When I taught in the International ESL department at BCIT, I had a student who when I asked him what he had done at the weekend said: "Oh I just bought my forth house." So foreign buyers ban is a matter of semantics!
Basically our government (provincial and federal) is selling Canada globally without any consideration of the welfare of its citizens. The social contract is completely broken. The days when Canada is a good place to live is gone forever.
It's not a real country, it's an economic exploitation zone. Real countries have borders for people and capital. Real countries have citizens who push back.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I appreciate this. After entering her full name into my search bar, her professional web page surfaced as the top result. Her impressive qualifications undoubtedly speak volumes about her expertise
The 30-year mortgage rates dropped by 8 basis points, reducing the average to 8.33%. However, within a brief period, particularly on Monday and Tuesday, the main average increased by more than a third of a percentage point, reaching a new 23-year high at 8.45%.
In light of these fluctuations, I'm considering whether to continue waiting for a housing market downturn while holding $2 million in liquid assets or shift my focus to the equity market.
After analyzing the trends of valuable assets such as real estate, dividend-paying stocks, and gold, my recommendation is to purchase and invest in what you can afford right now! Engaging with a financial advisor can undoubtedly provide assistance in this regard.
Fraud??? Really here in Canada??? You are telling me that foreign nationals were gaming our financial system with impunity??? So all those people that said that people like me were racist and xenophobic I guess that didn’t age well. Here is the problem, all that money that was loaned out is now gone. Who holds the bag when this goes sideways?? I think we all know who that is.
It’s a British bank created once Hong Kong was taken after the opium war. The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1] From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
There is a layer missing from this. My friend who immigrated here 2 years ago got a morgage for a million dollar house. How? At HSBC there are bankers who loan you the 200k deposit. At 1% interest per month. Fake the income. Then get the house. Wait a year or 15 months. Take out a heloc. Do a reno and sell the house. Banker gets the money and they do it all over again. This time with more capital. 😮...His income was all b.s. it was a company in Canada that helps with this. They recycle the same amount of money through HSBC...
I’ve never heard about this but makes total sense. I would reckon the new immigrant must have some kind of collateral as that loan could disappear if they go back home and that banker would be fired.
Not sure there's a layer missing.... Sounds like that's how the game was played. RBC takes it over...gets federal funds created out of nowhere. Now the fraud/body is buried. No autopsy needed or allowed.
@@sherdonforbes3480 While I'm sure Polievre will be a massive improvement there are way too many issues and entrenched interests in this country. Not to mention debt and sluggish growth. I have looked at it from many angles and all I see is stagnation for decades. Plus it's a fucking boring place.
@@matthewodette1406 Couldn't agree more save up as much as you can and don't look back. This nation is done. You can't start a stable family renting anyways and we are being taxed to death. Previous generations and gov just see young people and immigrants as p£@$@n+$ to pay for pensions and gov spending they don't care they all benefited to it. Well best of luck my friend and may God bless you with a long and prosperous life. Take care
I left Canada at age 21 in 1980, and I'm glad i did. Thankfully, I am a dual US/Canadian citizen and I only return to Canada to take care of elderly relatives. I will never return to live.
Hey Steve, thanks for having the testosterone to call the spade a spade. I remember going to the Great Canadian Casino on Pacific Blvd near Roger's Arena one night years ago (~ 11 years ago) and one of the pit bosses for the black jack tables told me that Chinese people were coming in with bags full of cash (hundreds of thousands) regularly and would deposit them in their vaults and over time, they would come every night, withdraw $20k- $50k, and launder their monet, sorry, play with their hard earned money at the high limit tables upstairs. I'm done with being PC. The first step to solving a problem is identifying and then recognizing it.
Thanks for the excellent explanation for what has been happening in Canada and having the courage to speak about it directly (and not being silenced by unfair accusations of xenophobia). The massive amounts of wealth that is being parked in Canada, some of created illegally, much of it simply earned on an unequal playing field (ie. in countries where employees are paid pennies an hour and no environmental protection is required) has been a serious driver of real estate prices since the 1990s. Most of us have learned that even suggesting that immigration levels can affect housing prices can be very risky as an accusation of racism can have devastating consequences in Canada.
Top 3 places to park cash are British owned Islands. What does that tell you? The top 3 biggest tax havens 1 British Virgin Islands (British overseas territory) 2 Cayman Islands (British overseas territory) 3 Bermuda (British overseas territory) Canada and Australia is the same…
@@Observer168 London is also full of oligarch and international tyrant money. The image of Canada as having a high standard of living and being a secure and just society is quickly unravelling. Canada is a free for all for the rich and for international criminals.
There is also money coming in from Iran , and unreported wealth flowing in from India , mainly the punjab region , and until recently Russia, just to name a few.
Many of the Chinese were never paying income tax here. They bought a large home on the West side, parked their kid singular male usually) along with a few nannies and went back to Hong Kong or China to run their businesses. Often the kids had limited capability in English which bankrupted the school system. The only taxes being collected are purchase taxes. Those Lamborghinis etc being driven by teenagers, paid a hefty tax. Of course, it bankrupted ICBC as they crashed. Once again, the social contract has been abused. The property purchase tax that adds to the buyer's burden was put in place because of the foreign buyers.
Steve, you really out-did yourself here on this one. Great episode. Love that you are exposing all of these major issues in the market and at all levels of the government. Hope the government doesn't cancel you lol
I personally have/am scrapping together my own money. No inheritance at all. No family money. This is why it is SO difficult to buy a home. I grew up with no dad and my mom had challenges (worked part-time as a cashier). The problem is, if you grow up poor, get a good education, then get a normal job (teacher), and no inheritance, you cannot buy a home. Therefore, a modern slave paying rent.
