How Real Estate is Different Around the World

Hey guys, Bradley tuning in and coming at you
another video and today I want to talk about how real estate has done
different around the world. We know how we do it here in Ontario,
here in the greater Toronto area, but what about elsewhere? What about
as you travel across the world? How are they doing things
for better or for worse? And I want to share some really cool
facts with you that have to do with what they’re doing abroad, but before
I get started, my name is Bradley. I do videos like this all the
time. Keeping you up to date with the latest tips and tricks here
in the GTA real estate market. It is Halloween tomorrow. I
hope you guys are excited. I want you to see what we’re actually
giving Emily, my daughter for Halloween, she’s going to be two this year and so
we’re able to recycle a costume that she had and I’m going to wear it right. Tell me that’s not the most
gangster thing you’ve seen all day. My wife wore this when she was little
and now my daughter’s going to wear this Halloween. We’re going to have a blast, but back to what we were talking about
when it comes to what we do here in Ontario, here in Canada, we have a
very organized real estate structure. In fact, we have a local, we have a provincial and a national board
that we deal with in which if you see, you know that website
that’s actually hosted by CREA, the Canadian real estate association, so all these listings are merged
together and we work really hard in partnerships broker just across the
country and putting this material together for you as a consumer. But
that’s not the case everywhere, Which brings me to my first country, An open bidding war. Now you
guys know here in Canada, if you follow any of our content, you’re not allowed to see what buddy
next door is submitting for the offer and everything is going in
blind. In many cases, it’s done within a week of the listing, but they do things a little bit
different in Australia. In fact, we’ve used it as a criteria for what we
might be going and this is why this is interesting. We may be going in
that direction down the road, but today what they do is they’ll
broadcast the listing for say a month and you’ll be able to come
through and take a look. You can do whatever assessment you want
and then everybody gathers around generally on a Saturday and stands
around in between for 10 to 15 minutes. They will be giving an open auction to
anyone hosted by the listing agent and people will come and they’ll watch whether
they’re involved or not because it is a very interesting
spectacle. I can see it now within a number five Oh, where was I? Let me show you what the national post
had published very recently here in Ontario. This article reads why the
Ontario real estate association, others believe in an open bidding process. It’s a better way to buy
and sell real estate. That article goes on to say in Australia
where open auction Wars can often erupt in the front yards of properties. So this isn’t just a fun
thing going on in Australia. This is actually being considered here
in Ontario by Aria as a potential option for what we would do now. I think the way they would ease this in
is to say you have the option to do it. So if you want to have an open bid you
could do that or we can continue to do it as we are. So it will be yet to
be decided how that would look. But very interesting that this has been
going on actually for years. In fact, it’s been going on since the 18 hundreds
in Australia, which brings me to number 2 .. The rent laws actually favor
the landlord, for example, you’re allowed to have rent
increasing at any rate, as long as it’s agreed by the tenant
and you’re allowed to collect deposits. But let me show you what
we have here in Ontario. As we look at what the landlord
and tenant board has published, they say that in 2019 the rent increase
guidelines is 1.8 the guideline is the most the landlord can increase the rent
without applying to the LTB and if we jumped in Ontario standard lease, it reads this when it speaks about rent
deposit, it says this very cleanly. This cannot be used as a damage
deposit. So as you can see, the landlord and tenant
relationship is quite different. When we jump over to the UK, proof
brings me to the number three … China has so many fascinating
things going on. The number one thing being you cannot officially
own land in China. You can only lease. They do land leases everywhere. Everything is ultimately owned by the
government and the leases are typically 70 years. .. You’re allowed to buy one property in
China if you’ve worked or studied in the country for a minimum of one year. Now they don’t want foreigners
investing in their local market. Isn’t that ironic? Another fun fact of what they do in China
is your minimum down payment needs to be 50% on your first property
and 70% on a second property. Now these are all part of cooling measures
that China has done to stabilize its market in many ways similar
to what we’ve done here, but obviously using different guidelines
and different measures and to make the market even more interesting. In China,
if you sell your home within five years, your capital gains tax is only 5% and
that brings me to a close on some of the cool things going on around
the world. [inaudible] Yeah. Okay. Let’s do one more cause
this is so much fun. Let’s talk about one of the interesting things that I found about the Indian market is this: we here in Canada when you’re
buying a property, you Pay between two to 3% of fees over there. They can pay up to 12% in fees. And one of the other things that I
think is really interesting and a great comment starter down below if you know, because we have a lot of international
people watching this content, I have heard through the grapevine that
in India when you’re looking to purchase a property, if you sign with
a real estate brokerage, you are limiting yourself to purchasing
only properties through that brokerage and purchased them
listed by that brokerage. And so oftentimes they are more
hesitant to sign agreements. Where as in Canada here you signed with
an agent, they’re just representing you. You can see all things. I don’t
know if that’s true or not, I’m not able to find that
anywhere on the internet, but I would love to leave it
with you guys. Maybe I’m wrong, but that’s one of the fun facts that
I’ve learned here and actually influenced the way that I interact with certain
individuals when I’m looking to purchase properties as well. Leave that
down in the comments below. I’m going to leave it there
and I’ll see you next time. Make sure you slam that subscribe button.
We’re going to continue to put out fantastic content. Take
care and keep it real.

2 thoughts on “How Real Estate is Different Around the World

  1. Thanks for watching! Do you see anything worth copying to make things better here? Or are we just the best already? Let me know in the comments below!

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