Westcoastpugnacious has been publishing reports/observations about foreign buyers of property for a long time. Everyone including developers, real estate agents, banks, builders, CMHC, government officials [federal, provincial & municipal] have downplayed the impact of investments by foreigners … investments made for both personal use and for commercial use.
Obviously everyone ‘knew’ that it was the Chinese this time playing the foreign invasion role. But..hey..why rock the boat … why kill the goose that lays the golden egg. We don’t want to be accused of racism because others have done just the same and not not that long ago. Now it’s their turn to scoop up the good deals compared with other places to lock down surplus funds in a safe haven for the future … Hey..we just finished all the furor over the Head Tax so let sleeping dogs lie.
Westcoastpugnacioushas highlighted the sad fact that we do not have any restrictions on foreign ownership of property in British Columbia … in fact Canada! Other countries are strengthening their restrictions … we are defenceless!
A recent example: British Columbia Lacks A Defence Against Foreigners Buying Property.
So, why does Westcoastpugnacious sarcastically state that the invasion is now official ? Ironically the trigger was a report by an ex-diplomat by the name of David Mulroney … no relation to ex PM Mulroney.
Attention grabbing headline ‘Hot’ Chinese money triggers alarm bells. Explosive, factual expose of what most people have been murmuring in private. Another pleasant surprise was the deluge of supporting reports.observations and articles. Kinda sad that some of them waited for someone else to be the harbinger of realism.
If visitors are gluttons for punishment, please use the search function button and input foreign buyers.