New Zealand bans foreign home buyers.

[ZenOps]

http://www.bbc.com/news/business-41745129

[Buster]

because capital controls always work.


"The prime minister-elect has previously described capitalism as a "blatant failure" when it came to providing homes for the poor."

Haha...these people are dumb.

[RealJimmyJames]

Time to seize the means of production.

[zhao]

buying a home is easy:

1) Dont be a fuck off. Get a job, show up for the job, keep the job.
2) dont set your target to working an entry level job for your career and think the world owes you a good wage
3) Try to better yourself. Get education, standing out above others, try to go above and beyond at your job, etc
4) Dont buy a lot of shit for the moment. You dont need a 80in tv and a new phone every 3 months.
5) dont have a billion kids and whine about how you cant afford them. Dont have a billion kids and whine about how they can't afford a place when they grow up either. The more people we have the more space will become a premium.


That said, I support banning foreigners from flooding a housing market with buyers causing prices to skyrocket. When your average house is 2 million dollars, and the average family income is $80000 a year, you have a problem.

[max_boost]

^^

Agreed 1-5 and maybe on #6 lol

[Buster]

buying a home is easy:

1) Dont be a fuck off. Get a job, show up for the job, keep the job.
2) dont set your target to working an entry level job for your career and think the world owes you a good wage
3) Try to better yourself. Get education, standing out above others, try to go above and beyond at your job, etc
4) Dont buy a lot of shit for the moment. You dont need a 80in tv and a new phone every 3 months.
5) dont have a billion kids and whine about how you cant afford them. Dont have a billion kids and whine about how they can't afford a place when they grow up either. The more people we have the more space will become a premium.


That said, I support banning foreigners from flooding a housing market with buyers causing prices to skyrocket. When your average house is 2 million dollars, and the average family income is $80000 a year, you have a problem.

Invest/start a company that makes more modestly priced houses. There must be huge pent-up demand for affordable housing, right?

[jacky4566]

Do these kinds of rules ever work?

Sounds like some New Zealand Entrepreneurs could do well setting up shell companies for foreign property ownership.

[HiTempguy1]

Invest/start a company that makes more modestly priced houses. There must be huge pent-up demand for affordable housing, right?

With the amount of dirt cheap condos going up in Edmonton you tell me? There are countless under $150k brand new condo buildings going up right now. Seems the market is cornered

[Buster]

With the amount of dirt cheap condos going up in Edmonton you tell me? There are countless under $150k brand new condo buildings going up right now. Seems the market is cornered

I meant in NZ.

[Gestalt]

abso fucking lootely.

There is no reason to let foreign dark money to steal our homes.

It's a ridiculous concept.

We should have done the same 20 years ago.

Canadian resident, ok. Foreign speculators, or kids of corrupt dictators, money launderers, or legit billionaiors buying our homes for speculation and to make more money is just beyond stupid.

[ExtraSlow]

Before colonization NZ has no land-based predators which is why defenseless flightless birds like the Kiwi could flourish. Colonization brought rats and other nasties which have decimated the population.

Is that a metaphor?

[nzwasp]

The problem with NZ and I think i can speak on this because I was born there and lived there until 2007 is that its not completely a foreign ownership problem - The country just has two few cities where you can actually get a decent job or work at all. Its a lot like British Columbia really, BC population 4.7 million - Greater Vancouver population 2.6 million. NZ Population 4.7 million - greater Auckland population 1.6 million. I have friends who live 1.5 hours away from Auckland and commute their to work because the housing is so expensive.

Furthermore as of 2013 in Auckland there were only 70,000 Chinese people and 40,000 Indians compare that with Vancouver's (as of 2011) 890,000 combined Asian people.

[Xtrema]

Canadian resident, ok. Foreign speculators, or kids of corrupt dictators, money launderers, or legit billionaiors buying our homes for speculation and to make more money is just beyond stupid.

They just funnel into shell corps.

You can't stop money.

