Vancouver House For Sale: Only 2,099 Bitcoin

Tyler Durden's picture

In February 2016 we explained, correctly in retrospect, that the reason behind the unprecedented surge in Vancouver home prices was the seemingly constant flood of "hot Chinese money" desperate to park itself as far away from China's banking system, and into offshore real-estate. This is how we laid out the stylized sequence of events that culminated with Vancouver home prices surging by over 20%:

  1. Chinese investors smuggled out millions in embezzled cash, hot money or perfectly legal funds, bypassing the $50,000/year limit in legal capital outflows.
  2. They make "all cash" purchases, usually sight unseen, using third parties intermediaries to preserve their anonymity, or directly in person, in cities like Vancouver, New York, London or San Francisco.
  3. The house becomes a new "Swiss bank account", providing the promise of an anonymous store of value and retaining the cash equivalent value of the original capital outflow.
  4. Then the owners disappear, never to be heard from or seen again.

Separately, in mid-2015, when bitcoin was still trading in the low $200s, we also predicted that in an attempt to bypass China's increasingly more draconian capital controls, Chinese oligarchs and ordinary savers would increasingly turn to what at the time was a largely unregulated medium of exchange: bitcoin.

we would not be surprised to see another push higher in the value of bitcoin: it was earlier this summer when the digital currency, which can bypass capital controls and national borders with the click of a button, surged on Grexit concerns and fears a Drachma return would crush the savings of an entire nation. Since then, BTC has dropped (in no small part as a result of the previously documented "forking" with Bitcoin XT), however if a few hundred million Chinese decide that the time has come to use bitcoin as the capital controls bypassing currency of choice, and decide to invest even a tiny fraction of the $22 trillion in Chinese deposits in bitcoin (whose total market cap at last check was just over $3 billion), sit back and watch as we witness the second coming of the bitcoin bubble, one which could make the previous all time highs in the digital currency, seems like a low print.

With one bitcoin now going for roughly $1,800 - and with the PBOC repeatedly cracking down on all forms of bitcoin cross-border flow - this prediction also turned out to be right.

So putting the two together, at least one enterprising Canadian homeowner has decided to make life for potential Chinese buyers especially easy, and in a posting on the Hong Kong edition of Craigslist, has listed a relatively modest Vancouver house for the price of 2,099 bitcoin.

Bitcoin New House for sale 2099 btc (Vancouver,Canada)

 

Brand new house for sale in Vancouver, British Columbia, Canada. One of the hottest markets on the planet,Voted #1 place to live in the world. Bitcoin and Ethereal accepted.2099 btc.

 

For more information please respond to Ad. The house is located in Coquitlam.

 

At today's exchange rate of US$1,737 for one bitcoin, the US dollar equivalent price is roughly $3.6 million or C$4.9 million. So what does nearly five million Canadian dollars buy enterprising Chinese investors who are willing to pay up for the convenience of bypassing currency conversion into Canadian dollars altogether? This:

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Pinto Currency's picture

Bitcoin is a fraud.
Wait until the next 5 'special' virtual currencies are introduced - then people will realize they are just special nothings. Just like fiat.
In the meantime, load up fools.

Linglishboy's picture

Thx for the tip genius. I just bought a nice appartment in Budapest thanks to bitcoins.

keep up the good work chump.

froze25's picture

Bit Coin seems pretty legit to me if you take the right precautions.

JRobby's picture

In Canada, when real estate is sold there is a fixed % held back at the closing to cover taxable gain. You have to file a form and all of your documentaton to prove the gain or loss to get a portion of the withholding (or all of it) back.

So, not sure how that works in Bitcoins?

pitz's picture

Only to foreign nationals.  There is no withholding when a Canadian buyer or seller is involved, which represents nearly all RE transactions in Canada.  Foreign participation in Canada's RE marketplace is minimal, and is mostly US citizens when there are foreign transactants.

JRobby's picture

Thank you for the clarification. You can't trust foreigners, especially Americans.

