Re:Chinese Buy One-Third of Vancouver Homes: National Bank E...
by mthoms on Thursday March 24, 2016 @11:58AM
(#11353844)
The situation is much more complicated then you are making it out to be. For one, this investment in high end residential property only really benefits a select few elites, not the general population. Of course it does generate some taxes - the debate is whether this small benefit is worth it considering the long term picture.
You're using the word "investment" to make it sound like they are starting local businesses that create well-paying long term jobs, grow the economy, and contribute to the community. The truth is that these houses sit empty 11 months of the year (or more).
Lastly, guess where that profit is going to end up when they sell? Not in the Canadian economy like it would have if a purchased by a Canadian. So again, is this a net gain? It's hard to say, but don't over simplify it.
So Canada doesn't want FDI, got it. Well, good for them, it means they're self sufficient.
It's interesting because when the going was good, meaning when Canada was making tons of money out of selling their mineral riches to China, I didn't use to hear so many bad stuff about the Chinese. Now, when some of those Chinese people want to invest their money back into Canada somehow it's bad for the middle class Canadians. I'm missing something, because I can't make sense of all this, but I'm just a programmer.