Money – a Dirty Word

Pots

Vancouver is a melting pot for many cultures. The Chinese peoples have been a corner stone in this city’s make up since the gold rush days. Today, their numbers contribute to the second largest Chinese population in North America bringing our city the wonders of Asia and yet, many attributes of their culture leave us confounded.

A Little Help From a Friend

John, client and frequent commentator, (see his comment) to this blog sent me a link to Paul Merton’s ‘Visit to China’ video.

Take time to watch it from beginning to end (about 50 minutes). It is a wonderful expose of China’s growth in which is found some enlightenment explaining the cultural difference.

Don’t Move In

One attribute that is misunderstood by some Vancouver natives is why mainland Chinese buy very expensive homes with one, two or 5 million dollar price tags and then, never move in? This constant local puzzlement is explained in the ‘Thames Town’ segment (41 minutes Kenneth and Jaqueline) of the video.

Hard to Relate

We also stand in amazement at their seemingly endless wealth. In the golf segment (8 minute mark) Merton, speaks with Hanson, one of the wealthy Shanghai locals who puts relative wealth in perspective as he proclaims that “China is producing a new millionaire or billionaire every day.”

Not a Dirty Word

Making money is what it’s all about. As Rupert explains it’s no longer “a dirty word” in China.

Knowing what to do with all the money is another matter. For a number of mainland Chinese, buying Vancouver real estate seems like a good idea that is influencing our Vancouver real estate market. If you accept parts of this video report at face value, those parts present a challenge to some Vancouverites who might view this level of financial competition as insurmountable.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Bearknowitall Says:
May 6th, 2010 at 10:18 pm

Larry, do you have any idea what’s the percentage level of Chinese (or Chinese canadian) homeowner in Vancouver West?

My shot is >80% beyond Oak st.

May 6th, 2010 at 10:29 pm

@bearknowitall
don’t have an solid answer to that one but, here is a link with some loose numbers.
http://en.wikipedia.org/wiki/Demographics_of_Vancouver

Bearknowitall Says:
May 6th, 2010 at 10:41 pm

Wow, sale is still very strong today.

Do you know these sales were actually offered before Apr19 or after, Larry? Thanks.

May 6th, 2010 at 10:49 pm

@bearknowitall
– speculation is that these sales are a result of mortgages that were approved prior and at a lower rate with time now running out for the 30,60, 90 rate guarantees that might apply. They are only firming up offers now. Exact details are of course, unknown

painted turtle Says:
May 7th, 2010 at 9:35 am

Accepting / refusing such a situation is a matter of politics. Australia has decided this was not an acceptable situation for its citizens who work in Australia and cannot afford a local home. Money is not everything. There had been countries that collapsed because of ethnic tensions. Canada seems to think it is immune to this, that it is “different here.” I would be more cautious.

Bearknowitall Says:
May 7th, 2010 at 12:04 pm

I think they are 99% Canadian Citizens or immigrants.

They are “painted turtles’, just like you.

John Says:
May 7th, 2010 at 5:18 pm

Chinese wealth finds its way to cities across the globe. Vancouver is not special. There is a lot of Chinese money pouring into southern California, the Bay Area, Las Vegas, Australia, Singapore, Seattle.. you name it. Its not different here, sorry.

May 7th, 2010 at 5:19 pm

@john-
Absolutely true and no apology required. It’s fact.

Bearknowitall Says:
May 7th, 2010 at 6:13 pm

“Sky is falling, sky is falling down”

Only 87 sales today? Did you ate the number Larry?

trent Says:
May 7th, 2010 at 6:31 pm

@John & Larry

Not absolutely true. The simple fact is that unlike the US, our Canadian Gov’t gives foreigners almost instant access to all our social benefits that comes with citizenship as longs as a minimum of $450,000 is invested. The quickest method is to buy a property.

Of course, the only country that produces so many new wealthy investors is the suppliers of Walmart & Co. The more we consume their garbage the quicker we destroy our social class to benefit theirs. Nice setup, eh?

Boombust Says:
May 7th, 2010 at 8:04 pm

“Its not different here, sorry.”

No kidding. And, in more ways than one.

May 7th, 2010 at 8:31 pm

@trent
– social benefits in the US. What might those be?
– check the label don’t buy if it’s made in China. It’s a start.

painted turtle Says:
May 7th, 2010 at 8:43 pm

Economic development strategies must acknowledge the realities of ethnic diversity and the economically disruptive potential of violent ethnic conflict. Thus minimizing ethnic tensions may be as important contributor to economic growth as diversifying a nation’s industrial base or promoting exports. Economic development and conflict management strategies must be balanced to provide reasonable economic benefits, with a reasonable degree of equity across ethnic groups.
http://www1.american.edu/jrich/Richardson.ethnic.confl.html#TENSIONS

Bearknowitall Says:
May 7th, 2010 at 11:08 pm

Chinese put very high value on education, they love UBC and high schools around, they buy everyone out. Tell me what kind “conflic management strategies” you can employ to stop them?

Wait a minute, I have a “strategy”, we should move UBC to Hope!! …Hahahahaha…

Bearknowitall Says:
May 7th, 2010 at 11:10 pm

Yeap, all painted turtles follow UBC all the way to Hope. lol.

May 7th, 2010 at 11:30 pm

@Bearknowitall
only if the mag-lev train is built.

“they buy everyone out”
I don’t think so!

“They” don’t force the sale. The other local “they” – that would be us, sell to the highest bidder then grab the money and move along to your favorite place, Hope.
Ever wonder how different our world would be if “we” had made the same offer to “them” – the aboriginals, so many years ago. How did “they” feel when “we” arrived on these shores and didn’t give them an option to sell at any price – history says, we just took it but, only after “we” killed many of them with “our” disease. In many respects history may record that the Chinese peoples are being kind by giving us the choice.

Bearknowitall Says:
May 8th, 2010 at 12:02 am

Larry, you’re right, there is no force just money, and both parties are happy: sellers are happy because they got a fat prices; buyers are happy because their kids will have a bright future…except the third party , bears. LOL.

There is no way to stop this kind of concentration for one ethnic group…except my idea. Have you heard UBC=University Built for Chinese, Larry? When Hope is hot, move UBC back then. LOL

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