The Source Of Vancouver's Dangerous Housing Bubble

Heads in sand, Federal and Provincial governments have stood by as out of control forces abuse Canada's immigration largesse and place financial pressures that are already harming Canadian taxpayers.

Now Canadians get a glimpse at the sources of the cash that has corrupted the whole Immigration industry, and created a strange anomaly that has become known around the world as the Vancouver Housing Bubble.

The Financial Times has revealed, "Corrupt officials took $124bn out of China" outlining the size of the fraud perpetrated on China by corrupt officials. Canada has not been the recipient of the "investment" part of that stash, but its real estate has been impacted by large amounts of "cash sheltering." For twenty years the stories of Chinese "buyers," purchasing real estate in Vancouver, as well as Toronto, sight unseen, have been common place.

These ill gotten billions have created an unusual situation for Vancouver. As the Vancouver Sun reported, "Chinese are parking money in Canadian land like a bank." Its real estate prices have no economy to support them.

British Columbia produces very little that anyone outside its borders wants to purchase, other than the natural resources it digs out of its soil. And yet, it's real estate is among the most expensive on earth. Young people cannot afford to house themselves in Vancouver, and even find other parts of the British Columbia lower mainland too expensive.

The aberration of corrupt Chinese officials offshoring their cash has placed a massive burden on Canadians whose homes are in majority owned by banks. Canadians now shoulder more personal debt than Americans. The housing bubble that will inevitably burst, will begin a wave that will start in Vancouver, and will rapidly spread across the country. Neither Ottawa, nor Victoria, can do anything to temper the damage the burst will bring.