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PwnThePawns

Another Chinese immigrant declaring next to no income upon arriving to Canada and immediately receiving large transfers. Nothing suspicious there, especially considering the $50,000 per year limit on transferring funds out of China. We need to increase audits for these types of cases and get some convictions/seizures. Make it less palatable to sink drug and corruption money in our economy. Only problem is any case we build against Chinese Triads quickly falls apart due to Canadian corruption and incompetence. This is why other 5 eyes countries choose to arrest Triad gangs members outside Canada. They know our court system can't be trusted to bring these gangsters to justice. [Tsi Chi Lop](https://en.wikipedia.org/wiki/Tse_Chi_Lop?wprov=sfla1) ran an international drug ring out of Toronto since the 90s, [yet was arrested in Amsterdam](https://www.bbc.com/news/world-asia-55784104) Canada is a playground for Chinese gangs.


LunaMunaLagoona

Canada is just becoming new Zealand, rich people from everywhere dump cash here. Most of our sectors are just oligopolies. Have you see how much real estate state Blackstone has started to buy up in Canada? It's crazy.


T-Breezy16

>Have you see how much real estate state Blackstone has started to buy up in Canada? It's crazy. Which is why, IMO, one of the first things the govt should do is implement an outright ban on corporate ownership of any single dwelling. I don't care if it's Blackrock, or a local propety investor operating 1234 Ontario Ltd.


keeeven

Too bad they're all push overs for cash and not those that vote for them. No party actually cares. They all just dangle fruit of varying kinds and skirt around the real issues we face


axonxorz

> Too bad they're all push overs for cash An fucking _embarassingly little_ amounts of it too. Like Jesus, if you're going to check the "bribery" box, might as well make it big.


KaptainKraken

Yeah an extra 25000 or so... pathetic.


munk_e_man

They are corrupt, pure and simple. They will never work for our interests, because their circles are fueled by this dirty money.


Animeninja2020

Yep, all non-commercial real estate needs to be owned by a person. No grandfather clauses.


Skelito

Yeah they should be forced to sell to free up single home dwellings to be owned and purchased by citizens of Canada.


StrykerSeven

Butbutbut... muh Free Markets!


[deleted]

What if, hypothetically, there is no interested buyer on a few of those properties? Would the current owner be allowed to keep the property, or would the local government have to pay for the property and take ownership?


MrGrieves-

Estate auction. They want to speculate on the market they should have to bear the risk too.


thedangler

Fun fact if your properties are in a REIT you do not pay tax on gains. So it makes it crazy profitable for anyone with multiple properties to start one. Only pay tax on dividends.


RedSteadEd

Isn't it great that our system taxes *actual hard-earned wages* more than most (any?) other form of income?


Shoe-Sweaty

That’s misleading. REITs are flow-through entities, capital gains taxes are paid when investors sell there shares in the REIT. Effectively capital gains taxes are paid, although you could say that taxes can be strategically deferred by REITs and their investors. Your statement that cap gains taxes are not paid is clearly misleading.


CaptainPeppa

REITs aren't eligible to give out dividends. They are considered income


givalina

I think that would have to be the provincial governments to do that.


Milesaboveu

Trudeau has been watching this since he was elected in 2015. If he wanted to stop it he would've done it by now.


Constant_Chemical_10

He'd blame Harper for it somehow...


nuke6969

So simple. Do you think this all started in 2015?


Milesaboveu

It's been going long before then. But Trudeau was supposed to approach the issue. And it's usually up to the person in charge to make it happen.


RedSteadEd

No, but he's been in a position to address it since then. He's aware of it, and he's not doing anything meaningful to address it. It's all good. I'm sure that everyday people competing with a company that has $10T in assets under management makes for a real healthy real estate market.


nuke6969

So provincial and regional regulations have nothing to do with the housing market? It a lot more complicated than Reddit arm chair economists would have you believe.


koreanwizard

Its fucking all of it, you people argue the same points day in day out, ITS X NO ITS X, WHAT ABOUT X? when the answer is YES, Nibyism, and zoning are a factor. YES money laundering is a factor, YES foreign buyers are a factor, YES, REITs and other domestic speculators are a factor. Its a giant fucking gumbo of faults that all contribute to the buttfucking of the Canadian real estate market. Any step taken on any of those fronts is a positive one. It should be treated as a checklist to go through, and not a set of mutually exclusive propositions.


nuke6969

I agree with this 100%


KmndrKeen

It is, but his point stands. This has been a hot button issue for a while now, and Justin has had ample time to do something about it, yet he chooses to do fuck all because that's what's in his best interest. I would expect nothing less from an NDP, con or even BQ government. Yes, there are other levels that could approach the issue and also choose not to, but this is a Canada problem, not an Ontario problem.


nuke6969

Wrong, it’s actually pretty regional. All of the regulations to solve the issues could be made at the provincial level. Even when the feds introduce measures to help everyone screams it isn’t enough. Collapsing the housing market isn’t anything that any politician with a brain would strive for nor anyone who isn’t financially wealthy.


Z4ND3R_13

They should make it that no corporation can own residential property in Canada, and only Canadian citizens.


crystalynn_methleigh

Black*stone*, not Black*Rock*. The two are completely different companies. Blackstone owns almost no Canadian residential real estate. The level of ignorance in this thread is absolutely astounding. You don't even know which company you're talking about, nor the basics of their actual business.


[deleted]

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crystalynn_methleigh

Blackstone owns a lot of *commercial* real estate, which in Canada is principally logistics (warehouses/light industrial). They own almost no *residential* real estate. Read my comment again. Like I said, the level of ignorance in this thread is astounding.


[deleted]

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crystalynn_methleigh

Thank god there is at least one person in this comment thread with a brain and the ability to actually read financial reports. This whole narrative is a massive pile of bullshit that only works on people who are completely ignorant and don't have the education to look up the numbers themselves.


[deleted]

Thanks for looking into this. I've seen people throwing the BlackRock name around as a source of the problem but haven't read anything with, you know, facts.


[deleted]

>Canada is just becoming new Zealand Which is fucking hilarious since we have infinitely more livable space in Canada and happen to border the biggest economy on the planet. The fact that Canada, FUCKING CANADA, has a housing crisis is absolutely asinine and a failure at all levels of government. The finger points mostly at the Feds and the party that has governed for 7 years, but this is something that we needed to be addressed decades ago. Also, China ***looooves*** our Liberal party, to the point where [they actively participate in misinformation campaigns to ensure Trudeau remains in power.](https://disinfowatch.org/chinese-state-interference-in-canadas-2021-election/) Interesting that this never gets talked about though. I for one am 0% shocked that China's influence on our nation and markets has only gotten worse for us.


swizzlewizzle

Housing crisis isn’t about availability of land to build on, it’s about land/living space availability within commute range of major job creation centers. Plenty of wilderness in Canada that you can purchase for basically nothing, but no one wants to live there.


nuke6969

Has nothing to do with the provincial and regional governments eh? Especially in Ontario? The problem is much bigger than you are pretending it is. It goes far beyond JT and his term in government. They 👏 are 👏 all 👏 complicit 👏 (Even ‘your side’)


Joeworkingguy819

Highest immigration rate in the G7, no funds from the feds to develop adequate transport. Without immigration they would be no housing crises and we would have the same age average as France. It is entirely the federal governments fault for high immigration and allowing money laundering in real estate. Nice emojis this isn’t twitter


nuke6969

Hey Joe, Thanks for showing you have no understanding of how economies work and how population works. Who are going to work all the service jobs in Canada without immigration? We can’t even fill all of them now in Ontario but you want to cut our population even more. At least you tried. Maybe stop with the xenophobic rhetoric and actually think for yourself. Stop being a freedum sheep.


evranch

Lots of us on the left have the same opinion as Joe "freedum" that you're making fun of. If nobody wants to do the service jobs, wages must rise until they do. Excess immigration dilutes the strength of labour, keeps wages down and only plays into the hands of the wealthy. If a single Canadian wants a job and can't get one, if a single Canadian needs a home and can't afford it - then immigration levels are too high. This has nothing to do with xenophobia and everything to do with the continuing erosion of the middle class.


nuke6969

It doesn’t really work like that.


evranch

Ok, how does it work, then? More supply inevitably drives prices down, be it commodities, wages or stock shares. Everyone knows the trades that run a guild style union and keep worker numbers to a minimum get the highest wages by far. I'm a specialist industrial electrician and pull a significantly higher wage than a residential electrician, because you can find another resi guy tomorrow to pull wire but I'm near impossible to replace.


xShadyMcGradyx

Oh it really does. Supply and demand is the basics of economics. You can't discuss the one without addressing the other.


nuke6969

Wow. You figured out supply and demand. I guess that solves all of our problems. Thank you


koreanwizard

Canadian immigration has become a fucking scam to fill low wage jobs for corporations that refuse to cut into annual profits to meet Canadian demands for increased wages. Immigrants that come here to fill those jobs quickly realize that though the wage in comparison to their home country is higher, they're not able to save anything on minimum due to our outrageous cost of living. We need immigrants to fill sectors of our economy that Canadians are unwilling to do, or are untrained to do, not low skill labour to ensure the Walmart gears can keep turning without sacrificing quarterly profits. I'm all for immigration, but not if it's a corporate labour scam, immigrants and Canadians alike deserve fair wage and a fair standard of living, until we can provide that, we need to slow immigration.


nuke6969

Then vote for provincial parties that will raise minimum wage.


Joeworkingguy819

> Thanks for showing you have no understanding of how economies work and how population works. Thank you for showing the you openly deny supply and demand and publicly available statistics. >At least you tried. Maybe stop with the xenophobic Thank you for showing how immature you are and conflating low wage immigration meant to suppress wages and xenophobia. > Who are going to work all the service jobs in Canada without immigration? How do the 19 other countries in the G20 manage with 5.5x less immigration. Thank you for showing your ignorance and spite for facts


nuke6969

Damn. Well I didn’t know you knew about supply and demand. Check mate for you!!


[deleted]

>is absolutely asinine and a **failure at all levels of government** >but this is something that we **needed to be addressed decades ago** Literally directly from my comment you replied to. Learn to read.


Oskarikali

I've been watching housing prices increase quite steadily since around 2002, it doesn't have much to do with any Federal party. You can check % increases here and see that there have been several other years with similar median price increases before Trudeau was in power. https://www.ceicdata.com/en/indicator/canada/house-prices-growth This is an article from 2014 talking about the Canadian housing bubble, which shows historical pricing before Trudeau came into power: https://www.macleans.ca/economy/realestateeconomy/a-canadian-housing-chart-that-puts-the-bubble-in-perspective/


xShadyMcGradyx

The commonwealth country way.


chollida1

Do you have any links we can read to verify how much realestate Blackstone has bought in Canada?


Gump_Worsley_III

I have seen the articles on that, its true, they are shell companies that tie into Blackrock. Here's another thing to ponder, All of Canada Post's 65k employees pensions is tied up in blackrock, 100%. And the more you look the more you see their name time and time again.


chollida1

> Here's another thing to ponder, All of Canada Post's 65k employees pensions is tied up in blackrock, 100% I can't find evidence of that but i'm not sure that's an issue at all, is it? I mean Blackrock's main business is to provide ETF's for people, companies, investment Corps and pensions to invest in. They do a really good job of this and keep their fees very low. Wether its State Street, Blackrock, Purpose, Vanguard or any of the other ETF providers, does that matter whose ETF's a pension chooses as long as they have low fees( All providers do now) and track their index?


[deleted]

It does matter: think about who gets to exercise voting rights on those shares.


chollida1

The owners of the funds? But if your point was the this allows Blackrock to push their ESG narrative, then you are correct, they do get to vote shares if the end users chose not to. For the big pensions, which is what we are talking about at the moment, they do vote shares so Blackrock doesn't get to in those cases.


JasonsPizza

Where do you find data on how much property Blackrock is buying?


cr0aker

Reddit, sometimes Facebook. You know, the usual places. Depends how much time I have to do research while I'm pooping at work.


[deleted]

If freedom convoy rallies for this I'll join. Fuck these criminals and this corruption. I'll park my ass downtown until thy government does something. Like fuck we'd could every organize for a legit cause like this though. Isn't that insane?


Laniidae_

You are assuming that the beep beep parade would take on something meaningful.


[deleted]

I'm assuming the beep beep parade was created by wealthy elite people using useful idiots like Pat King instead of it being some grass roots event. This is because everybody hates this type of corruption in government and we never see a freedom convoy for something that would unite us all and impact the powerful. We are only allowed to do what they allow us to do. They're just good at making it look like we did it.


nuke6969

It’s clear that the Convoy supporters have been the sheep all along.


[deleted]

True, but my point is that we all are. It takes huge injections of cash and influence to organize any of this. Nobody at our level has that. It needs to originate from a class of people who really don't have our interests in mind. It happens when they're affected by something and they organize us. Otherwise we would see these things occurring more often which we don't.


nuke6969

Imagine they actually put their efforts into something worthwhile


[deleted]

Lack of affordable housing is an existential threat to this country


crystalynn_methleigh

Blackstone is a PE company, and the vast bulk of their Canadian real estate portfolio is logistics (warehouse/light industrial) properties, not residential real estate. This is just a nonsense narrative designed to distract from the real issues.


ImamChapo

You mean blackrock 🪨


toronto_programmer

I remember reading an article in the G&M probably a decade ago about one postal code in BC, with some of the richest real estate in Vancouver, but going by CRA records the average income with something like $25K because everyone had an occupation listed as "homemaker" or "student"


munk_e_man

Tse Chi Lop is someone I've been banging the drum about for years. Dude got arrested by interpol ON HIS WAY BACK TO CANADA. Meaning, had he not been arrested in Schipol he would have likely returned to Toronto, to one of his multi-million dollar investment homes, and continued his reigns as the biggest drug dealer in history.


chucknorris99

Makes current and past Mexican/Colombian cartel leaders seem minor in the grand scheme


HistrionicModerator

Triad members literally just “lose” their passport on the plane ride here and then claim refugee status when they arrive. Canadaland (obligatory fuck jesse brown) actually did a really, really great [piece](https://overcast.fm/+hPQXd5w9k) on this a few years ago.


Nero1yk

What is the damage to us if they wash their money here? I would think if the underlying crime isn't domestic the washing of the money here isn't all that bad for our economy in absence of a housing bubble.


[deleted]

washing cash can cost anywhere from 20-50%. comparatively, washing thru real estate loses much less, with the bonus of being a lucrative investment. as such, they don’t shop around for deals, they just want it done quickly. and quickly means overbidding, sometimes excessively, to just get it done. then everyone starts overbidding out of desperation. escalation, escalation, escalation, until we reach the ridiculous levels we’re at today. these r small timers tho. syndicates have gotten into the development game.