Isn’t just obvious in Vancouver. Local income even professionals cannot afford to buy a modest home. But most everything is selling. Prices haven’t dropped. Only answer is foreign offshore money. If Government wanted to trace this money money they could. But they don’t want to or give you the info to do it. So it’s always something else. Supply. Construction costs, etc. how come we never had these issues years ago. All happened since Chinese started asset parking in many commonwealth countries. Just look around. Newcomers to Canada live and buy in the best parts of town but have low incomes as exposed by Ian Young,etc. Still. The money keeps rolling in and now even fake mortgage approvals.
Yup, a Chinese mayor was able to get billions in bribes. People like this guy is in the thousands in China. Chinese authorities found more than 13 tons of gold stashed away in the basement of a former mayor’s home during a corruption investigation, according to news reports. Police found the loot - worth hundreds of millions of dollars - in a secret cellar in the home of Zhang Qi, a onetime high ranking communist party official and former mayor of Danzhou, the Pakistani newspaper The News International reported. And it wasn’t only gold - police also seized more than $37 billion in cash and assets, the paper said.
This is why I am hoping for a continued correction/crash in real estate. I bought my first house in October 2023 and am not worried about it falling in financial value 30%. I bought it as a home, not a speculative investment. Provided I stay employed and can keep renters in the basement suite regularly I will be okay. I work in an industry that provides services largely for municipal governments and my house is fairly close to a legitimate college. I realize I am fortunate but I’m also wise. I’m prepared for the inevitable crash, I don’t believe this overheated housing market will continue forever.
That's exactly why we have such a inflated real estate market here in Canada. Anyone who has pre- qualified for mortgage with foreign incomes should be reported to CRA for income auditing purpose.. Canadian banks are greedy!! They either don't want to expose this fact or pretend not knowing it.. The banks partner wit the foreign capitals together and purposely fueled the market!! Great jobs, Steve!!! The media should be on this!!!!!!! Once the CRA starts to request the banks reporting the investors' income qualified for mortgage, and comparing it with the income reported to the CRA, I am sure the bubble will burst!!!!
HSBC has historically been OK paying fines and one of the biggest offenders that's consistently gets caught every few years doing fraud. Whether it's mortgage fraud or laundering money for cartels. It's all more profitable than any fines they have to pay.
My neighbour from Taiwan foams at the mouth when he talks about his 6 properties in Vancouver. - Not kidding He asked me to "manage them" for $1200 a month. I told him $1200 doesn't really excite me...
Homes will never be affordable again in this nation. Previous generations, current mortgage debtors, homeowners, everyone involved in real estate and gov at all levels don't want homes to be affordable because they all benefit from higher prices. Previous generations who are homeowners, current mortgage debtors, investors, banks and everyone involved in the real estate industry all benefit from higher homes by living off cheap credit and built up equity and gov of all levels benefit from the higher tax and permit revenues it generates from higher prices. So all of the parties mentioned there is no incentive for lower home prices. They do not care about the prosperity of future generations. They do not care about anyone but themselves in all honesty. The parties mentioned just see young people and immigrants as p€@$@n+$ & $!@v€$ to pay for pensions and gov spending. You can't start a stable family renting or you will eventually lose your family. There's no point in paying taxes in a nation you'll never be able to afford a home in. The best thing young people can do is save up and leave the nation.( I hope those who benefit from the chaos are happy you got what you wanted.)
Very informative video. The problem is city planning. It is highly probable deflation in the PRC will have some knock on effect on Canadian Real Estate. It may be the opportunity that allows many young Canadians to purchase their own home.
They actually need to verify income and not allow parents to gift money or sign on to prop up the housing industry. If you are 23 you shouldn’t be able to get a $600k mortgage if you make $60k
Can you please do an episode on the condo assignment market in Vancouver. I have watched a few videos on the assignment in GTA. According to the videos the GTA assignment market is down 12 -20%. I am curious if thst is the case in the lowe mainland
What do you expect from a bank created from the opium war? The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1] From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
Finally someone calling this out!! When you have no gift tax, parents living abroad can send millions of Dollars in to Canada for free. For comparison, the US charges a huge tax beyond a certain limit of $ coming into US
Canadians attitude of "more to life than money" does not square with the rest of the world. And for that - we have paid the price within our systems, oversight and institutions.
As you are saying, the foreign buyers tax affects so few real estate transactions that it is basically irrelevant. So extending the tax could only be political; the politicians making it appear that they are doing something.
The British have always been friendly to money laundering and tax havens. The top 3 biggest tax havens 1 British Virgin Islands (British overseas territory) 2 Cayman Islands (British overseas territory) 3 Bermuda (British overseas territory) Setting up a corporation to buying Canadian real estate is super easy for any foreigner. The company is Canadian so there’s no foreign buyers tax. The same thing is happening in all common wealth countries. Australia is also super expensive because of foreign money. The real estate market has very little to do with local incomes. Global wealth is a huge part of the real estate industry. Local first time home buyers is a very small portion of sales.
Reducing the number of potential buyer is bound to increase the amount of housing construction. Make it impossible to buy and builders will build much more. Canadian logic will pull us through,
It’s also ironic that people think HSBC is a Chinese bank but actually it’s a British bank financed by the Opium when the British took Hong Kong by force from China.
