Translation: Chinese Laundry = Vancouver Real Estate

Chinese Laundry

Is Kathy Tomlinson of Globe and Mail suggesting in couched terms that Canada has become a Chinese Laundry? It seems our politicians know this and haven’t got the balls to stop financial institutions who help new Canadian friends load up the Maple leaf emblazoned laundry basket.

Bank’s Provide the Soap

“If local people – when they go to the bank – say ‘I want to buy a property. I have 35 per cent to put down and enough to support one year of payment,’ I have to say no. I have to verify income before I can say yes,” he said. “I don’t think it is fair. And it pushed the market prices so much higher, because the people who are buying don’t really care if they can afford it – they just want to get the property and flip it.”
chinese-laundry-2

Politicians and Laundry Tickets

New Democrat MP Kennedy Stewart, chair of his party’s B.C. caucus, said “if a lender does not know exactly how its customers earn their livings, some clients could be able to launder ill-gotten gains through their mortgage payments.” “If the banks are helping facilitate foreign demand, we should take action to curb it,” he said. “If this is widespread, Canadians will be outraged.”

Shaking My Head

Forget the “we should” part! The question thousands of would be Vancouver home buyers are asking is – why the hell aren’t you? More importantly, why isn’t our cherub faced Ms. Christy doing exactly that? You might well her lack of insight into this systemic problem is outrageous!

Lack of insight, systemic issues at provincial and federal levels and you ask can there be more? Well there probably is and if you thought the Vancouver real estate market was crazy in the past few years just accept that all along you were all living in a mad house called Vancouver real estate which it seems, translates into Chinese Laundry.

YOU HAVE TO READ Kathy’s Tomlinson’s Full Article

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.

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*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:

BigDaddy Says:
September 16th, 2016 at 8:37 pm

Communist China and Trudeau are taking over.

Ha ha

September 16th, 2016 at 10:37 pm

@bigdaddy
i’m sure that makes sense to someone

Dave Says:
September 17th, 2016 at 10:01 am

Real estate is too big to the economy, Cherub knows it, the tax was a knee jerk reaction to all the publicity about rising prices. I agree with it, but should have came in a year ago, and done right, not 2 weeks notice.
With the publicity now on money laundering, I predict 1 or 2 more new rules/laws, before the election.
Van real, won’t crash, small correction, too many people coming in, and need to live somewhere.
As much as a lot of people don’t like the Cherub, she is smart, and I think she wins again next spring, and really, hard to argue, BC economy is rolling along.
And , I still think she is kinda Hot….LOL
Thanks again Larry, I enjoy hearing your opinion
(Only slightly biased)
Dave

September 17th, 2016 at 1:24 pm

@Dave,
You are being too kind :”) Only slightly biased! That’s true but then is there any opinion that isn’t biased?

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