The Real Deal: Why the Chinese are Buying up Vancouver Real Estate
I was recently interviewed by CBC and the Vancouver Observer about why the Chinese are so interested in Vancouver real estate. They thought I’d be the realtor to ask, as I have been working closely with many Asian buyers and investors.
The 2008 recession oved to be an interesteing time for Real Esate. In efforts to stimulate market activity, the goverment kept interest rates low but the real reason the market receovered as quickly as it did was because of Asian Buyers. They had the financial means to do so at a time when no one else could and reaped the benenfits of lower prices. Since then it triggered more Asian Buyers which is reflected in our ever increasing housing prices.
Why Asians are interested in Vancouver Real Estate1. The Chinese want to provide better futures for the families.
2. There is a rapidly growing middle class in China which is just beginning to realize that they can afford homes abroad.
3. Recent tax increases to own a second property in China make it more appealing to own real estate in Vancouver.
4. As China is developing so quickly, the US and Canada have more political and legal stability.
5. Vancouver remains one of top three cities throughout the World to live in. It is a safe city with a reputable school system and has the most temperate and humid climate across the country. The air and water quality compared to China are also unmatched. There are approximatley 650,000 fatal illnesses per year due to air pollution and 90,000 deaths from drinking polluted water in China.
6. It is a relatively easy commute from Hong Kong with direct flights to Vancouver daily. Just a hop, skip and a jump away from one of the most beautiful cities in the world (plus 12 hours).
Here's the most recent article from Blookberg BusinessWeek: http://www.businessweek.com/magazine/chinas-superrich-buy-a-better-life-abroad-11222011.html