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Pros & Cons for US Citizen of buying luxury residential condo in Downtown Montreal

blkone

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Sep 24, 2009
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I appreciate your sentiments. But you'd be very shocked to find that many of the apartment and office towers and shoppping centers were financed and owned by "black gold" from the Middle East, particularly Saudi Arabia. I suspect monies from China, the Middle East, drug king pins from Mexico and the super wealthy in Russia have been a significant source of fundings that have been fueling the construction boom in Montreal, creating lots of jobs for local tradesmen, bankers, engineers, architects and lawyers in and around Montreal. But let's hope the local citizens get the last laughs when the market inevitably crashes, allowing local citizens to buy these real properties at reasonable affordable prices.


I do not care who wants to buy or how they obtained the monies to purchase. We would not have to worry about any of it if we did not allow any foreigner to buy residential property.
 

blkone

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Sep 24, 2009
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Bikone,

If you want an introduction to the real world- I stayed at Le Seville Condos in downtown Montreal which they finished building in 2014. I was told by an owner the ownership of those condos is 100% foreign - half Chinese and half Middle Eastern. Most of the investors purchased condos for their kids who are foreign students attending college in Montreal. The large % of Chinese ownership makes sense as Le Seville abuts Chinatown II.

Who do you think is buying these condos? If the developers were limited to selling to locals they would all go bankrupt. As far as I can see the demand for this glut of condos downtown is coming from foreign money sending their kids to college in montreal and paying absurd dirt cheap tuition. Even McGill costs maybe 1/5 of tuition at a like institution in the USA. So the middle class foreigner sends his kids to get educated in Canada while the upper class Foreigner sends the kid to Yale and Harvard and similar in the USA. This is what is going on here.

I personally observed lots of college aged kids in the Le Seville's pools, all looked foreign to me. When those kiddies graduate they will rent this investment property out.

Welcome to the new Montreal which is a great melting pot- the fondue of humanity!

The world is whatever we make of it. I do not care much for liberalism in the social or economic sphere. Developers who sell to foreigners should go bankrupt and be charged with conspiracy against the nation (I know it does not exist - but should).

What a wonder it is that the youth of today are Nationalistic and not weakened by the poison of Liberalism and International Socialism!
 

blkone

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Sep 24, 2009
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interesting topic indeed. condo are bad investment, 70% of first time buyers resell at a loss so its good that is not what you are looking for. Myself i am waiting 2 -3 year then i will buy one so i can go back to live in the city sometimes, and then let my 2 kid live there once they hit college. I have already looked around griffintown area. I know a lot of asians and europeans have bought condos for their kids wich attend mcgill university. That is very good for montreal.

cheers,

A nation is not a fucking investment, it is not for sale.
 

blkone

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Sep 24, 2009
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I stay in hotels when I am on business from my work, no options there. On private trips AirBnB is the way to go. Anybody from US who wants to buy property and live in Montreal needs to look at taxation issues. It is complicated, especially with new US government regulations that require US citizens to report anything you own and all bank accounts outside US that exceed $10K.

It is only complicated if you intend to violate our laws and by extension rob our people.
 

blkone

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Sep 24, 2009
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Average home prices for June 2016, according to the Canadian Real Estate Association:

  • Greater Vancouver: $917,800
  • Greater Toronto: $647,600
  • Greater Montreal: $310,200

These stats speaks for themselve.

Yes they do. It says that young Canadians will not be able to purchase a home. That is exactly why foreigners should not be allowed to purchase residential property.

The democratic system is a failure, a cancer. What we need is leadership backed by the bullet.

We need more militarism and less 'democracy'.
 

blkone

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Sep 24, 2009
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Great suggestions and thanks for sharing your insights on Canada's immigration and related employment laws.

I'm single and never been married so maybe I'll try to find a Canadian (citizen) lady to marry me; I think I can then try to have dual citizenship (keep my US citizenship and try to obtain a Canadian citizenship).

But I'm content with spending 3 to 6 months at my second home in Montréal.

Dual citizenship? Either you are one of us or not. Which one is it?
 

