Tag Archives: Unaffordable Housing in Vancouver

How Australia Deals With Red Chinese Money Making Sydney Housing Unaffordable for Australians

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How Australia Deals With Red Chinese Money Making Sydney Housing Unaffordable for Australians

://www.vancouversun.com/business/Australia+tackle+high+housing+prices+with+fines+ja il+illegal/11025807/story.html

Sydney ranked third among least-affordable cities after Hong Kong and Vancouver, according to report

“Australia will jail foreigners who purchase homes illegally as the government seeks to slow a surge in house prices, Prime Minister Tony Abbott said.”

Brad: Canada will pick you up at the airport, drive you to meet the realtor who marketed the property to you in Asia, and translate the purchase agreement into a language you can understand.

“The penalties will tighten scrutiny on overseas buyers at a time when record-low interest rates aredriving up Sydney property prices five times faster than wages.”

Brad: Same situation in Vancouver, regarding property prices increasing faster than wage increases. Our real estate boards, developers and realtors are all working in support of this trend.

“Overseas buyers are only allowed to purchase newly built homes in Australia and need the permission of the Foreign Investment Review Board”

Brad: In Canada, anything goes, in particular the corresponding result of the lack of affordability for low and middle income Canadians. As a result, these folks are being pushed out of their city and are replaced by rich foreigners and new arrivals.

“In Victoria state[Australia], foreigners buying houses will pay a new tax equivalent to 3 percent of the purchase price, the Age newspaper reported Saturday.

Brad: My goodness…there is a workable method to help deal with these issues. Perhaps if the BC Provincial government, along with our municipal politicians, were not so busy integrating China into Canada they might have a few moments to consider similiar initiatives.

Alice Wong, Richmond MP: salary paid by Canadian tax payers, working on behalf of the government of China. Her recent Vancouver-based celebration:

“The government[Australian] plans to introduce legislation on the measures later this year and ensure the changes are enacted on Dec. 1.”

Brad: The B.C. government plans to introduce a full Asian buffet at the 70th anniversary of the communist China celebration in Vancouver, occuring in the year 2020.