Even the NZ deal, it's doesn't stop new developments, just existing one. If will cool it be not totally solve the problem.

The only way to solve this is keep staying on this Trump isolation train and stop all globalization and trades.

[ExtraSlow]

Spent four months in NZ way back in my younger days. Love that country.

[LUDELVR]

I lived that way for 2.5 years and thought about making a life there but the cost of housing back in 2008 was astronomical so I can only imagine what it is now! That coupled with how little teachers made over there equated to a nice plane ticket home where I could actually afford a house. Would have loved to stay there but just wouldn't have worked out financially unless I married rich and unfortunately, strippers weren't making that much more than me!

Even the shittiest houses were so expensive but I guess it was because there wasn't much for sale. Most of the people I knew rented and those that had houses were from relatives. So many houses were expensive because in Auckland, they were all pretty much beach front property. a million plus seemed like the norm.

Most of the Asians I knew and saw were living downtown. Sell their place back home and move to NZ and buy a lot cheaper seemed like the norm.

[Gestalt]

They just funnel into shell corps.

You can't stop money.

Even the NZ deal, it's doesn't stop new developments, just existing one. If will cool it be not totally solve the problem.

The only way to solve this is keep staying on this Trump isolation train and stop all globalization and trades.

Why would you let a corporation own a residential hone?

Ban that too. Homes are for people and families. Not evilcorp looking to make a fast buck.

[Xtrema]

Why would you let a corporation own a residential hone?

Ban that too. Homes are for people and families. Not evilcorp looking to make a fast buck.

So you want rental pool to be 1:1 ownership ratio. Good luck finding places to rents.

[Gestalt]

So you want rental pool to be 1:1 ownership ratio. Good luck finding places to rents.

Why would you rennt if housing was actually affordable?

And developers don't rent. They buy an appartment building and covert them to overpriced condos.

[jacky4566]

Seems to me these cities need to build more housing? Supply and demand here people!

But it also seems that these places over regulate to the nth degree. Trying to get permits in Vancity is INSANE! your waiting 6 months for garage permits these days! Silly if you ask me. Promote density and reduce the red tape!

[nzwasp]

Its funny you say that - when I lived in NZ i dont really remember them creating any new housing suburbs like they do here in Calgary.

[RealJimmyJames]

Gestalt it sounds like we should have a government department to scrutinize every real estate transaction and determine if the buyer is acting in the best interests of society. If not, disallow the transaction. If the buyer just happens to be a filthy capitalist, put a 200% "social license" fee on it to redistribute into more worthy citizens who are less selfish.

[Gestalt]

Gestalt it sounds like we should have a government department to scrutinize every real estate transaction and determine if the buyer is acting in the best interests of society. If not, disallow the transaction. If the buyer just happens to be a filthy capitalist, put a 200% "social license" fee on it to redistribute into more worthy citizens who are less selfish.

Thats over the top. Banning foreign buyers and corporate speculatirs is a good start though.

[zhao]

Thats over the top. Banning foreign buyers and corporate speculatirs is a good start though.

actually I'd say REITs and corporate speculators are one of the reason housing prices are going down in alberta.

so many shitty condos going up here.... so many.

I almost bought one last week, 2 bed, 700ish sq ft, 149000. cheap as fuck. cheapest 2 bedroom condo within 20 blocks in any direction was 180k and old. I figure I could flip that thing for 10-15k profit after expenses after its built in a year+, if the market stays the same, but so many damn condos i'm expecting prices to keep falling.

[Xtrema]

Why would you rennt if housing was actually affordable?

And developers don't rent. They buy an appartment building and covert them to overpriced condos.

Have you check downtown condo rental lately? Who the hell want to own when speculator failed?

[Gestalt]

Have you check downtown condo rental lately? Who the hell want to own when speculator failed?

Failed how? We picked up a nice high end unit during the og downturn.

Once we stop subsidizing those bums, well get back to sustainable growth.

Slow and steady wins races.

[Sugarphreak]

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