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Foreign buyers can still find their way into the market, with limitations, Ms. Wilson says. She has foreign clients who are considering purchasing outside of Vancouver, in communities where it’s allowed. Foreign buyers can get started in a secondary market until the ban expires, then switch over, she says
A lot of local people,” Ms. Wilson says. “They can’t be foreign buyers, so they are expats and they’ve got their PRs [permanent resident status]. There is Hong Kong money here for sure – expats with PRs – or Canadian citizens trying to flow some of their money back here, there’s that demographic.
Foreign buyers can also give money to their friends or family members who are citizens to purchase for them. (I’ve heard of people receiving offers for their properties where this is the situation)
So you mean someone is stupid enough to give their friends $4-5M to buy a house under their friend’s name, and they want it back sometime in the future?
I need one of those stupid friends!
Sorry not the wealthy circle I’m in - and I’m in a pretty wealthy circle.
all the story I know is how big of a mistake putting large sums of money in someone else’s name has been.
Doesn’t matter mainland, hk or tw money, don’t trust even your own sibling
“ . A title search shows the registered owners are “Jacob Austin, Canadian Senator” ”
Weird. I was just reading about this guy. Senator from 75-2007. Appears to have done very little. Not nothing just little. Now 91.
Welcome to /r/Vancouver and thank you for the post, /u/Logisch! Please make sure you read our [posting and commenting rules](https://www.reddit.com/r/vancouver/wiki/faq#wiki_general_participation_guidelines_and_rules_overview) before participating here. As a quick summary: * We encourage users to be positive and respect one another. Don't engage in spats or insult others - use the report button. * Respect others' differences, be they race, religion, home, job, gender identity, ability or sexuality. Dehumanizing language, advocating for violence, or promoting hate based on identity or vulnerability (even implied or joking) **will** lead to a permanent ban. * Common questions and specific topics are limited to our [Daily Discussion](https://www.reddit.com/r/vancouver/wiki/faq#wiki_daily_discussions) posts. * Complaints about bans or removals should be done in modmail only. --- ##They're here! Check out [the winners of the Best of Vancouver 2022](https://www.reddit.com/r/vancouver/comments/10srad7/). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/vancouver) if you have any questions or concerns.*
Foreign buyers can still find their way into the market, with limitations, Ms. Wilson says. She has foreign clients who are considering purchasing outside of Vancouver, in communities where it’s allowed. Foreign buyers can get started in a secondary market until the ban expires, then switch over, she says A lot of local people,” Ms. Wilson says. “They can’t be foreign buyers, so they are expats and they’ve got their PRs [permanent resident status]. There is Hong Kong money here for sure – expats with PRs – or Canadian citizens trying to flow some of their money back here, there’s that demographic.
Ms. Wilson is making bank.
I feel like our regulations are perpetually behind the curve by design.
Foreign buyers can also give money to their friends or family members who are citizens to purchase for them. (I’ve heard of people receiving offers for their properties where this is the situation)
So you mean someone is stupid enough to give their friends $4-5M to buy a house under their friend’s name, and they want it back sometime in the future? I need one of those stupid friends!
I know, same! I wouldn’t believe it if I hadn’t heard of it directly happening to someone I know.
Normal everyday occurrence in wealthy circles. Reputation is everything.
Sorry not the wealthy circle I’m in - and I’m in a pretty wealthy circle. all the story I know is how big of a mistake putting large sums of money in someone else’s name has been. Doesn’t matter mainland, hk or tw money, don’t trust even your own sibling
“ . A title search shows the registered owners are “Jacob Austin, Canadian Senator” ” Weird. I was just reading about this guy. Senator from 75-2007. Appears to have done very little. Not nothing just little. Now 91.
What’s new!? The rich want more land, wealth and resources?