Vancouver’s real estate boom: The rising price of ‘heaven’
Demand from wealthy migrants from mainland China has helped make the Vancouver area the most expensive real estate market in Canada. The average price of a single-family detached home is $1.26-million, higher than any other Canadian city.
One large real estate firm calculated that roughly one-third of the detached homes it sold within the City of Vancouver last year went to buyers from China.
Vancouver developers and real estate firms have hit the jackpot, and some have rushed to set up offices in Shanghai and Beijing. Some now say Vancouver is a bedroom community for the world.
The rising flow of foreign capital – stemming from a long tradition of transpacific migration and investment – has turned Vancouver into a truly global real estate market.
Vancouver developers and real estate firms have hit the jackpot, and some have rushed to set up offices in Shanghai and Beijing. Some now say Vancouver is a bedroom community for the world.
The upscale Point Grey neighbourhood is on Vancouver’s west side, where benchmark prices for detached homes have soared. DARRYL DYCK FOR THE GLOBE AND MAIL
Vancouver real estate prices have also become increasingly unhinged from local incomes, prompting concerns about affordability. It has led to middle– and even upper-middle class Vancouverites renting permanently or fleeing for cheaper suburbs such as Burnaby.
There is a search for better data on foreign buyers, which is only haphazardly tracked.
There is a search for better data on foreign buyers, which is only haphazardly tracked.
Dan Scarrow, says 178 of the firm’s 531 sales of single-family detached homes within Vancouver’s city limits last year – or 33.5 per cent – went to buyers with ties to China.
Vancouver’s west and east sides, West Vancouver, Richmond and large pockets of Burnaby have most of the region’s top-tier properties. On Vancouver’s west side, detached home prices soared 51.5 per cent over the past five years to nearly $2.3-million for the benchmark index, which strips out the most expensive resale properties.
Vancouver’s west and east sides, West Vancouver, Richmond and large pockets of Burnaby have most of the region’s top-tier properties. On Vancouver’s west side, detached home prices soared 51.5 per cent over the past five years to nearly $2.3-million for the benchmark index, which strips out the most expensive resale properties.
Some foreign buyers have purchased Vancouver real estate purely as an investment, without occupying the properties or renting them out, but that has triggered some resentment because it’s sometimes seen as detracting from the vitality of a neighbourhood.
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Vancouver’s real estate boom: The rising price of ‘heaven’ - The Globe and Mail:
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