I wonder if Olivia's tax is about foreign owners vs foreign buyers? i.e. trace existing foreign owners through corporate entities and apply a bigger property tax? Maybe I'm just ignorant but doesn't the ban just prevent FURTHER purchasing by foreign owners?
A million dollars is nothing to someone that collects tens of millions in bribes every year in China. The income statements are fake but the money is real..
A million dollars is nothing to the people that make it big money in bribes, drugs, prostitution, gambling, loan sharking, extortion, scam, embezzlement and arms dealing. Tons of multi billion illegals businesses.
A million dollars is really nothing if you can become a billionaire just from being a general in the army in China. A former senior Chinese military officer was obsessed with gold and often ferried gold bars for bribes in a luxury car, a Hong Kong magazine reported on Monday, in connection with a graft case which investigators estimate is worth some US$5 billion. The government charged Lieutenant General Gu Junshan, who had been deputy director of the logistics department of the People’s Liberation Army, with corruption in March, and he is suspected of selling hundreds of military positions.
Remember when I said look into currency manipulation. Ahahahah this is what I was talking about. Risk holders have been moved to the tax payer. Win or lose inflation goes on and on. At what point does housing slow down? Never!!!!!!!!!!!!!! Why? Because countries with more population can just flood countries that need population, use this leverage to steal assets. How? By allowing foreign money to be siphoned through local Businesses through foreign interest. Extremely easy to do. Create businesses that buy homes publicly funded. The monies get printed and sent to these businesses. Private companies financials are a mess. If anyone knew what was going on they would be enraged. I instead took full advantage of this scam. I’m worried for those hard working Canadians that busted there asses to get there first home. They will crush everyone that doesn’t enslave themselves to debt. Ever wondered how all these billionaires and multimillionaires exist? Scammers. Very few millionaires earn a wage naturally, most comes from investments.
The foreign buyers ban hasn’t improved anything because it wasn’t supposed to. All the politicians own real estate why would they fix the issue of affordability
We still have plenty of people that own that are not Canadian. They just aren't letting new foreign buyers into the market (is my understanding ) P.s. really like your videos
I think it is often overlooked that the “social contract” expected in Canada still exists in markets outside B.C. and Southern Ontario. With population growth trends I think people are still naive about how that will change our biggest most desirable cities in the decades ahead. You need to be richer and richer to live in them. That ain’t changing and kids will get priced out of markets they grew up in.
Even though the foreign buyer represent 1% their impact is greater because of the payouts they offer. The seller then goes and buys two condos or downsized and paid more for their new place.
It’s a British Bank that was created after the opium war after Hong Kong was taken The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1] From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
@@Observer168 thanks for history, I find in concerning it is involved in fraudulent mortgages, laundering money for Asian people effecting our real estate.
@@barrybrand2970 the incomes are fake because they can’t prove the sources of income but the money and 35% down payments certainly aren’t fake. All of these millions are either from bribes or money that was embezzled in China and had to be moved into Canada.
@@onecanadianpassportonehous9753 thats an interesting take. If thats the case, wouldnt RBC be left with a bunch of bad debt and would have to take thousands to tens of thousands of households to court order sales?
Old money, new money, foreign money, dirty money, it got and is motivated to be parked in real estate given such cheap interest rate in the past returing outrages ROI.
This is what I've been saying for years. It's foreign capital and the govt doesn't include PRs and students as foreign buyers in their stats. They knew this all along but again the most important thing was the tax dollars and not the citizens and future generations. Thanks to the feds and the provincial govts for this wonderful situation we're in. When can we have some politicians that actually realize that shelter is one of the most important components to a healthy society????
I would be a typical play in the playbook. Instead of facing consequences, just have an institution take it over and cover over/hide the whole mess. HSBC: A History of Shadiness...coming to stores where fine books are sold.
What do you expect from a British bank financed by opium? The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1] From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
No politician will say and make it a policy that houses are for living and not for speculation. This is why Canadians are leaving, they will forever lose out to foreigners or new immigrants who brings in buckets of money. No politicains wants to help Canadians who have their roots here already, that's the reality of the situation. Your vote does not help you to get ahead.
Wait, how are "Canadian citizens", "Permanent Residents" and "Students" considered foreign buyers? Are those who are on PR but do not hold citizenship considered foreign buyers?
No they are not. That is part of the flaw with the “foreign buyer ban”. It basically only applies to non-citizens who don’t live in Canada. Foreign students, permanent-residents, and dual-citizens whose primary allegiance is not to Canada are exempt from this foreign buyer ban.
bank mortgage agents are also involved in this shitty game to earn quick money , i hv asked few years ago to have some sort of attestation requirements from CRA while closing the deal. its no brainer how come canada being one of poor country out of all G7 where many of people with basic income jobs are able to afford house 9/10 times than their household income. irony is govt is also fully aware of this.
The 1 percent foreign buyers was total BS because they mostly use proxies. These are family members, friends or relatives who have established some credit in Canada already.
@@Canadian_Eh_I government built housing on government lease hold land that can’t be flipped for profit or rented out for sale at a discount or rentals funded by interest free loans but rent increases will be capped by the government. Putting restrictions on free market housing doesn’t work because developers will just stop building leading to even less supply and less work for trades people which hurts the economy.
Well I don't agree with the statement that it is safe in USA and Canada. Ever since Canada helped USA to arrest that Huawei lady, it was a wake up call for the real wealthy Chinese as they realized it is not safe either here.
