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Coffee Shop
Foreign land ownership
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<blockquote data-quote="CG1" data-source="post: 1582463" data-attributes="member: 38577"><p>That's the biggest risk and its happened where we live in BC, Canada. I bought a house near the city with no land and paid $675k for it 10 years ago. Its now worth $1.5M. I bought an 8 acre farm about 1.5 hours out from the city 8 years ago. I paid $800k for it, it was just government accessed at $2M, I imagine it would sell for $3M. This all sounds good and dandy but no one can afford to buy anything. The average apartment outside of the city, 1 bedroom, rents for $2,000 a month! No one can afford to live. And this is all a result of the Canadian government allowing Chinese buyers to come in and buy up all our real estate. Once it corrects everyone that bought when the prices were high will probably go bankrupt. And we are slowly starting to see the correction happen since the Canadian government just put in high tax penalties for foreign buyers not living in the homes.</p></blockquote><p></p>
[QUOTE="CG1, post: 1582463, member: 38577"] That's the biggest risk and its happened where we live in BC, Canada. I bought a house near the city with no land and paid $675k for it 10 years ago. Its now worth $1.5M. I bought an 8 acre farm about 1.5 hours out from the city 8 years ago. I paid $800k for it, it was just government accessed at $2M, I imagine it would sell for $3M. This all sounds good and dandy but no one can afford to buy anything. The average apartment outside of the city, 1 bedroom, rents for $2,000 a month! No one can afford to live. And this is all a result of the Canadian government allowing Chinese buyers to come in and buy up all our real estate. Once it corrects everyone that bought when the prices were high will probably go bankrupt. And we are slowly starting to see the correction happen since the Canadian government just put in high tax penalties for foreign buyers not living in the homes. [/QUOTE]
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