China is facing a debt bubble. I hope that Canadian and Chinese governments will cooperate on agreement similar to the Interpol to control the money borrowed in one country in order to buy an asset in the other, then defaulted on it and flee.

Real estate transaction fees are very high and are charged on the leveraged/borrowed portion of a home, not just the principal. Millennials shouldn’t own a home unless they’re sure they’re going to stay put. Also, you only get the first time buyer exemption once, you might as well wait until you’re buying a property you’re going to keep for a long time. Encouraging home ownership is also bad government policy as it decreases people’s willingness to move for work reasons.

Cultural differences, Chinese women are looking for stability. A home helps to convey that.

Also keep in mind we receive parental support because usually our parents generally move into our homes eventually. There aren’t as many 5 star retirement homes in China as there is here in Canada.