could also mean from the UK or Australia, South Africa