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Escaping from Toronto
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Escaping from Toronto

 

Damon Ho

2023年3月18日

In recent years, Hong Kong's emigration problem has become a hot topic. For the majority of these emigrants, their hot picks mainly have been spreading over to countries such as the United Kingdom, Australia, the United States of America and Canada. Among of them, Toronto in Canada is a real hot spot other than British cities for Hong Kong people to emigrate. In the past decade, Toronto gained vigorous development and attracted huge amount of overseas immigrants.  Consequently, the local property prices have been skyrocketing over years.

 Manny landed immigrants from Hong Kong may find the property prices in Toronto are astonishingly high. Due to the large amount  of overseas immigrants and students, the local rental market is also stronger than expected. 

 Like most western cities, Toronto is high tax rate, and ordinary workers are hard to save money to pay the down pavement for the first time buying.  The high-priced properties have been drawn the complaining from the local peoples.   Three years ago, house prices jumped by 50% within two years, and it only has decreased by about 10% since last year.

 Due to the high house prices, more locals have moved out to other cities with lower property prices and living expenses. The growing figures have strengthened this tendency. This trend of fleeing Toronto has become new social phenomenon in recent years.

Most young Hong Kong landed immigrants will quickly discover that the local rent is also very high. Generally speaking, they have had to share to rent an apartment or a basement unit of a townhouse with two or three tenants.

The local minimum wage is approximately 15 Canadian dollars (about 90 Hong Kong dollars) per hour. Due to the high tax rate, it is not easy to save. The local sales tax is 13%, and the customers have to pay additional 10% tips for every meals they enjoy. A Hong Kong style breakfast meal costs about 13 Canadian dollars (about 80 Hong Kong dollars). So most families prepare their breakfasts at home from Monday to Friday.

Hong Kong young new immigrants, if they don't have their fathers’ support, they might need to spend one decade to save the down payment to buy a high-priced condominium or some low prices townhouses.

Nowadays many Hong Kong peoples move to the Greater Bay Area after retirement. Big cities like Toronto, the growing people tend to move to other cities before retirement. Wherever the Hong Kong people move now, they must have strong mentality, otherwise it will be difficult to adapt changing environment.

Escaping from Toronto
1. 美銀行股股災
2023-03-18 19:12
第一共和銀行(美:FRC)雖獲多間重磅銀行存入300億美元,但市場仍憂慮爆煲風險,觸發美國中小型銀行股災。FRC股價周五重挫32.8%,至23.03美元,收市後股價未止,盤後曾跌穿20美元,低見19.49美元,較周五收市價再跌15.37%。
2. FIRST REPUBLIC dropped 33%
2023-03-18 21:39

Indexes across Europe and the US fell on Friday as a sell-off in troubled Swiss lending giant Credit Suisse gathered pace. Credit Suisse shares fell 8%.

In the US, shares in First Republic dropped 33%, a day after it received an injection of funds from the country's biggest banks.

3. 雨後飛揚補地價便
2023-03-19 12:15
長實主席拋出平買平賣論,似乎飛揚地皮成本應該好平。不過單睇補地價銀碼,同樣在近期開賣的元朗雨後就更平。,雨後前身為工廈貨倉,發展商星星地產於2021年支付8.18億元完成補地價。至於飛揚,長實及新地於2018年補地價金額高達17.31億元,補地價金額較雨後貴逾倍。但相比同期何文田站上蓋瑜一,華懋於2018年中標時需支付74.86億補地價,每方呎樓面地價高達11709元,遠遠拋離飛揚4990元及雨後4780元。有了瑜一這頂級指標,飛揚補地價成本仍然實惠。
4. 飛揚再加推尺價如2.6%
2023-03-19 16:59
長實(1113)及新地(0016)合作發展的屯門青山公路飛揚2期,繼昨日加推95伙後,今日再推出3號價單共109伙,折實均呎12,977元,較上一張價單高約2.6%。發展商上周四至今先後公布共3張價單,涉及292伙,佔今期單位總數400伙共73%。長實營業部助理首席經理楊桂玲表示,最快本周初將加推餘下單位及公布銷售安排,很大機會周末盡推400伙。
5. Drugstore re-emerage in prime location
2023-03-19 18:46

With the reopening of the border and an influx of visitors to Hong Kong, there has been a surge in the opening of drugstores in prime locations.

