Archived posting to the Leica Users Group, 2015/03/01
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]I think your daughter is lucky - in any housing cycle, for 99% of the time, it is economically prudent to rent rather than buy - for example, doubling your money in 10 years means an annual compounded yield of 7.2%. It really makes sense to buy ONLY after a massive crash, the general problem there is that is when generally buyers are quaking in their boots, as are bankers, making credit hard to come by - if you have your own capital it is generally a slam dunk! If you do your sums, you might find that if you had rented an apartment for the last 10 years, and invested the capital in a basket of international assets, you might have been better off. By the way, real estate prices for flats/condos in Chennai are up 4/5 times in the same period, and the appreciation for land has been even higher. Cheers Jayanand On Sun, Mar 1, 2015 at 5:43 AM, H&ECummer <cummer at netvigator.com> wrote: > Hi Richard, > Yes indeed Vancouver has the most expensive real estate on the planet > followed by Hong Kong, according to a recent international survey. > And, as you note, the common factor in this pricing is Mainland money. > Once it gets into a Hong Kong bank - don?t ask how it gets from China to > Hong Kong - then it is an easy transfer to Canada to buy property which is > now 20% cheaper than last year due to the fall in the C$. Canada has no > restrictions on foreign ownership - unlike Hong Kong which charges a 15% > transfer tax to buyers who are not permanent residents of the SAR (Special > Administrative Region). The result is fewer and fewer Vancouver residents > can afford to buy houses - given that their incomes have not kept pace with > the rise in housing prices. My apartment in Vancouver, for example, has > doubled in price since I bought it in 2005. So those of us already in the > market are not hurting - but others, like my daughter, face the prospect of > being out of the market for a long time - if not forever. > Howard > > Date: Fri, 27 Feb 2015 19:35:04 -0800 > From: Richard Man <richard at richardmanphoto.com> > To: Leica Users Group <lug at leica-users.org> > Subject: Re: [Leica] Hong Kong pictures > > According to one study, Vancouver is the MOST expensive city, even topping > HK, Tokyo, New York etc. The Mainlanders are moving their money out before > their government can take it away :-) > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >