Real Estate Crash thread

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Originally Posted by m2711c

so what are the rules that must be complied with to legally buy property in Canada when your income was earned in USD?

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Historically, nothing.

Trudeau has repeatedly said that he will ban non-resident and non-citizen buyers for a period of two years. https://www.politico.com/news/2022/0...anada-00030436

I haven't been able to find anything referencing that such a law has passed though, so it may just be political posturing.

L2S' wife is Canadian, so they could buy in Canada if such a ban actually happens.

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Originally Posted by gretch6364

Yes, it would be great to be a millionaire, but we would rather stay where we

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Kind of reminds me of that chapter in Bonfire of the Vanities where the guy lists all his expenses living in NYC and says he's going broke on a million dollars a year. And that was a long time ago.

Anyway all RE values are illusory right now, it will just take time for them to catch up to the sinking stock market and bitcoin crash, and, hopefully, an implosion of the STR market. Maybe communities can use this as an opportunity to stop people from operating mini hotels in neighborhoods not zoned for commercial use. Regulate that bullshit out of existence.

Around here maybe things are trending down from "full retard" to "regular retard"? You don't see as much full panic, "must have a place in the mountains at any cost" as last summer. For better or worse, I pretty much work on the $2mm segment of the market and this seems about the same. I think Grand County attracts the boring rich probably not to effected by crypto or interest rates. There is a pile of sub $1MM condos being build right now. I think demand for those will drive that segment of the market. One thing a have noticed is an slight increasing in inventory in older dates single families. I get the impression that many of the older residents that always thought that their house was their retirement account are thinking now is the time.

One thing that I am finding personally refreshing is to have the conversation is my peer group not be about selling and moving.

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Originally Posted by m2711c

so what are the rules that must be complied with to legally buy property in Canada when your income was earned in USD?

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What the federal government is proposing hasn't been enacted yet, so there's nothing stopping you from buying RE in Canada right now - especially if you have cash. Getting a Canadian bank to write you a mortgage might be a little tricky in light of what's being proposed, but I doubt it's insurmountable.

If Trudeau's proposal is really just a tax, and not an actual ban, it'll probably look like what BC did (however many years ago) which was a surtax on foreign purchases and an "empty home" tax that applies to everyone. Unsurprisingly, that didn't stop the foreign money, didn't cool that market much (if at all), and pissed off affluent Canadians with second homes.

Mortgage rates are probably the only thing that will have any real effect on Canadian prices.

We looked at moving to Canada a few years ago. Jobs in place, real estate searching. Citizenship wasn't really tough to get because of my wife's job. We would have been renting out 3 or more properties in the US and making USDs. Which was appealing. I forget how the income taxes would have worked out, but they would have been paid to either Canada or the US, not both. Unfortunately, covid put the nail in that coffin for the time being.

Every time something fucked up happens here (Trump, mishandling and politicization of covid, shootings, etc) my wife plays the "let's move to Canada" card. But after perusing the listings, or driving in Vancouver traffic, and adding up the generally higher costs of living, she puts the card back in the deck.

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Originally Posted by Ted Striker

Every time something fucked up happens here (Trump, mishandling and politicization of covid, shootings, etc) my wife plays the "let's move to Canada" card. But after perusing the listings, or driving in Vancouver traffic, and adding up the general costs of living, she put the card back in the deck.

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We were looking at Vancouver Island, or interior BC. Not really into Vancouver itself. Wife hates the city.

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Originally Posted by Ted Striker

Every time something fucked up happens here (Trump, mishandling and politicization of covid, shootings, etc) my wife plays the "let's move to Canada" card. But after perusing the listings, or driving in Vancouver traffic, and adding up the generally higher costs of living, she put the card back in the deck.

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I was born in vangroovy, drove literally everywhere from Squamish to Chiliwack for work but I can't stand it,

nowdays as i get on the highways out of town I can feel the anxiety go down until i am beyond Hope, on that bridge other side of Hope going over the Fraser

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Originally Posted by Ted Striker

Every time something fucked up happens here (Trump, mishandling and politicization of covid, shootings, etc) my wife plays the "let's move to Canada" card. But after perusing the listings, or driving in Vancouver traffic, and adding up the generally higher costs of living, she put the card back in the deck.

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How do you feel about Yurp? During our travels a few weeks ago we thought Italy was off the hook and for sure cheaper than the USA or Canada. Like CA, so many great regions to live in depending on your needs and the food and wine are fantastic. I am convinced it is a slower and more healthy lifestyle there. I hope I can pull it off someday.

Yeah, we love Italy and actually had a plan to retire there. Then Brexit fucked up her EU passport, so...

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Originally Posted by XXX-er

vangroovy

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I lived there (over 15 years ago) and barely recognize parts of it now. Crazy amount of growth. Drove up yesterday, and entire city blocks along Oak and Granville are being demolished for high density housing.

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Originally Posted by Ted Striker

Yeah, we love Italy and actually had a plan to retire there. Then Brexit fucked up her EU passport, so...



I lived there (over 15 years ago) and barely recognize parts of it now. Crazy amount of growth. Drove up yesterday, and entire city blocks along Oak and Granville are being demolished for high density housing.

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Odd, does your wife have a Canadian and British passport like me? If you retire to Italy, they make it fairly simple to do so, regardless of passport held.

Yeah, she has Canadian and British citizenship.

