Suppressing House Price Truth = Cheering Destruction
With some exceptions, Canada’s media continues to suppress the real causes of astronomically-high housing prices in Metro Vancouver and Toronto. And Canada’s new government seems to be imbibing what most of the media say. It has just announced that it will increase Canada’s immigration intake to over 300,000 per year, the highest in 100 years. This will inflict even more demand for housing and more financial damage on millions of Canadians.
One of the latest shameless efforts to suppress the truth happened in a CBC Radio interview done by CBC Early Edition Host Rick Cluff with Jia Wang, Deputy Director of the China Institute at the University of Alberta. In response to an allegation that foreign buyers (especially Mainland Chinese) were the cause of Metro Vancouver’s high housing prices, Ms. Wang said there was no hard evidence to support the charge.
There is a major flaw in asking such a question to someone like Ms. Wang or any other Mainland China promoter.
These people are here to defend Mainland China and to portray Mainland China as a benevolent actor in the world’s affairs. She and others know that, with the collusion of business interests in the West, Mainland China has largely de-industrialized the West and has become a colonial power. She and others will do all they can to hide the truth and distort reality in order to further China’s interests. And naive, quisling Canadian governments are eager to help them. The evidence : According to the China Institute’s web site, “The China Institute at the University of Alberta (CIUA) was established (mostly for educational reasons) in the fall of 2005 with an endowment fund of C$37 million from the Government of Alberta.”
Informed Canadians, but obviously not those at our CBC, know the answer they will get (from a China promoter) to a question about China’s intentions. It is like asking a coyote in front of a chicken coop whether he intends to break into the coop. The coyote will lie. So will countries like China who are seeking to expand their control of Canada and the Canadian fools, particularly those at the CBC, who will believe them. For details, see http://www.china.ualberta.ca/
Here is one of the most recent realities that our new government and the CBC choose to ignore :
According to a March 14 column by Douglas Todd in The Vancouver Sun, UBC Geography Professor Daniel Hiebert has concluded that immigrants have a major impact on fast-rising house prices in Metro Vancouver and Toronto.
The following is a shortened version of that column :
“There is definitely an impact on the housing market,” said Hiebert, who believes a key factor behind the phenomenon is many new immigrants arrive in Canada’s major cities with a great deal of money.
The veteran researcher’s exclusive cross-tabulation of housing and immigration data, including between 2006 and 2011, found on average that 53 per cent of immigrants to Metro Vancouver during those five years became homeowners in that period.
“They bought roughly 100,000 homes in Metro Vancouver during the five years, ranging from suburban condos to ritzy mansions.”
‘“New Chinese immigrants were at the top of all this. Kind of incredibly, their rate of home ownership was 73 per cent,” said Hiebert.
Hiebert, who has published major studies on immigration, housing and ethnic enclaves, believes immigrants are seriously affecting housing affordability at both the high and low ends of the market.
“I think it would be a pretty big stretch for someone to arrive tabula rasa (without a lot of money) in a housing market like Vancouver and within five years be able to purchase a home in this place. That would be really difficult to expect,’ says UBC geographer Dan Hiebert.
“Prices of Metro Vancouver’s expensive properties, those in the $4-million-plus range, are being dramatically affected by immigrants”, Hiebert said. ‘But, at the low end, so are costs for new Syrian refugee families, who need government subsidies to afford a basic place to live.”
While some of the new immigrants who end up classified as homeowners might be among the relatively few who arrive on a family reunification program and join an existing household, Hiebert believes most would be buying homes by transferring large financial resources into Canada.
Hiebert’s findings support the conclusions of UBC’s David Ley, holder of the Canada Research Chair in geography and author of Millionaire Migrants. The Oxford-educated professor has found an “unusually decisive” correlation between high immigration to Metro Vancouver and high home prices.
The overall rate of home ownership among all residents in Metro Vancouver is almost 70 per cent out of a total 1.5 million households, according to Hiebert’s work.
“Based solely on visible-minority status, and disregarding immigrant status, ethnic Chinese have the highest ratio of home ownership, followed by South Asians,” Hiebert said.
“The percentage of home ownership among Chinese is 81 per cent, accounting for 290,000 Metro households, Hiebert said.
“And South Asians are second at 75 per cent, or roughly 160,000 households.”
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For details, see :