Banks are totally fine. It’s billions of in crash but it’s all from bribes, illegal activities and embezzlement. You can’t get an income statement for that. The statements are fake but the money isn’t.
I dont understand what you are trying to say about the foreign buyer ban. It will not solve the problem but it is good to have it, even if only 1% of transactions are done by foreign buyers. Excluding foreign students was a hypocritical decision. Canadian real estate may seem like a "safe heaven" ... but is it really? I dont think that the verdict is in yet. Let's wait few years and see how the interest rates environment develops. When the social contract break down, the old rules may no longer apply. People will see through it.
Is mortgage fraud really the problem in your example though? Youre saying she is a hairdresser and buying three homes, why does she even need to commit mortgage fraud if she has so much foreign capital? Why cant she just show her assets rather than her “fake income”… also how the hell is she paying the mortgages in the three homes if her income overseas is fake?
The article explained why. Why buy one home when you can buy 4 using mortgage capital. As for paying the mortgage payments, she probably gets regular deposits like $50k every 3 months to cover those from her foreign capital provider. Or AirBNB. The income fraud allows them to quadruple the number of homes they can buy with the same initial capital.
In markets, especially commodity markets, the marginal buyer sets the price for the whole market. So yes, people willing to pay $2.3m for a property using dirty money when the market was previously at $2m inflates housing prices.
This is all true, but I still don't think it's the main problem. Low interest rates for 20 years created the bubble. Unless they find a way to print to the Moon this year prices will come down.
When I taught in the International ESL department at BCIT, I had a student who when I asked him what he had done at the weekend said: "Oh I just bought my forth house." So foreign buyers ban is a matter of semantics!
The British took Hong Kong after the opium war by force
Money talks… drugs dealers and money launderers have millions or billions to spend
Basically our government (provincial and federal) is selling Canada globally without any consideration of the welfare of its citizens. The social contract is completely broken. The days when Canada is a good place to live is gone forever.
It's not a real country, it's an economic exploitation zone.
Real countries have borders for people and capital.
Real countries have citizens who push back.
I've said it many times on these channels.
Word is out around the world that Canada doesn't enforce there laws.
Or in some cases don't even have any.
@@edubmfRussia would never allow this.
Money talks
@@MrUntapishtim no but then you’d be living in Russia under Putler. I’ve done it and do not recommend.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I appreciate this. After entering her full name into my search bar, her professional web page surfaced as the top result. Her impressive qualifications undoubtedly speak volumes about her expertise
The 30-year mortgage rates dropped by 8 basis points, reducing the average to 8.33%. However, within a brief period, particularly on Monday and Tuesday, the main average increased by more than a third of a percentage point, reaching a new 23-year high at 8.45%.
In light of these fluctuations, I'm considering whether to continue waiting for a housing market downturn while holding $2 million in liquid assets or shift my focus to the equity market.
After analyzing the trends of valuable assets such as real estate, dividend-paying stocks, and gold, my recommendation is to purchase and invest in what you can afford right now! Engaging with a financial advisor can undoubtedly provide assistance in this regard.
Great! Once you achieve a significant milestone, reaching the next one becomes easier. If you don't mind sharing, who is your advisor?
Most young people in Canada have no real future. Sadly.
Yupp. We have to leave. We have been sold out.
@@ryanalexander233 Agreed This nation is a dump. Nothing will change. Got save up and leave ASAP. Take care brother and enjoy the beaches for me
you know canada, NZ and Aus are Corporations under the name of Queen and run by zionist bankers
I'm gonna stay long enough to vote Trudeau out
Fraud??? Really here in Canada??? You are telling me that foreign nationals were gaming our financial system with impunity???
So all those people that said that people like me were racist and xenophobic I guess that didn’t age well.
Here is the problem, all that money that was loaned out is now gone. Who holds the bag when this goes sideways?? I think we all know who that is.
Couldn't. Agree. More.
@@bilbobaggins4462 thanks
HSBC has been known to launder money for decades, they were a #1 drug money laundering bank for years
HSBC has been known to launder money for decades, they were a #1 drug money laundering bank for years
It’s a British bank created once Hong Kong was taken after the opium war.
The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1]
From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
They just send over foreign student with a few hundreds millions after enrolled to pick up some real good real estate
There is a layer missing from this. My friend who immigrated here 2 years ago got a morgage for a million dollar house. How? At HSBC there are bankers who loan you the 200k deposit. At 1% interest per month. Fake the income. Then get the house. Wait a year or 15 months. Take out a heloc. Do a reno and sell the house. Banker gets the money and they do it all over again. This time with more capital. 😮...His income was all b.s. it was a company in Canada that helps with this. They recycle the same amount of money through HSBC...
I’ve never heard about this but makes total sense. I would reckon the new immigrant must have some kind of collateral as that loan could disappear if they go back home and that banker would be fired.
Not sure there's a layer missing.... Sounds like that's how the game was played.
RBC takes it over...gets federal funds created out of nowhere. Now the fraud/body is buried. No autopsy needed or allowed.
this is crimnal
Guess how HSBC was formed…
@@johnnycroat this is canada
Time to get out of Canada. I am disgusted with what it has become.
Couldn't agree more young people have to leave the nation permanently nothing will change.
@@sherdonforbes3480 While I'm sure Polievre will be a massive improvement there are way too many issues and entrenched interests in this country. Not to mention debt and sluggish growth. I have looked at it from many angles and all I see is stagnation for decades. Plus it's a fucking boring place.
@@matthewodette1406 Couldn't agree more save up as much as you can and don't look back. This nation is done. You can't start a stable family renting anyways and we are being taxed to death. Previous generations and gov just see young people and immigrants as p£@$@n+$ to pay for pensions and gov spending they don't care they all benefited to it. Well best of luck my friend and may God bless you with a long and prosperous life. Take care
same here, I have two kids in school here but this stuff is just pathetic
I don't want my kids to grow up here
I left Canada at age 21 in 1980, and I'm glad i did. Thankfully, I am a dual US/Canadian citizen and I only return to Canada to take care of elderly relatives. I will never return to live.
Hey Steve, thanks for having the testosterone to call the spade a spade. I remember going to the Great Canadian Casino on Pacific Blvd near Roger's Arena one night years ago (~ 11 years ago) and one of the pit bosses for the black jack tables told me that Chinese people were coming in with bags full of cash (hundreds of thousands) regularly and would deposit them in their vaults and over time, they would come every night, withdraw $20k- $50k, and launder their monet, sorry, play with their hard earned money at the high limit tables upstairs. I'm done with being PC. The first step to solving a problem is identifying and then recognizing it.
Real estate is better than casinos
Thanks for the excellent explanation for what has been happening in Canada and having the courage to speak about it directly (and not being silenced by unfair accusations of xenophobia). The massive amounts of wealth that is being parked in Canada, some of created illegally, much of it simply earned on an unequal playing field (ie. in countries where employees are paid pennies an hour and no environmental protection is required) has been a serious driver of real estate prices since the 1990s. Most of us have learned that even suggesting that immigration levels can affect housing prices can be very risky as an accusation of racism can have devastating consequences in Canada.
Top 3 places to park cash are British owned Islands. What does that tell you?
The top 3 biggest tax havens
1 British Virgin Islands (British overseas territory)
2 Cayman Islands (British overseas territory)
3 Bermuda (British overseas territory)
Canada and Australia is the same…
@@Observer168 London is also full of oligarch and international tyrant money. The image of Canada as having a high standard of living and being a secure and just society is quickly unravelling. Canada is a free for all for the rich and for international criminals.
Excellent. You are great at getting to the point.
There is also money coming in from Iran , and unreported wealth flowing in from India , mainly the punjab region , and until recently Russia, just to name a few.
All from bribes, scams, drugs, prostitution etc…
People sell of their land for coming here and they work hard.
Honestly if wealthy people left India, we would have major problems.
Many of the Chinese were never paying income tax here. They bought a large home on the West side, parked their kid singular male usually) along with a few nannies and went back to Hong Kong or China to run their businesses. Often the kids had limited capability in English which bankrupted the school system. The only taxes being collected are purchase taxes. Those Lamborghinis etc being driven by teenagers, paid a hefty tax. Of course, it bankrupted ICBC as they crashed. Once again, the social contract has been abused. The property purchase tax that adds to the buyer's burden was put in place because of the foreign buyers.
The Chinese buy homes with money while Hong Kong was taken after the opium war. HSBC was a bank created from opium profits.
Look into how HSBC was funded by the opium war after Hong Kong was taken from China. HSBC is a British company.
Did the British pay taxes to China after they took Hong Kong after the illegal opium war? Forcing a country to accept opium in trade?
Steve, you really out-did yourself here on this one. Great episode. Love that you are exposing all of these major issues in the market and at all levels of the government. Hope the government doesn't cancel you lol
I personally have/am scrapping together my own money. No inheritance at all. No family money. This is why it is SO difficult to buy a home.
I grew up with no dad and my mom had challenges (worked part-time as a cashier). The problem is, if you grow up poor, get a good education, then get a normal job (teacher), and no inheritance, you cannot buy a home. Therefore, a modern slave paying rent.
Ccp backdoor through HSBC into Canada and USA real estate grab
By holding the mortgage and collateral
Isn’t just obvious in Vancouver. Local income even professionals cannot afford to buy a modest home. But most everything is selling. Prices haven’t dropped. Only answer is foreign offshore money. If Government wanted to trace this money money they could. But they don’t want to or give you the info to do it. So it’s always something else. Supply. Construction costs, etc. how come we never had these issues years ago. All happened since Chinese started asset parking in many commonwealth countries. Just look around. Newcomers to Canada live and buy in the best parts of town but have low incomes as exposed by Ian Young,etc. Still. The money keeps rolling in and now even fake mortgage approvals.
Fake information on mortgage applications but the money is real. It’s just all illegal money so information needs to be faked. Money talks!
Well you can put “drug dealer” or “money launderer” on your mortgage application so of course you need to put fake information.
You shouldn't be able to buy any property in Canada until you have been a citizen for 20 years. Case solved...
Traditional media would not dare to touch this topic
They won’t mention that HSBC was a British bank created after Hong Kong was taken after the Opium war either…
@@Observer168 they dont mention Wuhan virus either
Spread the news and it won't be avoidable by the media
Another reason why the MSM is obsolete.
Great analysis, Steve!
It’s not about foreign buyers it’s about foreign capital.
Yup, a Chinese mayor was able to get billions in bribes. People like this guy is in the thousands in China.
Chinese authorities found more than 13 tons of gold stashed away in the basement of a former mayor’s home during a corruption investigation, according to news reports.
Police found the loot - worth hundreds of millions of dollars - in a secret cellar in the home of Zhang Qi, a onetime high ranking communist party official and former mayor of Danzhou, the Pakistani newspaper The News International reported.
And it wasn’t only gold - police also seized more than $37 billion in cash and assets, the paper said.
I'm curious is there a ban on sons... daughters... nieces... nephews buying property for people not in Canada? Seems to me that was the actual problem
Money talks
The real problem is this nation or government all depends on real estate market.
This is why I am hoping for a continued correction/crash in real estate. I bought my first house in October 2023 and am not worried about it falling in financial value 30%. I bought it as a home, not a speculative investment.
Provided I stay employed and can keep renters in the basement suite regularly I will be okay. I work in an industry that provides services largely for municipal governments and my house is fairly close to a legitimate college.
I realize I am fortunate but I’m also wise. I’m prepared for the inevitable crash, I don’t believe this overheated housing market will continue forever.
A crash will teach people, banks, and governments that we need to focus the economy more on productive wealth generation.
That's exactly why we have such a inflated real estate market here in Canada. Anyone who has pre- qualified for mortgage with foreign incomes should be reported to CRA for income auditing purpose.. Canadian banks are greedy!! They either don't want to expose this fact or pretend not knowing it.. The banks partner wit the foreign capitals together and purposely fueled the market!! Great jobs, Steve!!! The media should be on this!!!!!!! Once the CRA starts to request the banks reporting the investors' income qualified for mortgage, and comparing it with the income reported to the CRA, I am sure the bubble will burst!!!!
Thanks Steve. 👍🏻
Steve thanks for buying the new mic man... my ears used to bleed listening to your podcasts... lol. Keep making these videos homie
Fantastic, as always!
HSBC has historically been OK paying fines and one of the biggest offenders that's consistently gets caught every few years doing fraud. Whether it's mortgage fraud or laundering money for cartels. It's all more profitable than any fines they have to pay.
300,000 Canadians live in honk hong
Exactly this was revealed during the protests. These are Canadians for convenience, a drain on our generous social benefits
What about foreign buyers that bought before the ban. I wonder if that buyer would need to sell or just pay the tax and keep the place. ?
My neighbour from Taiwan foams at the mouth when he talks about his 6 properties in Vancouver. - Not kidding
He asked me to "manage them" for $1200 a month. I told him $1200 doesn't really excite me...
You should ask for $6k per month, $1k per property, or at minimum half of that.
Homes will never be affordable again in this nation. Previous generations, current mortgage debtors, homeowners, everyone involved in real estate and gov at all levels don't want homes to be affordable because they all benefit from higher prices. Previous generations who are homeowners, current mortgage debtors, investors, banks and everyone involved in the real estate industry all benefit from higher homes by living off cheap credit and built up equity and gov of all levels benefit from the higher tax and permit revenues it generates from higher prices. So all of the parties mentioned there is no incentive for lower home prices. They do not care about the prosperity of future generations. They do not care about anyone but themselves in all honesty. The parties mentioned just see young people and immigrants as p€@$@n+$ & $!@v€$ to pay for pensions and gov spending. You can't start a stable family renting or you will eventually lose your family. There's no point in paying taxes in a nation you'll never be able to afford a home in. The best thing young people can do is save up and leave the nation.( I hope those who benefit from the chaos are happy you got what you wanted.)
Very informative video. The problem is city planning. It is highly probable deflation in the PRC will have some knock on effect on Canadian Real Estate. It may be the opportunity that allows many young Canadians to purchase their own home.
Deflation is happening because hundreds of billions in $$$ is leaving China every year
They actually need to verify income and not allow parents to gift money or sign on to prop up the housing industry. If you are 23 you shouldn’t be able to get a $600k mortgage if you make $60k
Money talks… you don’t get paid unless you make a sale
Can you please do an episode on the condo assignment market in Vancouver. I have watched a few videos on the assignment in GTA. According to the videos the GTA assignment market is down 12 -20%. I am curious if thst is the case in the lowe mainland
Assignment market is largely in the shadows. Certainly not as bad as the GTA. There are a few deals but nothing that interesting
@saretsky In your opinion, what is the reason behind the divergence in the two assignment markets?
What do you expect from a bank created from the opium war?
The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1]
From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
Finally someone calling this out!! When you have no gift tax, parents living abroad can send millions of Dollars in to Canada for free. For comparison, the US charges a huge tax beyond a certain limit of $ coming into US
Keep voting left, BC, it’s been working great so far.
Not only HSBc has been mentioned but also CIBC.
Canadians attitude of "more to life than money" does not square with the rest of the world. And for that - we have paid the price within our systems, oversight and institutions.
Please elaborate
As you are saying, the foreign buyers tax affects so few real estate transactions that it is basically irrelevant. So extending the tax could only be political; the politicians making it appear that they are doing something.
Fraud is punishable by up to 30 years in federal prison or $1,000,000 fine, or both in USA.
Guess what the punishment is in China… all money needs to get laundered out of China because it’s from illegal activities.
No surprise this accelerated after Trudeau arrived. The cash for access king.
Always selling Canada out.
The British have always been friendly to money laundering and tax havens.
The top 3 biggest tax havens
1 British Virgin Islands (British overseas territory)
2 Cayman Islands (British overseas territory)
3 Bermuda (British overseas territory)
Setting up a corporation to buying Canadian real estate is super easy for any foreigner. The company is Canadian so there’s no foreign buyers tax.
The same thing is happening in all common wealth countries. Australia is also super expensive because of foreign money. The real estate market has very little to do with local incomes. Global wealth is a huge part of the real estate industry. Local first time home buyers is a very small portion of sales.
isle of man
Reducing the number of potential buyer is bound to increase the amount of housing construction. Make it impossible to buy and builders will build much more. Canadian logic will pull us through,
I agree with you 100 percent
Ironically, the ad that was shown when I clicked on this video was for HSBC...
