zlacker

It's not a matter of if they get paid, it's the unfair advantage this gives in an already competitive market. 2/3 of these properties are probably rented out at inflated prices and the two probably pay the mortgage of the third owners live in. This is a free money glitch, aka fraud.

>>uLogMi+(OP)
If the market will bear the rent, why does changing the nationality of the owner improve anything?

>>jeffbe+g2
This has nothing to do with nationality and everything to do with fraud. If other nations are doing this, it should stop too. Telling lies to acquire loans is illegal and inflates prices for everyone working legitimately.

>>uLogMi+db
Yeah but you seem to be suggested that without this yellow peril, the tenants would be, for some reason, getting a better deal. As if the problem is actually that Chinese people are better at price finding.

>>jeffbe+g2
The market's not bearing rent so much as existing property owners are colluding to prevent new construction.

If new construction wasn't so aggressively blocked in some major cities (San Francisco, Boston, all of Canada it seems), then the rents would not be nearly as high as they are.

Wealthy property owners are behaving a lot like a cartel in many places.

>>rybosw+Al
Exactly. The discourse about foreign buyers of homes in Canada is centered on the morally bankrupt notion that it is only wrong if that race exploits the system. If a good old white guy exploits the same system it is not worth mentioning. What I am saying, and you seem to concur, is that the system itself is the problem. The identity of the person exploiting it is irrelevant unless you are a racist.

>>jeffbe+7p
You're the only one fixated on race here. The distinction between foreign and local buyers is important to the discussion.

>>shutup+NB
In what way?

>>jeffbe+aE
racism might be canceled these days, but nativism is alive and well.

>>jeffbe+aE
It is a legal distinction that has a huge number of implications in most countries. As is the focus of discussion on other threads, it necessarily changes approaches to income validation, the laws that apply, the presence or absence of credit history, etc.

>>jeffbe+g2
Why does nationality matter here? The core issue is fraud due to nationality not nationality itself.

>>NBJack+4S
You're just arguing about whether the foreigner is qualified, bonafide enough to operate the grift.

>>jeffbe+g2
Nationality doesn't matter, but a high % of profits gained leaving the local economy does.

This is why trade with known tax havens should be banned, because no tax havens have large markets to capitalise. It's such a racket.

>>jeffbe+7p
I don't know how/why you even thought to interject race into this discussion.

>>uLogMi+db
Good point. Well I know Canadians, Chinese, immigrants and banking.

I'm not surprised that some Chinese (or any) immigrants in Canada try to take advantage of the linguistic barrier to obtain credit. And since important Canadian documents are often less standardized than in other countries, one can surely employ a bit of artistic creativity with a stamp here and a stamp there to put through a false document.

I've personally dealt with fraudulent credit applications, submitted and approved, because the bank employee (Canadian, no relation to the client) wanted to improve his numbers. At least when I was involved in credit, because of the workflow, the middle office made decisions first based on the numbers provided to them by the front office. Of course they were supposed to control all supporting documents but they weren't exactly zealous and if you knew their work habits, you could probably deduce the best time and language for the submission of a questionable application.