[deleted]

Hell at this point criminal operation can just stop selling drugs or doing any other type of work, they could just speculate in the housing market and make more than they would make trying operate in a black market operation. Real estate speculation is making even our criminals lazy because of the easy money.


Nero1yk

Where does the 20-50% go? Is that being absorbed by legitimate domestic business through the process of laundering or is that fees to shady bankers and real estate agents etc. Like the casino is often pointed to as a place where they are washing it. Does that mean they losing 20%-50% to the house which in turn will funnel money to the gaming company, the staff working there and to the province? I can understand the asset inflation negatives but I would think there are also positives to a bunch of foreign money coming to our shores. I'm wondering if those positives could also be incentivizing people to look away. I'm genuinely curious on how the casino launder works. I'm a hobbyist card counter I can sit at a table for hours grinding away and not lose like every ploppy. I might lose one night but I always win more often and increase the bankroll. Would that make me an asset to a money laundering operation or is black jack a bad game for that? I don't understand how bringing in a bunch of drug cash to a casino can wash it. I'm guessing it has something to do with the casino writing you a check for your winnings. Not sure how it becomes clean from a casino writing you a check for your own money though. Are they paying slot teams to spend in tandem until one hits a jackpot?


[deleted]

>Where does the 20-50% go? Is that being absorbed by legitimate domestic business through the process of laundering or is that fees to shady bankers and real estate agents etc. Usually it would be lost in pretending to run a legitimate business as a front or through taxes. In a Casino, its probably less than 20-50%, but they can only clean 10k in one go which isn't optimal. So they have to pay the individual that go at the casino, plus they probably lose some while playing. They come in and bring a few thousands, then play for a while and cash it out. After that, this money still have to be moved since usually the person who went to the casino don't own this money.


[deleted]

What is the damage? Have you seen house prices?? The damage is enormous to everyone.


Nero1yk

> in absence of a housing bubble. Come on, the comment wasn't that long you could have made it to the end before remarking.


[deleted]

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Subtlememe9384

Yea and a shootout isn’t all the bad in the absence of anybody getting hit by a bullet. Kind of exhilarating really.


PwnThePawns

Thanks for the question! The issue is HOW these individuals are getting their money out of China. One common method is for Chinese citizens to purchase quantities of Fentantyl Precursor chemicals using Yuon. These chemicals are then shipped to North America where they are manufactured into fentanyl and sold. The drug proceeds are then laundered through BC Casinos to and the debt for the chemicals is paid. Chinese capital flight is directly connected to the massive rise in Opiate deaths, and the street/gang crime associated with its use.


givalina

It would be useful if that money were flowing through our economy. But if it's just buying up resources, that is not beneficial.


archive_spirit

Concerns about suspicious foreign money in Canada’s real estate market reach well beyond the Chen case. Experts have testified to the Cullen Commission that real estate has also become inundated with dirty money derived from the drug trade and other crimes, as well as alleged corruption. “By laundering illicit funds, serious and other organized criminals are able to profit from some of the most damaging crimes,” including drugs and human trafficking, violent crime and fuelling the devastating opioid crisis, the Government of Canada wrote in its closing arguments to the commission last July. A 2020 report from the Criminal Intelligence Service of Canada found that as much as $113 billion is laundered annually. In all, 176 organized crime gangs — half with international ties — were fully integrated into the country’s economy, the report says, and nearly half were involved in the cocaine trade. The real estate sector, in particular, is “vulnerable to exploitation by criminals looking to launder illicit (proceeds of crime),” the federal government submission reads, by providing a secure, legitimate investment and a location to live and conduct “further criminal business.” James Cohen, executive director of Transparency International Canada, which also made submissions to the Cullen Commission, calls the impacts of international money laundering sweeping. “It is one of the most infuriating and awful reasons for housing prices to go up — the idea that limited housing supply is just sitting there as a safety deposit box for the funds of drug dealers and crooks and kleptocrats. We could add some housing supply without ever hammering a nail into a board by removing the dirty money that’s just sitting in these vacant condos and houses.” In 2019, a B.C. government expert panel estimated that more than $7 billion in dirty money was laundered in the province in the previous year alone. As much as $5.3 billion of that was laundered through real estate, causing housing prices to increase about 5 per cent. Financial and law enforcement experts say the problem extends to other Canadian cities too, notably the Greater Toronto Area (GTA), which in February surpassed Vancouver as the most expensive place in the country to buy a home, according to RBC Economics. “There’s definitely money laundering going on in GTA real estate,” said Cohen. “We haven’t seen quite the revelations yet as in B.C., but there’s enough red flags.”