EagerBeaver

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I wouldn't have any problem being a dual citizen. I don't believe Canadian citizenship compromises my loyalty to the USA and these countries are not going to war any time soon.

I know a native Canadian who is a judge in Connecticut and holds dual US- Canadian citizenship. He did tell
me his dual citizenship status created questions in the judgeship application process about his loyalty to the US. I don't think he had to renounce his Canadian citizenship but he did have to swear loyalty.to uphold US laws.
 

friz888

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Jul 18, 2015
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I am planning to move into an apartment/condo next year. Now the problem is, I also want to buy an acoustic piano, the one you cannot use the headphones, so there will be a lot of noise, I don't want to get complained, and I am not sure how sound proof a building can be, anybody have any experience?
 

ShyMan

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Aug 3, 2016
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Friz888 -- I know front some high end apt/condo complex in the States have music room as an amenity. You might find moderate to high end apt/condo complexes that have such an amenity. Otherwise, you would be wise to buy (even a used) instrument that produces the same musical notes like an accoustic piano that you can practice with a head phone. I have lots of friends who are professionals by day and musicians in their spare time; they find ways to work around the sound issues in their residences.

Further to EB's points, I knows lots of lawyers who happen to be Canadians that hold duel citizenships (either by birth, marriage or company sponsorship) and practice American law in the States and the international lawyers practice Canadian and American laws for their clients from their posh Manhattan, NY or San Francisco, CA offices. These good folks are loyal to both the Constitutions of the US and Canada.

Having been born and raised in the slums of Queens, NY, I would never ever give up my USA citizenship. If I were ever to obtain Canadian citizenship, I would be equally loyal to Canada (and Montreal). I have blood cousins who were born and raised in Edmonton but have to relocate to TO and Vancouver for jobs after the oil industry collapsed. They too are proud and loyal Canadians. But they coexist with "foreigners", they don't outright reject them because our ancestors came from the old counties, which forced them to leave due to abject poverty and zero economic opportunities.

Evexpt for for less than 1% of the population, everyone in the USA and Canada can trace their ancestries to the old world. Thus, everyone was once a foreigner.

As for me, my desire is to have a place in Montreal that I can proudly call home and stay there whenever I visit Montreal (and a nice place for my family and friends to crash there for free).
 

blkone

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Sep 24, 2009
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Are you for real?
Who on earth thinks this way:doh:
Makes me rethink freedom of speech.

Of course I am for real, I am not a computer program obviously.

Who? Many that were or have been in the military tend to.

Of course it does, Democrats are anti-totalitarianism unless it's totally Democratic making them extremely totalitarian. It's amazing how much double-think must be employed to believe that democracy is a good system. It's not the absolute worst, that would go to Communism, but it's not that much better in the long-term.

There is a reason Democracy was considered the worst form of government for centuries.
 

friz888

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Jul 18, 2015
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Friz888 -- I know front some high end apt/condo complex in the States have music room as an amenity. You might find moderate to high end apt/condo complexes that have such an amenity. Otherwise, you would be wise to buy (even a used) instrument that produces the same musical notes like an accoustic piano that you can practice with a head phone. I have lots of friends who are professionals by day and musicians in their spare time; they find ways to work around the sound issues in their residences.

Thanks for the information, I have a digital piano which can use headphones, but still wish to buy an acoustic one.
 

CLOUD 500

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The democratic system is a failure, a cancer. What we need is leadership backed by the bullet.

I agree with the democratic system being a failure as it is not truly a democracy what we got is Corporatism where Corporations are controlling and regulating everything.

We need more militarism and less 'democracy'.

Are your screws loose? I mean seriously this statement is the complete opposite of your previous sentence. I do not get it. This is akin to Fascism far-right wing politics. We need less militarism and more pacifism.
 

blkone

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Sep 24, 2009
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I agree with the democratic system being a failure as it is not truly a democracy what we got is Corporatism where Corporations are controlling and regulating everything.