I was using the word loosely. What I meant was retire from the rat-race in our 40s, but still work. I had a connection for a flying contract, and she would've gotten a regular job.

I'm guessing the way in for actual retirees is investment?

I thought most of those Euro countries with aging declining populations let everyone in?

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Vancouver has mountains though - big difference

(although who knows what the coastal snow will be like 10 years from now)

Vancouver is Seattle with (almost) no guns, a much better social safety net, but third world roads, bad drivers, and mediocre beer.

I wonder what the local ski culture is in Crete? Would it be you and a half dozen local weirdos? Hordes of obnoxious tourist tourons?

The food would definitely be awesome.

What's that place the super special tennis cvnt stayed recently?

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Originally Posted by Summer

Secret surf break comes to mind, but they had to defend that break from the Nazis.


“Every Cretan lives with the mountains always in sight, snow-covered in winter,” the Cretan ski pioneer Nikiforos Steiakakis told me. “But skiing on them was not something we thought of.”

When, in the winter of 2008, Mr. Steiakakis announced his intention to try skiing on Crete, his father cautioned that the fiercely territorial mountain villagers would either shoot him or vandalize his car, or both.

“He told me I was crazy, I was asking to be killed,” Mr. Steiakakis said.

The road up from Mr. Steiakakis’ home in Heraklion to the base of the island’s highest summit, Psiloritis, winds through a handful of villages where sheep farmers and marijuana growers (some of Europe’s most prized weed is grown on Crete) have long protected their turf with a reputation for making outsiders — even coastal Cretans from just a few miles away — feel unwelcome. The tough reputation is earned in part from their stubborn and wily resistance to centuries of occupation by the Ottomans and, later, Nazi Germany. For its role as a rebel stronghold, Anogia, a gateway to good skiing, was burned and razed three times in the past 200 years, its villagers massacred.

Mr. Steiakakis was in his 20s at the time and had skied little up until that point, just a few days on the Greek mainland, which has a long history of skiing, with mountains that rise to more than 9,000 feet, and many ski areas — 25, to be precise. He thought his island home might offer a bit of practice in preparation for skiing elsewhere.

Instead, what he discovered was a skier’s paradise. At least a paradise for skiers who are willing to climb for their turns using lightweight alpine ski touring equipment and synthetic climbing “skins” that attach to skis’ bases and grip the snow for the way up. The payoff: good snow, long descents, little avalanche danger and what is increasingly hard to find anywhere, a lack of other skiers seeking all those things.

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that sounds great and all.... but were there any verbal harassment by the locals? and, what happened to his car when he returned? was it pooped smeared?

The villagers had already opened a bar and a taco joint on his return.

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Originally Posted by Summer

What's the difference? Like in ease of migration, or integration when you get there?

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Bigger than that ^^ its part of the commonwealth

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Originally Posted by m2711c

that sounds great and all.... but were there any verbal harassment by the locals? and, what happened to his car when he returned? was it pooped smeared?

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Yeah, that read like

"American archaeologist travels to Egypt to search for a wooden box covered with gold. Once found, he loads the box on a ship that's intercepted by German soldiers who seize the box. The American stows away on the U-boat, but is discovered and detained by the soldiers. Shortly after arriving at their secret island, the soldiers die from unnatural causes, and the archeologist takes the box to America where it's stored in a warehouse." 115 minutes, Rated PG

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Originally Posted by Ted Striker

Vancouver is Seattle with (almost) no guns, a much better social safety net, but third world roads, bad drivers, and mediocre beer.

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The beer picture has certainly improved massively over the last decade, though.

Also imagine Seattle without I-5 running through it. All that surface street driving is a bit nightmarish.

My dream is to move somewhere north of Vancouver. Lions Bay would be my #1 spot, but not exactly cheap. Still close to Vancouver and only an hour or so from Whistler.

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Originally Posted by Ted Striker

Yeah, she has Canadian and British citizenship.

I was using the word loosely. What I meant was retire from the rat-race in our 40s, but still work. I had a connection for a flying contract, and she would've gotten a regular job.

I'm guessing the way in for actual retirees is investment?

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Benny and I have commented on this in a few threads. Google is your friend for details: https://www.immigration-italy.com/re...italy-from-usa

Once the puppies cross the Rainbow bridge, I am gone for a few years or more.

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Originally Posted by Summer

Oh, I'm right there with you on that. Sydney has the Blue Mountains though which are...glorified hills.

Crete on the other hand...

The ‘Best Spring Skiing Anywhere’? Try Crete

Attachment 419436

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Big fan of Crete and we need to get back and ski. I remember researching the potential to ski there after a trip 15yrs ago and finding some snippet about there being a chair/lift up in the mountains in the 60s. Random, but intriguing.

The “Crete ski culture” seems primarily driven by well-heeled mainland Euro’s with cash and touring gear.

Aside: a great read that covers a lot if WW2 history on Crete is ‘Patrick Leigh Fermor: An Adventure’ - https://www.nyrb.com/products/patric...ant=1094928425


Undrift: the challenge with Sydney and Vancouver is the global capital pressures. Even with additional taxes and restrictions on foreign real estate investments into both countries, the money always finds a way.

For you Italian property dreamers, one of my favorite Youtube channels is this real estate guy from Umbria and Tuscany that just showcases sweet houses for sale.

https://www.youtube.com/channel/UCwh...DLQ1IgG8M7sfjQ