Bell Centre development area - Multiple towers to be built by 2015
View Single Post
07-17-2012, 05:53 PM
Join Date: Oct 2009
Originally Posted by
Burke the Legend
It is foreigners. Canada is a highly desirable place to be and there's 100,000s of millionaires trying to get in. The govt just froze the immigrant investor program (which fast tracks millionaires in) everywhere but Quebec for 6 months so they could deal with a huge backlog and streamline it going forward.
There is TONS of money lined up to get into Canada to support this real estate, and as the rest of the world turns to crap, its not gonna slow down anytime soon. People are really beating at the doors to get into the few primo places that are clean, economically sound and stable politically, Canada is on the short list with countries like Australia, New Zealand, Switzerland, Singapore, Norway, Sweden (note - all relatively small countries).
NOT a political statement, just neutral facts of the reality. Step back from the local politics for a minute, cuz in the worldwide picture Canada is relatively in GREAT SHAPE and lots of millionaires from a place like China are lined up to get out of the smogsoup of Beijing and live a nice clean place like Brossard cuz they see a better future here and for their kids than in China.
Right. It's no political, but like it or not, politics plays a role -- like you said, these investors like the political stability. A referendum means anything but stability.
Anyway, that's not my main point. My point is that locals will might one day no long afford to live in their own city. Also, one day, these foreigners might decide to cash in their gains and move to the next hot area in the world. Often, they all decide to do this at the same time.
I still can't see what benefits the ordinary locals may get out of this kinda of "boom". Sure, if you work in real estate, you'll be in heaven but what about the ordinary white-collar dude? Downtown, Brossard and other hot residential areas only accessible to rich foreigners. I don't know. Doesn't seem to be fair to me: locals kinda built this city just to see rich foreigners get the better part of it. Sure foreign money is a great boost for the economical development of a city -- otherwise growth may stagnate -- but there must be a control on the flow of incoming funds, especially the real estate kind.
Like someone else said, I prefer that companies set foot here than foreign real estate investors...
View Public Profile
Poulet Kostopoulos's albums
Find More Posts by Poulet Kostopoulos