Mr.BlingBling's picture

We have an equivalent mechanism here in Murica named FIRPTA, the Foreign Investment in Real Property Tax Act.

mmanvil74's picture

What? Seller not accepting GOLD as payment?

But, but Gold has been money for 5000 years!

Well, horses were reliable transportation for 5000 years too. Things change. Welcome to the 21st century. Welcome to the Age of Blockchain and the Internet of Value.

Turns out Tyler's only successful prediction over the last 10 years was to buy Bitcoin at $200. Hope he/they took their own advice.

Watch as Bitcoin along with Ether, Ripple, Dash and the rest of Bitcoin's cousins make short work of the fiat monetary system. Gold will still be there of course, in museums and such. 

stacking12321's picture

Article incorrectly states $3 billion market cap, it's now $28 bIllinois

 

Those of us who bought bitcoin a couple years ago while clueless mouth breathers were calling it a scam, are almost tired of #winning

Your Good Friend's picture

Up to your neck in debt on worthless junk with no buyer in sight isn't exactly anyones definition of #winning.

stacking12321's picture

some people shouldn't comment on things that are out of their realm of understanding.

i, for one, have zero debt, and unlike $FRN, bitcoin is not a debt-based currency.

no buyer in sight? why do you put forth obviously false nonsense? it's easy enough to sell any time i want, it is a liquid asset.

The_Juggernaut's picture

Quick!  Buy Canadian real estate before it finishes imploding.  Wouldn't want to miss out on that opportunity.

Your Good Friend's picture

You don't have two dimes to rub together.

stacking12321's picture

wrong again, i have a sack full of mercury dimes

i have gold, silver, cash, bitcoin, and right now bitcoin is kicking ass.

gold and silver will too, some day, hopefully soon.

business as stusual's picture

Ooooo look! A freshly hatched troll!

Exponere Mendaces's picture

Oh man, you're killing me over here with your stupidity.

Here's a few stats for you, my numbers-challenged chum(p):

1 Week Gains: 7.6%

1 Month Gains: 45.3%

6 Month Gains: 138%

1 Year Gains: 275%

2 Year Gains: 624.8%

But yeah, keep telling us how that isn't #winning at all... LOL.

 

U4 eee aaa's picture

Walking out of the poker game alive

Your Good Friend's picture

That and a dollar gets you a cup of coffee my friend. And no... I won't lend you a  dollar. 

JRobby's picture

That's a good point! You should not breathe through your mouth.

Thanks for the tip!

Dirtnapper's picture

Article also calls Ethereum "Ethereal". /sigh 

any_mouse's picture

For the spelling in the ad blame Spell Checker.

This may be a scam ad.

The seller made a bigger mistake. They equated the two crypto-coins in value.

Correct me if I am wrong and everybody and his monkey will.

The two currencies have different value per a coin unit and the price in one would be different from the other.

Same as posting two prices, one in CAD and one in USD.

Killdo's picture

I lived in Vancouver about a decade ago when it was voted '#1 in teh world" - that was one fo the reasons why I decided to move there. 

There was nothing #1 in the world  in Vancouver - every foreigner I met asked me why the fuck did they vote this place as #1?

I am geussing Canadian gvt bribed some corrupt UN characters to nominate them. 

It was the most borring place I ahve ever lived in - poluted (if you look inland from that Lion's Gate bridge - you can see a thick layer of yelow fog/pollution). Lot's of unemployment, lots of druggies, used syringes all over the place, shitty climate, and I rememebr reading in Business in Vancouver that the average inhabitant of Vancouver was a visible minority, unemployed, renter and foreign-born

It was very hard to get any job apart from waiting, and usual service industry low-paid crap jobs. I coudl not wait to get out of there - I sold my place after 6 months and left. 

My former roommate is from Vancovuer and his family still lives there told me he hates going there because people are strange, small town mentality, jealous etc I agree

U4 eee aaa's picture

It is because we check all the boxes on the socialist scorecard.