Following a spate of new leases in prime Tsim Sha Tsui and Mong Kok locations to drugstores, a street-level shop on Nathan Road has been leased out for HK$176 per square foot, representing a 27 percent increase, to a pharmacist amid increased demand.

The previous tenant operated a mask store for almost three years during the pandemic.

Completed in 1937, 190 Nathan Road at the junction of Austin Road is a Grade III historical building and a landmark in the district.

6. CHINA SUPPORT HK to be a finincial centre
2023-03-20 19:11

People’s Bank of China governor Yi Gang assured that it would fully support Hong Kong’s status as an international financial centre.

In his meeting with Chief Executive John Lee, Yi also said that the central bank would provide conducive factors and environment through its policies and measures whilst maintaining effective and proactive communication and co-operation with the city government.

Lee then expressed his gratitude to Yi and the bank for its continuous support and looked forward to strengthening green finance co-operation between Hong Kong and Mainland China.

7. Nano flats stocks expected to increase
2023-03-21 10:14

The number of nano flats expected to be completed in 2022 is 2,015, which is double the 2021 estimate of 906, data from JLL Research showed.

Stocks of nano flats is expected to increase further in 2022, as the estimated number of units for completion doubled to 2,015 from 906 in 2021, data from JLL Research showed.

The supply of nano flats, which has a saleable floor area of 215 square feet (sq ft) or less, has been increasing since 2016 and as of 2020 it already reached 12,175, making up about 1% of private housing stock.

8. HK shopping centre still attract GBA travellers
2023-03-22 08:59

Hong Kong could lose its sought-after tole as a shopping hub for Greater Bay Area(GBA) travellers, McKinsey & Company warned.

In a report, McKinsey said neighbouring cities are catching up quickly with Hong Kong.

“Hong Kong firms will need to improve service quality, deliver better digital experiences, and better connect with the rest of the Greater Bay Area, to continue wooing shoppers,” McKinsey said.

Whilst interest in shopping in HK remains strong amongst GBA travellers in 2023, McKinsey said this would not be the case in the years to come.

9. 負資產創18年新高
2023-03-22 19:48
2022年第4季負資產宗數急增至1.2萬宗,創了2005年以來新高,大部份涉及銀行職員按揭及按保貸款,根據財經及庫務局指,其中涉及按保的負資產個案有一半屬於2019年10月放寬後俗稱「林鄭Plan」的個案,而當局提醒,按保計劃旨在以風險為本的方式幫助市民置業。 上任特首林鄭月娥在2019年10月施政報告公布,將首置按揭保險9成按揭的樓價門檻放寬至800萬元,而8成按揭的門檻由800萬放寬至1,000萬元,俗稱「林鄭Plan」,期後在2021年2月財政司司長陳茂波再將門檻放寬至1,200萬元。 金管局去年第四季數據指,負資產住宅個案宗數達12,164宗,按季飆升近22倍,為近18年新高。
10. HKU professor charged for defrauding
2023-03-23 09:08

A University of Hong Kong associate law professor has been charged by the ICAC with defrauding the university of more than HK$720,000 in housing allowances between 2019 and 2021.

The Independent Commission Against Corruption said yesterday that 54-year-old Alice Lee Suet-ching has been charged "for allegedly defrauding HKU of private tenancy allowances amounting to over HK$720,000 by making false representations about her compliance with the relevant 'live-in-requirement.'"

11. HK banking system resilient and regulated
2023-03-23 17:06

Hong Kong’s Chief Executive John Lee assured that Hong Kong’s banking system is “resilient and properly regulated” in response to questions from reporters regarding UBS’ takeover of Credit Suisse.

The chief executive made this statement before the Executive Council meeting..

According to Lee, the size of the bank’s business and its assets under management in Hong Kong are “relatively small.” 

12. One more interest rates raises
2023-03-24 08:16

The US might raise interest rates just one more time in 2023 and by 25 basis points at most with the Federal Reserve hinting it is taking its foot off the gas in the battle against inflation amid the global banking turmoil.

The Fed raised interest rates as expected by a quarter of a percentage point yesterday, lifting its benchmark overnight interest rate to the 4.75 to 5 percent range in a bid to lower US inflation to the 2 percent annual target.

But chairman Jerome Powell dropped the language about "ongoing increases" needed and replaced this with "some future additional" rises, and said the Fed had considered a pause in rate hikes in the run-up to its two-day meeting.

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