A recent report in the Globe and Mail suggests the Chinese are eager to buy Canadian property. It says the Chinese like the political stability here and are seeing Vancouver real estate as a stable, secure investment. And the price of Vancouver Real Estate appears cheap to them. Real estate values in China have increased 200 to 300 per cent and doesn’t appear to be abating.
From the report: “The latest rush into Richmond has moved a growing number of homes over the $1-million mark. A 34-storey condo tower in suburban Burnaby sold out immediately, with the majority of purchasers reportedly being Chinese. The $98-million in sales set a single-day record for the municipality.”
A China Daily Newspaper report also said buyers from the Chinese mainland make up 40 to 50% of the current market for pre-sale projects in Vancouver.
“The massive middle class in China is just now getting to the point where they can afford the international option. People here better get used to it.”
Here’s a CTV Video report:
See this more recent CBC video on Chinese buyers.
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