It’s also ironic that people think HSBC is a Chinese bank but actually it’s a British bank financed by the Opium when the British took Hong Kong by force from China.
I wonder if Olivia's tax is about foreign owners vs foreign buyers? i.e. trace existing foreign owners through corporate entities and apply a bigger property tax? Maybe I'm just ignorant but doesn't the ban just prevent FURTHER purchasing by foreign owners?
Steve over here saying "a miiiilion dollars" like it's fuck all in Vancouver 😂
It is.
A million dollars is nothing to someone that collects tens of millions in bribes every year in China. The income statements are fake but the money is real..
A million dollars is nothing to the people that make it big money in bribes, drugs, prostitution, gambling, loan sharking, extortion, scam, embezzlement and arms dealing. Tons of multi billion illegals businesses.
Million dollar is nothing 😂
A million dollars is really nothing if you can become a billionaire just from being a general in the army in China.
A former senior Chinese military officer was obsessed with gold and often ferried gold bars for bribes in a luxury car, a Hong Kong magazine reported on Monday, in connection with a graft case which investigators estimate is worth some US$5 billion.
The government charged Lieutenant General Gu Junshan, who had been deputy director of the logistics department of the People’s Liberation Army, with corruption in March, and he is suspected of selling hundreds of military positions.
So this article came out 5 days ago and no major new outlet is covering this story. Suspicious
It’s because it’s well known and nobody cares where the money came from. Everyone just wants to make money and get paid
Remember when I said look into currency manipulation. Ahahahah this is what I was talking about. Risk holders have been moved to the tax payer. Win or lose inflation goes on and on. At what point does housing slow down? Never!!!!!!!!!!!!!!
Why? Because countries with more population can just flood countries that need population, use this leverage to steal assets. How? By allowing foreign money to be siphoned through local
Businesses through foreign interest. Extremely easy to do. Create businesses that buy homes publicly funded. The monies get printed and sent to these businesses. Private companies financials are a mess. If anyone knew what was going on they would be enraged. I instead took full advantage of this scam. I’m worried for those hard working Canadians that busted there asses to get there first home. They will crush everyone that doesn’t enslave themselves to debt. Ever wondered how all these billionaires and multimillionaires exist? Scammers. Very few millionaires earn a wage naturally, most comes from investments.
Take my upvote 👍
Canadian banks shall be prohibited to approve loans to people whom get qualified with only foreign incomes, or at least much higher mortgage rates!!!
Money Laundering has been even worse for the bubble real estate market
The foreign buyers ban hasn’t improved anything because it wasn’t supposed to. All the politicians own real estate why would they fix the issue of affordability
We still have plenty of people that own that are not Canadian. They just aren't letting new foreign buyers into the market (is my understanding )
P.s. really like your videos
Great video!
We won’t be buying here in BC to much fraud here born here in BC not one trust worthy realtor or lender anymore :(((
I think it is often overlooked that the “social contract” expected in Canada still exists in markets outside B.C. and Southern Ontario. With population growth trends I think people are still naive about how that will change our biggest most desirable cities in the decades ahead. You need to be richer and richer to live in them. That ain’t changing and kids will get priced out of markets they grew up in.
Even though the foreign buyer represent 1% their impact is greater because of the payouts they offer. The seller then goes and buys two condos or downsized and paid more for their new place.
And what about all the illegal activity crime purchasing power manipulating the Okanogan Market
HSBC HONG KONG SHANGHAI BANK CORP SAYS IT ALL, NO SUPRISES HERE.
It’s a British Bank that was created after the opium war after Hong Kong was taken
The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1]
From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
@@Observer168 thanks for history, I find in concerning it is involved in fraudulent mortgages, laundering money for Asian people effecting our real estate.
@@barrybrand2970 the incomes are fake because they can’t prove the sources of income but the money and 35% down payments certainly aren’t fake. All of these millions are either from bribes or money that was embezzled in China and had to be moved into Canada.
@@barrybrand2970 Do you think Audi, BMW or Mercedes care where the money came from? Real estate is no different… everyone just wants to get paid.
the politicians. this is y our country has gone to shit
What a POS market. When does it all come crashing down?
never.. because it's already too late.. there is so much dirty chinese money in vancouver that won't just disappear.
@@deetee9920 true
They'll implement a UBI before the bubble pops. Anything to keep prices high.
@@onecanadianpassportonehous9753 oh snap!
@@onecanadianpassportonehous9753 thats an interesting take. If thats the case, wouldnt RBC be left with a bunch of bad debt and would have to take thousands to tens of thousands of households to court order sales?
Old money, new money, foreign money, dirty money, it got and is motivated to be parked in real estate given such cheap interest rate in the past returing outrages ROI.
Do you help buy and sell in Calgary ?
No but I can connect you with some good people
This is what I've been saying for years. It's foreign capital and the govt doesn't include PRs and students as foreign buyers in their stats. They knew this all along but again the most important thing was the tax dollars and not the citizens and future generations. Thanks to the feds and the provincial govts for this wonderful situation we're in. When can we have some politicians that actually realize that shelter is one of the most important components to a healthy society????
Do you think Audi, BMW or Mercedes care where the money came from? Real estate is no different… everyone just wants to get paid.
I would be a typical play in the playbook.
Instead of facing consequences, just have an institution take it over and cover over/hide the whole mess.
HSBC: A History of Shadiness...coming to stores where fine books are sold.