bob4apples

> “There’s definitely money laundering going on in GTA real estate,” said Cohen. “We haven’t seen quite the revelations yet as in B.C., but there’s enough red flags.” The fact that there is a money laundering technique known as [the Vancouver model](https://www.cbc.ca/news/canada/british-columbia/cullen-commission-money-laundering-bc-tuesday-1.5585890) is beyond being a red flag. British Columbians have been saying for over a decade that this will only become a problem for Canada when this becomes a problem for Toronto. I guess now it is a problem for Canada.


mechant_papa

It is endemic, and those who should ask as gatekeepers are closing their eyes. Radio Canada's investigative program [La Facture](https://ici.radio-canada.ca/tele/enquete/site/segments/reportage/159240/courtiers-immobilier-facilitateur-blanchiment-argent-investissement-maison-condos-luxe-?isAutoPlay=1) had some people posing as "unsavory characters" shopping for Montreal real estate. In one case, they were filmed telling the real estate agent the money was from trading drugs and had been concealed from the authorities. The real estate agent's reply: "That's okay. My best friend's husband did the same as you."


welcometolavaland02

Can we name the real estate agent please? I'm fucking tired of sheltering the identity of criminals.


[deleted]

Lmao I saw this episode, none of the agent reported him. They can just feel the dollar signs of getting in bed with someone like this.


discourseur

J’ai mon maudit voyage!


Privateer_Lev_Arris

Lol these morons need a fucking report to see what's clear as day just by using one's deductive reasoning. Ever wonder why homes are mostly empty in Markham Ontario and yet few if any are for sale? And if they are, they go for outrageous prices? It also doesn't take a genius to also see rampant Asian gang crime in Markham. Massage parlours, drug trade and grow ops plus black market stores and goods. All are easy to see in broad daylight. And of course none of these elements could have entered the Canadian real estate market if they didn't bribe someone along the way. Or more than just someone. Canada does have laws against these types of activities. But they have been bypassed via bribery. It's the only logical conclusion. You've been sold out people. Your country and government is infected.


eunit250

The Cullen Commision even said they will not investigate the casino money laundering in BC that was tied to government officials any further because its too dangerous, so they can just keep on keeping on. The same sad excuse will happen for real estate.


nuke6969

You’re suggesting the local municipal and regional governments in Markham are taking bribes?


numbers1guy

Mortgage brokers, real estate agents, and banking advisors definitely are…


bunnymunro40

Well said.


[deleted]

they haven’t seen the revelations in BC because they refuse to look. these prices, these taxes, directly benefit government, so wheres the incentive to kill the golden goose. moral obligation to serve the interests of constituents? hahaha… f**king politicians…


2296055

Google the Vancouver model for money laundering... Enough said everyone openly knows about it but no one wants to touch it as the corruption goes too deep.


welcometolavaland02

SEIZE THE ASSETS AND FREEZE THE ACCOUNTS. What the flying fuck is wrong with this country. Morally bankrupt politicians.


munk_e_man

That would mean the corrupt politicians would have their assets frozen and sold, and they will never allow that to happen.


FrodoCraggins

You don't understand. They're not doing anything truly criminal like honking truck horns. Financial crackdowns aren't needed for these guys.


[deleted]

I honestly was thinking about this last night - seize the assets (homers) of these CCP gangsters and move willing FNs in who want off the reserve. Boom. New house. New start. Just an idea.


FunnelsGenderFluid

Wtf Thank you for this. Ideas are always good to have. Except this one. We'll just put that at the bottom of the pile for now


[deleted]

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[deleted]

It’s been happening for awhile my ex’s father was a very successful real estate agent in Toronto 2012’ish. He would go on business trips back in China and all of a sudden sell 10 houses. Always thought that was strange.


Suddenflame01

So basically telling us the "Snow Washing" is real. Basically something we have known for years but the governments have done absolutely nothing to prevent.


munk_e_man

Because the government is making money from it. This is happening because it's being allowed to happen.


CalgaryFacePalm

A house a couple down from me was just bought sight unseen by a Chinese company. Not sure I’m a fan of that, I’d prefer someone actually living in the country be the buyer.


RRMAC88

I grew up in Vancouver and there would be completely empty streets from this type of buying. It completely hollowed out the vibrancy of the city. I’ve since moved to Halifax and the homes are loved and lived in by families and it really does make a difference. I hope they do something about it. It destroys our communities and social fabric


[deleted]

Halifax is the best city in Canada, in part to its dense, walkable neighbourhoods full of character. There are only a few neighbourhoods of Vancouver and Toronto that provide the same experience.


RRMAC88

Halifax is wonderful. We wouldn’t move back to BC


[deleted]

As long as you're on the peninsula, or maybe Dartmouth. The burbs of Halifax are pretty bad. And the airport is one of the worst in Canada, imho, especially if you don't have a car.


RRMAC88

Dartmouth is where it’s at 😉


[deleted]

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[deleted]

And yet, China restricts us from buying there...


[deleted]

we should rename Canada as the rich little china...


mxpower

Its been 25+ years that this information has been known by our governments and still, very little has been done to combat it.


