Canada Overwhelmed By 100,000 Chinese Millionaire Immigrants

[Locutus]

Published on Jun 13, 2016
China's Millionaire Migration: The wave of Chinese millionaires making property prices unaffordable in Canada

Over 100,000 Chinese millionaires have moved to Vancouver, sparking everything from a reality show, to a property boom and unaffordable housing. Are Canada's millionaire migrants a blessing or a curse?

For the glamorous and beautiful second generation millionaires - or fuerdai, of Chinese descent - Vancouver is a home away from home. "Vancouver is caught changing from a Canadian to a Chinese town. For myself I'm caught in between Chinese and Canadian", says Chelsea Jiang, one of the young stars of hit reality show, "Ultra Rich Asian Girls". Their lavish spending and lives of luxury are transforming the landscape of Canada's coastal city. The "Chinese brought you great food and better economy, what's there to complain about?" asks Jiang, who benefited from Canada's immigrant investment program. It incentivised foreigners with at least 1.6 million Canadian Dollars to come to Canada. But despite their wealth and purchasing power, the program was cancelled, and is seen as responsible for making Vancouver the second least affordable city in the world. "Clearly the immigrant investor program has just been an abject failure, in terms of fostering economic growth and in terms of fostering business growth and jobs", says local journalist, Ian Young. "This isn't really an issue about race, this is an issue about wealth", he says.

SBS Australia – Ref. 6799

 

[Danbones]

Why do we need to import millionaires from not from here?
Where are all the Canadian millionaires?

to the CRA I guess, taxes don't care who pays them

 

[Angstrom]

I don't really care, unless their plan is to commit cultural genocide

 

[EagleSmack]

The "Chinese brought you great food and better economy, what's there to complain about?" asks Jiang

 

[mentalfloss]

We've always been good at attracting the intelligent entrepreneurs.

 

[Machjo]

The worst part is the total lack of border controls. Just think how many English abd French millionaires from every province can just pack and move to Vancouver, no visa required.

We've even entrenched freedom of movement in the Canadian Charter of Rights and Freedoms.

Had Trudeau Sr. foreseen the rise of Vancouver's home prices, he might have thought twice about it.

 

[Remington1]

It's a curse for our children. Their downpayment will be much higher than ours, all while earning the same wages. I'm not saying to stop all Chinese people, who in my opinion are definitely preferred in my books; they are hard workers, many bring money in the country, so not many have to use our our social programs, and incarceration is very low, but the rich ones sitting in Asia should not be allowed to inflate our real estate. There is a reason why most countries have restrictions on wealthy immigrants buying everything in sight in their country, it makes the next generation's life harder, and who would want that? They will already inherit a large debt, which will be out of control in 4 years. If we love our country, which by extension means we also love our way of life, then we need to be able to offer the same life to our children.

 

[Machjo]

It's a curse for our children. Their downpayment will be much higher than ours, all while earning the same wages. I'm not saying to stop all Chinese people, who in my opinion are definitely preferred in my books; they are hard workers, many bring money in the country, so not many have to use our our social programs, and incarceration is very low, but the rich ones sitting in Asia should not be allowed to inflate our real estate. There is a reason why most countries have restrictions on wealthy immigrants buying everything in sight in their country, it makes the next generation's life harder, and who would want that? They will already inherit a large debt, which will be out of control in 4 years. If we love our country, which by extension means we also love our way of life, then we need to be able to offer the same life to our children.

But first we must define our country: Canada or Turtle Island?

And our way of life: English, French, Inuit, Ojibwa, Cree, or something else?

Now as for cost if living, if we put narrow definitions of country and way of life aside and focus on colour blind wealth redistribution, why not just introduce a wealth tax on all Canadians, and maybe even get rid of income tax. This would mean the poor would oay very little in tax and the rich much more.

Problem solved.

But if our concern has nothing to do with wealth redistribution but rather with the slanty-eyed chinks, then yes immigration and restrictions on purchases are the solution.

 

[pgs]

But first we must define our country: Canada or Turtle Island?

And our way of life: English, French, Inuit, Ojibwa, Cree, or something else?

Now as for cost if living, if we put narrow definitions of country and way of life aside and focus on colour blind wealth redistribution, why not just introduce a wealth tax on all Canadians, and maybe even get rid of income tax. This would mean the poor would oay very little in tax and the rich much more.

Problem solved.

But if our concern has nothing to do with wealth redistribution but rather with the slanty-eyed chinks, then yes immigration and restrictions on purchases are the solution.

Are you allowed to call those people slanty eyed chinks ?

 

[Danbones]

too bad we can't make millionaires here

 

[bill barilko]

Over 100,000 Chinese millionaires have moved to Vancouver,

Typical idiotic lying garbage-In Fact there are just slightly more than 600,000 people here and the population hasn't grown 15% in one year.

 

[petros]

Stay away from white cars.

Typical idiotic lying garbage-In Fact there are just slightly more than 600,000 people here and the population hasn't grown 15% in one year.

Metro dufus.