Today more than 1/3rd (and growing) comprised of purchases in Vancouver’s prime real estate by ultra wealthy Chinese, according to back of the envelope calculations by National Bank of Canada.
If this trend continues for an additional 1 year, Canadians should prepare for the majority of Real Estate in Vancouver to be owned by permanent residences of Canada (soon to be Citizens). Some Canadians have voiced their frustrations while many remain silent as the country turns over the “keys” to its new owners. For Sale signs on Grandview Highway.
Photograph by: NICK PROCAYLO, Vancouver Sun
February 29, 2016.
VANCOUVER – Chinese investors spent about $12.7 billion on real estate in Vancouver in 2015, or 33 percent of its $38.5 billion in total sales, according to a note by financial analyst Peter Routledge on Wednesday. In Toronto, they made up 14 percent of purchases, or about $9 billion of the $63 billion in deals. Routledge compiled the data by extrapolating from a Financial Times survey of 77 high- end buyers and data from the U.S. National Association of Realtors.
National Bank’s analysis follows the federal government’s budget announcement Tuesday that it will spend $500,000 to find ways of tracking foreign homebuyers. Finance Minister Bill Morneau promised the funds to Statistics Canada this year. Some said the money wasn’t enough for a proper search and analysis.
Investing only 25.7 percent of the cost of an average price of a detached home in Vancouver is, at the very least, a touch on the low side,â Routledge said in the note. He cautioned that his analysis was a hypothetical approach to gauge capital flows, but that it pointed to the need for reliable numbers.
Vancouver has long been a target for housing critics who say offshore buyers, many of whom purchase homes as investments and leave them empty, are pushing prices beyond levels locals can afford and creating ghost towns in neighborhoods. The government housing agency, Canada Mortgage & Housing Corp., is currently studying ways to determine numbers of offshore buyers.
The average price of a detached home in the city skyrocketed 30 percent to $1.8 million in February from the prior year as sales jumped 37 percent, according the local real estate board. The price is much higher in certain neighbourhoods, such as Vancouver West, where the average detached home will set a buyer back $3 million.
A Richmond man planned to help at least 165 people obtain Canadian citizenship by committing fraud, according to the Canada Border Services Agency.
October 30, 2014 01:08 PM
RICHMOND – Charges related to immigration fraud have been laid against Xun Wang, who is alleged to have been involved in a “significant” immigration scheme, said border officials.
Wang is said to have lied about the applicants’ residency status by creating a fictitious appearance of permanent residency, a precursor to citizenship.
CBSA released a statement concerning the case on Thursday:
“The CBSA’s Criminal Investigations Section conducted a lengthy investigation into the activities of Wang’s two unlicensed immigration consulting businesses, which offered services in Metro Vancouver. During the execution of search warrants, CBSA investigators discovered a complex immigration fraud scheme. Wang has been charged with six Immigration and Refugee Protection Act (IRPA) offences and four Criminal Code offences, including allegations of advising foreign nationals to provide misleading and untruthful statements on their permanent resident card renewal applications, forgery and fraud.”
Chinese passports were seized by Canadian Border Services Agency
Wang is also charged with one count of tax evasion and two counts of fraudulently obtaining refunds or credits under the Income Tax Act.
“Immigration fraud is a criminal offence in Canada and damages the integrity of our immigration system. The CBSA takes this issue very seriously and works closely to identify, investigate, and prosecute those engaging in immigration fraud to the full extent of the law.” stated CBSA’s chief of investigations Doug Mossey.
The CBSA said it is “responsible for investigating cases of alleged contravention of the IRPA, including immigration consultant fraud, residency fraud, misrepresentation, marriages of convenience and employing foreign nationals without authorization.”