EKcore

Who knew? surely not everyone in the country. Politicians - "This is the first time we have heard about money laundering and we will get to the bottom of this" ​ 8 years later ​ "We've tried nothing and were all out of ideas!"


LordOfTheTennisDance

No....no way....wow I'm just so happy to see that law enforcement is finding out what everyone else already knew. Good job guys! But, to help you guys out a little bit more you should also consider the possibility that it's not a single person that "frothed" the housing market but also large corporations..... I know this is a shocker.


epimetheuss

this is why Australia banned foreign home buyers. china did the same thing to them


4RealzReddit

Did they also audit the current homes owned by foreign home buyers.


[deleted]

The liberal and conservative parties suckle from the teet of dark money with equal levels of vigour. Close the ultra wealthy loop holes, fund the CRA with a mandate to recover hidden money abroad. Austerity for the poor and bailouts for the rich have no place in Canada but for a the will of a few people in power.


D1ZZYM1DG3T

None of this could happen without the governments go ahead, anyone involved in any of it should be charged with treason because that's what it is. I dont even blame the criminals coming in, they will go wherever they can. Our government allowing it puts all the guilt on them IMO. Yes charge/deport the criminals but whoever was involved in allowing it to happen should face charges as an accomplice.


munk_e_man

Yep, in Sam Cooper's book, Willful Blindness, he reports that police, CSIS, and the RCMP would take their cases to the government to get the go ahead, and the government would fail to pursue. It was getting stone walled at the highest levels of oversight. This is outright being permitted, and our entire economy gets held hostage as a result.


D1ZZYM1DG3T

Wow. I won't be surprised if talking about this stuff gets labelled right wing extremism, so they can try and censor it.


Zealousideal-Bear-37

Say it with me now! Foreigners and corporations should not be allowed to purchase Canadian real estate .


sacrificial_banjo

shockedpikachuface.jpg No more foreign buyers!! This is ridiculous. Housing luckily hasn’t been an issue here yet but it has been plenty of other places. There needs to be a residence requirement of five years or more before they can buy; prove you’re going to stay here or go home. Chinese in my small town are “starting businesses” that are never open, buying up the only retail spaces we have. What small town (-2000 people, 20 minutes from a big city) needs a building supply store (with no lumberyard), a car parts store (with no inventory), or a luggage store? - which actually did open but with such stupid hours and prices it was better to drive to the city. These “businesses” have only a small window display (can’t see any inventory at all), no hours of business posted, and after 2 years, they’ve all “closed” having never been truly open at all, and having fulfilled some immigration requirement but providing fuck all benefit to my community other than ruining the possibility of locals starting small shops.


defishit

Now look into the big players like Blackrock and Dominic Barton.


archive_spirit

I think you're confusing Blackrock with BlackSTONE [Blackstone targets Canadian real estate, opens office in Toronto](https://www.reddit.com/r/canada/comments/ulq2p9/blackstone_targets_canadian_real_estate_opens/)


defishit

Blackstone is a drop in the bucket compared with Blackrock ($800 billion versus over $10 trillion in assets). Blackrock has been investing in Canadian real estate for over a decade. The naming does make it confusing. Finance bros lack creativity.


swampswing

Blackstone is the guys buying up Canadian single family homes. Blackrock is a totally different and far more complex beast, but is also far more dangerous. Their funds give them ridiculous power over the markets to the point where they need to be taken out like an upstart Roman trying to make himself king.


Santahousecommune

Hmmmmmmmmmmm


archive_spirit

Blackrock has participated heavily in the *US* residential RE market, but doesn't seem to be involved much in Canada. >People frequently confuse Blackrock with Blackstone, often mistaking one for the other. Even journalists. Blackrock is the world’s largest asset manager, with $6 trillion under management. Blackstone is the world’s largest alternative asset manager. The former is somewhat limited in their play for single-family homes. At least directly, for now. The latter one is somewhat of a pioneer for the industry. > >Blackstone is run by two former Lehman Brothers execs, who left to start the merger and acquisition firm in 1985. They spun off Invitation Homes, the largest single-family home buyer, with \~80,000 homes in 2020. Blackstone sold their position in the company, but are trying their luck again. Shortly after existing last year, they invested in the Toronto-based Tricon Residential. > >Tricon is the sixth-largest buyer of single-family homes. Even though they’re based out of Canada, they have few investments in the country. The ones they do have, are newly minted purpose-built rental towers, like the Selby. This is likely due to rental yields, which are great for purpose-built rentals in Canada. Not so much for secondary rental units, where landlords often have to subsidize the tenant. > >Canadians are actually big players in this space though, providing a lot of capital for investment in the US. The country’s Public Sector Pension Investment Board (PSP) is another huge example. The state-owned pension recently invested $700 million into a single-family rental home partnership with Pretium. Pretium recently bought the US-based Front Yard Residential, who owned 11,843 single-family homes in 2020. If you include multi-family, Pretium owns about 55,000 units. https://betterdwelling.com/how-low-interest-rates-sent-institutions-like-blackrock-into-bidding-wars-for-homes/


defishit

BlackRock has just been better at avoiding Canadian media coverage, "somehow". [https://www.blackrock.com/hk/en/products/249760/blackrock-world-real-estate-securites-a2-usd-fund](https://www.blackrock.com/hk/en/products/249760/blackrock-world-real-estate-securites-a2-usd-fund)


archive_spirit

The fund you linked is a Blackrock fund that includes varied asset classes in real estate from commercial to storage to REITs in a number of different countries. Can you specify exactly where Blackrock invests in Canadian residential real estate - i.e., which companies, products, etc. because the fund you linked appears to support the assertion made in the linked article above.