Are your screws loose? I mean seriously this statement is the complete opposite of your previous sentence. I do not get it. This is akin to Fascism far-right wing politics. We need less militarism and more pacifism.

A criticism of democracy and it's obligatory double think is not a refutation of my personal support of an authoritarian politic; which democrats generally refer to as 'totalitarianism' (which, again, is funny since democracies are quite possibly the most totalitarian of all the forms of a polity).
 

ShyMan

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Aug 3, 2016
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PM Shyman if you need help in real estate that is what I do.
I want an intelligent, robust discussions on this top. PM is appreciated but I want a transparent discussion with Merb members, a ton of whom are extremely intelligent, knowledgeable and well traveled.

Blkone seems well read and knowledgeable too. Being well read is one thing but digesting, deconstructing, reconstructing and interpreting what one has read is where the rubber hits the road.

I do have a romantic view of Montreal (for its culture, people, food, architecture, etc.); and I believe many do as well. Montreal has a soul!
 

ShyMan

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Aug 3, 2016
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The housing markets (more like the condo markets) are dysfunctional fueled to super heights by speculative buying. I still can't figure out where the supposedly "middle-class" Chinese citizens are finding movies to buy speculative overpriced condos; yes, interest rates are low. But I couldn't care less for the Chinese housing markets.

Back to the subject about living in Montreal. I recently met a true Quebecois SP who considers herself more Angelo (she even pronounces Quebecois with an Angelo accent) than Quebecois or at least on an upper echelon of most Quebecois, who she considers lazy, lost their sense of identity, lacks aspirations to improve their educational, social and economic stations in life; she said even among her family, all they want to do is have long time boyfriend/girlfriend relationships and have children, eschewing marriage, and have no motivation to aspire to get outside their own French/Canadian community. But this SP is pursuing a university degree. I know this is but only one person view of her community, which she said is treated as second class citizens, especially by the Angelo Canadians in Montreal. I don't know what to make of this lady's views. She's well traveled and is fluent in English (and I presume French also). The few other Quebecois SP's I've met told me they had been with a boyfriend for five to seven years, since they were either 14 or 15, and they love their boyfriends. Some have kids with their boyfriends and many of these SP's have no intention of getting married until much later in their lives. This Quebecois SP hasn't dampened my affection for Quebecois ladies.

Walking around downtown Montreal, I have seen many women looking very sophisticated, speaking French, dressed smartly and seemingly working in high-power executives jobs. So, I'm totally confused about Quebecois men and women and how they are perceived and treated all in facet of life in Montreal, especially in higher education institutions and small and huge corporations and medical, scientific, engineering and academic careers.

I found this SP so interesting that I spent nearly 70% of our 90 minute session speaking with her. She was looking for a new sugar daddy, which I will never be, since I worked damn too hard to earn my monies. I'm not a good mark but despite barely any action, I have no regret about the session because I learned so much from this SP (who is not with any of the agencies I deal with and review on Merb); I took whatever she said with a huge spoonful of salt but sometimes education is more valuable.

I still am considering living in Montreal part time. I love the USA way too much to give up my American citizenship; despite the fact that many parts of the Us is dysfunctional, including government throughout the US, I would never leave my country permanently. I love it too much. But it does not mean I have to live in the US 365 days every year.
 

minutemenX

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I still am considering living in Montreal part time. I love the USA way too much to give up my American citizenship; despite the fact that many parts of the Us is dysfunctional, including government throughout the US, I would never leave my country permanently. I love it too much. But it does not mean I have to live in the US 365 days every year.[/QUOTE]

You can be a permanent resident anywhere in the world and be US citizen. It is called expatriate. So acquiring permanent resident status in Canada does not undermine your US citizenship in any way. The only problem is that you still have to report to IRS and show your income and holdings even if you don't own any taxes in US (there are several treaties between US and Canada against double taxation). Also though US does not formally recognize dual citizenship with majority of courtiers (some are exemption such as Israel and Poland), it is a myth that you automatically loose your US citizenship even if you decide to acquire a full citizenship status in some other country, especially country that is friendly and close to US such as Canada or UK.
 
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