And no, I aren't one

HRH Feant2's picture

Yep. Remember the rules: Buy low, sell high and win all the way to the bank.

Tallest Skil's picture

"Oy vey, goyim, use our perfectly fiat currency that we completely control and the amount of which can be expanded at any time for any reason with zero effort on anyone's part and under zero accountability lol you don't know how economies work anyway, right? See how successful our fiat currency is? We can purchase APARTMENTS in FORMER SOVIET NATIONS. Wow. Isn't THAT impressive?"

Linglishboy's picture

we are talking about speculation, not preservation of wealth,

i guess it has been 10 years for you that you watch the markets every day hoping this will be the day it crash.

In the meantime, there is bublles to take advantage of.

Your Good Friend's picture

Don't be silly my friend and remember......

 

Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.

Linglishboy's picture

yeah but meanwhile, there is no naked shorts on crypto like in the comex,

you can keep waiting of course for another 10 years to blow up.

Your Good Friend's picture

Or you can keep throwing good money after bad to drive your losses even higher.

Linglishboy's picture

what losses, 6x investment, and counting

i bought litecoins at 2 dollars, sold it at 28

didnt you get the memo

JRobby's picture

Deliciously evil sarcasm is my favorite variety.

Your Good Friend's picture

That and a dollar will get you a cup of coffee.

HRH Feant2's picture

Good for you! I love Budapest! Great city! PM Orban is a real leader, too, I am a big fan!

Your Good Friend's picture

"Bitcoin is a fraud."

 

So is housing...... which will be on the display for the entire world to see very soon.

sirsmokum's picture

Hi mr. expert. I depend on others for my understanding of the world so.....

THank you for keeping us all safe!!

Quantum Bunk's picture

5 virtual search engines could be introduced -but see how that works against Google. You dont get it man

Exponere Mendaces's picture

LOL someone is TRIGGERED.

Lets see where gold is trading, shall we?

$1,231

Bitcoin

$1,720

Gosh, seems the market disagrees with you... but what else is new in the land of nutso ZH commenters.

Your Good Friend's picture

And not a buyer in sight for a fraction of that amount.

j0nx's picture

Spent 2 weeks in Vancouver as a kid in August. Fucking rained every single day and was in the 50's and 60's in August. Who the F would want to live there year round? Nice place to visit once in a while but certainly wouldn't want to live in that dreary shit all year long.

Your Good Friend's picture

I'm not sure what's' worse....... The horrific weather from WA state north or the crime and horrific economy here in California.

Bunga Bunga's picture

> Wait until the next 5 'special' virtual currencies are introduced - then people will realize they are just special nothings

 

Good morning Mr. Currency Expert, there have been more than 100 cryptocurrencies out for a while, all are special but Bitcoin price keeps rising.

Bill of Rights's picture

Nice modest home with a nut job price....$4 million lmao good luck.

CurveBall's picture

I personal know someone who sold a home requiring upwards of $350k in repairs in north Vancouver half way up grouse mnt for $2mill. The house was bulldozed shortly there after. Literally paid $2mill for the land (a VERY beautiful piece of land with ferns and creek going through it... but quite standard in size, nothing special given the area). I haven't been around to see what was built and potentially sold in its place and at what price... but if someone 3 years ago was willing too spend $2mill on just the land... I am quite sure newer complete homes could push the $4mill... funny thing is that the house in this ad isn't actually IN Vancouver, its in Coquitlam, part of GVR about 30+km from van. Shit is just mind boggling...

Your Good Friend's picture

Somebody lost their ass.... and their left nut too.

pitz's picture

Probably a related party transaction.  Manipulation is the oldest trick in the book in Vancouver.  Anyone remember the Vancouver Stock Exchange?  Lol.  Its the same playbook, but in real estate.

Lysander_Spooner's picture

Ethereal accepted ?? WTF is ETHEREAL ?? Does the Author mean ETHEREUM