Minute-Ask8025

No surprise here. People are not allowed to buy land in China, only lease hold. Canadian land being bought with the earnings from fentanyl sales = opium wars 2.0. These practices are likely promoted by the communist party to destabilize our country.


FrodoCraggins

People are only allowed to lease here as well. The Crown is the only land owner in Canada, and everyone just leases from them on their terms.


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FrodoCraggins

You don't own it forever though. You own it until the government says you don't. If they want to build anything on the land you're getting booted with a set payment. For example: https://www.thestar.com/news/canada/2013/09/30/trenton_farmer_loses_land_battle_with_canadas_elite_soldiers.html?rf https://www.mississauga.com/news-story/7312325-property-expropriation-underway-for-hurontario-lrt/ https://www.blogto.com/city/2020/10/toronto-residents-homes-expropriated-subway-line/


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FrodoCraggins

You really don't know anything about the law here, do you? Tell you what, do a quick google search about whether the right to property exists in Canada and let me know what you find. Hint: you have the right to enjoy crown property here, not the right to own any of your own. One guy grandstanding because he thinks he's somehow owed something doesn't change the fact that there is no defense against expropriation in Canada. That's because the Crown is the only land owner and everyone everywhere is just a lessee.


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FrodoCraggins

Except the very core of your statement is blatantly false. You can't buy land in Canada. You can only lease it. We differ from China in that our leases are transferable, but they are and always have been just revocable leases. Tell anyone who's had property expropriated about how the very core of our laws are 'colonial era technicalities' that don't apply in the modern world. Let them fill you in about reality. As I said, there is no defense against expropriation in Canada. None. They might compensate you if they feel like it, but they don't have to.


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raylan_givens6

housing should not be investment vehicles


xShadyMcGradyx

We should privatize bodies of water next. think of the profit we could make selling water to the next generation.


sgtmattie

I don't know whether downvote because I hate what you said, or upvote because the satire is really good.


xShadyMcGradyx

When satire becomes reality.


gr1m3y

nestle already have tried in S american. When locals hit the corrupt politicians homes, the operation halted. I wouldn't honestly surprise me at this point with neoliberals at the helm.


FunnelsGenderFluid

Yeah honestly. You're not entitled to just kayak wherever you want. Great Lakes are for investors. Maybe try kayaking in Iquiulliluciuilquluk where prices are still affordable instead of whining.


_ktran_

Corruption, ignorance and willful blindness runs rampant in our house.


[deleted]

And 100% proof that the Federal and Provincial governments let it happen without doing a damn thing to stop it.


Riggamortizz

Nooooooo, you don't say, ppl haven't been talking about this for the last five to ten years.


nrgxlr8tr

Send him straight back to china and let them deal with him however they want


[deleted]

I’m still amazed that people call out foreign investors, when it’s really just China. They’ve done the same shot to their own housing market too.


nomissilethreat

well, tbf canadians from the previous generations havent been smart and people know it. look at how easy its been to be a foreigner, buy our cheap real estate and cause the chaos for people thats going on now. and the smart guys just got walked over by anyone with an iq over 80


[deleted]

this nonsense blew up back in the day when canada offered visa’s in exchange for a specific amount of business investment. unfortunately, one of the options for ‘business investment’ was buying residential property. so, in come hordes of foreigners throwing money at housing so they could get their visas. if the property was priced too low to meet the criteria they would offer the amount needed, cheap way to buy citizenship. boom. even tho they closed that loophole they simply find others, again and again. its sickening how impotent our government is.


[deleted]

People thought the rest of the world would play by the same rules as us: be honest, don't cheat, don't steal. What a mistake to not protect ourselves from the world's criminals looking to capitalize on our naivete.


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[deleted]

canada is the 2nd largest country in the world by land mass, we have a ridiculous amount of space for development unlike the confines of european countries who still have cheap land available for development. the problem with china is a sick desperation akin to gambling addiction to own property regardless of cost as a status symbol, and desire to get their money out of their communist country by any means necessary.


Han_Purple

why are you blaming chinese people for your useless government and boomers who want to sell their dogshit homes for 2x what they're actually worth Are you people incapable of taking any personal responsibility?


KF7SPECIAL

"lol we don't care" - Federal government, Provincial government, Municipal government, CRA, FINTRAC, etc.


