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Thread: Real Estate Crash thread
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06-19-2022, 12:10 PM #21851
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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06-19-2022, 12:22 PM #21852
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.
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06-19-2022, 12:36 PM #21853
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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06-20-2022, 09:28 AM #21854
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.
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06-20-2022, 11:12 AM #21855Registered User
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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.
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06-20-2022, 01:43 PM #21856
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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06-20-2022, 01:45 PM #21857Registered User
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06-20-2022, 01:54 PM #21858Registered User
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Lee Lau - xxx-er is the laziest Asian canuck I know
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06-20-2022, 01:55 PM #21859
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.
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06-20-2022, 02:52 PM #21860
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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06-20-2022, 05:19 PM #21861
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06-20-2022, 07:09 PM #21862
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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06-20-2022, 07:13 PM #21863
I thought most of those Euro countries with aging declining populations let everyone in?
Sent from my SM-G996U1 using Tapatalk
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06-20-2022, 07:44 PM #21864
Vancouver has mountains though - big difference
(although who knows what the coastal snow will be like 10 years from now)
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06-20-2022, 07:55 PM #21865
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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06-20-2022, 08:00 PM #21866
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.
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06-20-2022, 09:10 PM #21867
What's that place the super special tennis cvnt stayed recently?
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06-20-2022, 09:12 PM #21868
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06-20-2022, 09:32 PM #21869
The villagers had already opened a bar and a taco joint on his return.
Forum Cross Pollinator, gratuitously strident
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06-20-2022, 09:45 PM #21870Registered User
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06-21-2022, 09:32 AM #21871
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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06-21-2022, 09:42 AM #21872
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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06-21-2022, 09:43 AM #21873
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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06-21-2022, 09:56 AM #21874
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.
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06-21-2022, 10:17 AM #21875
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...DLQ1IgG8M7sfjQLive Free or Die
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