What do you expect from a British bank financed by opium?
The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [1]
From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade- the basis of 70% of Hong Kong trade with the Indies.
No politician will say and make it a policy that houses are for living and not for speculation. This is why Canadians are leaving, they will forever lose out to foreigners or new immigrants who brings in buckets of money. No politicains wants to help Canadians who have their roots here already, that's the reality of the situation. Your vote does not help you to get ahead.
Yes but money gets you ahead. That’s why nobody cares where the money comes from. Everyone just wants to get paid.
HSBC is not owned by Hong Kong or China. HSBC is a British bank.
HSBC
Wait, how are "Canadian citizens", "Permanent Residents" and "Students" considered foreign buyers? Are those who are on PR but do not hold citizenship considered foreign buyers?
No they are not. That is part of the flaw with the “foreign buyer ban”. It basically only applies to non-citizens who don’t live in Canada. Foreign students, permanent-residents, and dual-citizens whose primary allegiance is not to Canada are exempt from this foreign buyer ban.
Billions of $$$$ are coming from India yearly and they are buying properties like crazy in addition to China. It won’t stop.
bank mortgage agents are also involved in this shitty game to earn quick money , i hv asked few years ago to have some sort of attestation requirements from CRA while closing the deal. its no brainer how come canada being one of poor country out of all G7 where many of people with basic income jobs are able to afford house 9/10 times than their household income. irony is govt is also fully aware of this.
Nobody cares where the money is from. Everyone just wants to do the transaction and get paid.
HSBC brought by RBC.. This will effect financial position of RBC
I wonder if the Chinese police stations here had anything to do with this...
Wow!
“Front run’d” 😂
The 1 percent foreign buyers was total BS because they mostly use proxies. These are family members, friends or relatives who have established some credit in Canada already.
yes thats why china has police stations here lol
@fofal don't forget to intimidate Chinese expats who critique the CCP
@@fofal police station are just to harass Falun Gong members or anyone that criticizes the CCP.
English speaking obsessed country with Canadian experience ( truck driver,Uber driver, packaging, restaurant) a must for success....😁😬
If you think it's just HSBC that has this issue think again. Every FI is the same.
Dont buy a house untill it all crashes. Buy a van and live it that for 2 years
It might take much longer than 2 years as people have been waiting since 2008 only to see prices triple
@@Observer168 So in your opinion what is the solution to housing affordability in Canada?
@@Canadian_Eh_I government built housing on government lease hold land that can’t be flipped for profit or rented out for sale at a discount or rentals funded by interest free loans but rent increases will be capped by the government.
Putting restrictions on free market housing doesn’t work because developers will just stop building leading to even less supply and less work for trades people which hurts the economy.
Well I don't agree with the statement that it is safe in USA and Canada. Ever since Canada helped USA to arrest that Huawei lady, it was a wake up call for the real wealthy Chinese as they realized it is not safe either here.
Money still safer in Canada than in China
Isn't RBC bank buying HSBC? Pass the bucket? 👀
I think we have a bank problem. Period
Banks are totally fine. It’s billions of in crash but it’s all from bribes, illegal activities and embezzlement. You can’t get an income statement for that. The statements are fake but the money isn’t.
Nope, just hundreds of billions from illegal sources. You can’t put “drug dealer” on your mortgage application
I dont understand what you are trying to say about the foreign buyer ban. It will not solve the problem but it is good to have it, even if only 1% of transactions are done by foreign buyers. Excluding foreign students was a hypocritical decision.
Canadian real estate may seem like a "safe heaven" ... but is it really? I dont think that the verdict is in yet. Let's wait few years and see how the interest rates environment develops. When the social contract break down, the old rules may no longer apply. People will see through it.
On one hand you are reporting on Fraud by foreign buyers and yet claiming Governments actions as premature ????? like pick one.
Foreign Capital or Foreign Buyer
= MONEY LAUNDERING $$$$$$$$$$$$
How did you buy a 31 million dollar mansion??? $$$$$$$$$$$$$$$$$$$$$$
Very friendly to... Nice fucking country.
That's fourth house, not forth.
All they did was send there kid to collage here to offshore money no big deal right SMH.
No body cares, just make money and be happy
Is mortgage fraud really the problem in your example though? Youre saying she is a hairdresser and buying three homes, why does she even need to commit mortgage fraud if she has so much foreign capital? Why cant she just show her assets rather than her “fake income”… also how the hell is she paying the mortgages in the three homes if her income overseas is fake?
Rub and tugs
Money laundering for illegal forms of income from organized crime. Drugs, human trafficking, etc.
because it's 'dirty' money.
The article explained why. Why buy one home when you can buy 4 using mortgage capital. As for paying the mortgage payments, she probably gets regular deposits like $50k every 3 months to cover those from her foreign capital provider. Or AirBNB. The income fraud allows them to quadruple the number of homes they can buy with the same initial capital.
In markets, especially commodity markets, the marginal buyer sets the price for the whole market. So yes, people willing to pay $2.3m for a property using dirty money when the market was previously at $2m inflates housing prices.
That's what happens when people don't follow the ten commandments
The housing market is over. Pass the chips.
hsbc closed in bc
Been saying all of this shit since 2017.
Viet foreigners students have lots of their parents money to buy, so Canadians born are out of this law😅
More hate
Steve seems drunk here.
I would be too.
Drunk from making so much money
This is all true, but I still don't think it's the main problem. Low interest rates for 20 years created the bubble.
Unless they find a way to print to the Moon this year prices will come down.