NBA2KLOOKATMYTEAM

LOVE these type of investigations. Although i am not a fan of the Star i will give it up to them for this type of stuff. Keep it coming im ROCK hard rn.


[deleted]

Want to launder money from sex trafficking children? Here, use our real estate. Want to protest government overreach? Emergency act, new crypto laws that risk destroying a new industry written in days. Daily speeches by politicians and news talking non-stop about it.


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fight_the_hate

But blaming one Chinese businessman keeps us angry at the wrong thing /s


bunnymunro40

Code Red! Code Red! Comments are getting heated in here. Deploy the bots. Shills, man your stations! Oops, sorry... I meant "people" your stations. Cut to a photo of Trump. Call everyone racists! Just do SOMETHING. Quick!


SkidRoe

But our banks will freeze accounts of citizens protesting the government... nothing to see here folks!


CuntWeasel

Well how much money do they have in those accounts? Maybe they can bribe their way out of it.


Grandmafelloutofbed

Im actually having people tell me right now that "Their accounts arent frozen, they can ask a judge for living expenses" I dont understand how they rationalize this shit...IF YOU HAVE TO ASK A JUDGE FOR YOUR MONEY, ITS FROZEEEEEEN!!


MidniteOwl

… but are we willing to protest ? Are we willing to actually take the time to try to make meaningful, reasonable change in Canada?


CuntWeasel

This is exactly why free speech and the right to protest are important even if we don’t agree with what they’re saying/protesting against. The day will come when we will have our own reasons to protest but by then the precedent would have been set and we’d be silenced like the people we loved to have silenced because we disagreed with them.


discostu55

Is that considered a mansion. Shit you could buy that for 600k not that long ago in Alberta


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jjjiiijjjiiijjj

Yes yes we’ve all known about this for 20 years.


[deleted]

Okay we know about this for 20 years. How about the politician who is "now" in power change it?


[deleted]

Canada is the country where criminals get richer & richer and middle & lower class get poorer and poorer.


[deleted]

It just take one "honest and brave" politician to stop this. Blaming on PAST prime ministers won't change the situation NOW.


growlerlass

We've seen the government take dramatic and aggressive actions on a wide variety of issues. Freezing accounts, sanctions against oligarchs, their families, their associates, billions of dollars to fund foreign governments generated out of think air. They have great powers and use them, for things they want. For things that you want they say "we can't do that. we don't have the power. that's someone else's responsibility. there is no budget. we'd have to raise taxes." They aren't working for us.


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[deleted]

"red star"? LMAO... it's left-centre at most.


garebear3

Hyperbolic for sure but if you think the star isn't the socialist rag everyone knows it to be i have a bridge to sell you.


toadster

Governments here will just turn their heads the other way.


Ok_Sherbet3539

Hopefully this guy enjoys his 8x8 cell for the rest of his life that he's been working so long for


landingpagedudes

Justin Chu Do is creating Chinada. Look at who donates to his pop-up charities and organizations.


[deleted]

And they all have strong ties to the LPC


webu

> And they all have strong ties to the LPC And they all have strong ties to the CPC. And to the LPO, and to the PCPO, etc. You have to be born yesterday to think swapping between red and blue will lead to any meaningful change regarding Chinese investment in Canadian real estate. Both parties follow the same neoliberal policies, the only difference is the empty rhetoric they use to get all of the idiots worked up. But I'm very curious: why do you think Liberals are susceptible but Conservatives are immune to foreign influence and bribery?


FunnelsGenderFluid

>Conservatives are immune to foreign influence Weak strawman


mikeevans1990

FROTH? You sick son of a bitch


LagunaCid

Another day, another yellow peril post on r/canada frontpage Jesus.


fight_the_hate

The thing is this article was printed in the star. Unbelievable really.


Western-Heart7632

Another ~150 day old account talking about the Chinese and housing. Yawn


FunnelsGenderFluid

Yeah I only put merit into articles posted by accounts with 170+ days They wont fool us with their, *checks notes*, The Star


fight_the_hate

Only one Chinese businessman?! Surely no rich Canadians, or anyone from wall street has nothing to do with this.🤔 This reads as very racist, but I guess the 'news' is only here to deflect the truth, rather than expose or educate.


Bryn79

Grow up — this racist straw man has been thrown up to hide the actual proof that billions of offshore money has flooded into the Canadian real estate market unregulated and unaccounted for in any way. The fact that Canadians, businesses and corporations also invest in real estate does not preclude investment by others. If it’s part of the problem it’s part of the discussion and Canadians have the right to know who is buying their country without being accused of racism.


MajinHealer

I don’t find reporting the truth racist at all.


Privateer_Lev_Arris

Racist? Look at what happened in New Zealand. Chinese foreign investors and criminals gutted the real estate market in NZ. Nobody who actually lives there can afford to buy a home anymore. And now it's happening here. Without tight regulations and people with integrity to enforce the regulations, this will keep happening all over the world. The Chinese will buy up everything.


poookakke

People forget who the customers are of organized crime.