Million dollar homes selling fast in Vancouver
Some of these buyers for million dollar homes are Canadians. But majority of these buyers are rich mainland Chinese immigrants are taking the lead and to a lesser extent, Asian buyers from Hong Kong, Taiwan and Singapore. Proximity is one of the reasons for rich mainland China buyers buying high-priced properties in Vancouver. Vancouver is just an about 11 hours flying time from Hong Kong, and it has an established Chinese community. Follow this link to view homes for sale in Vancouver West.
Many Chinese immigrants cited Canada’s education system as one of the main reason they choose to immigrate to Canada. Another reason for their immigration to Canada is the clean air and open space, and there is no restriction for them to buy properties here. They can buy as many as they want, and these are all “free-hold” properties as compared to leasehold properties in China and Hong Kong.
The effect of property purchase restrictions in China
In recent months, China imposed a series of restrictions on property investors trying to cool the overheating property market, and keep inflation under control. These restrictions had resulted in rich businessmen in China and Asian investors started looking elsewhere for suitable properties. And many choose to invest their money in Vancouver, Toronto and Calgary.
Market activity may have ebbed slightly, if only for now. Most of the activity was registered in the first 3 months of 2011, according to statistics. The overall picture for foreign investment in Vancouver residential real estate is showing no signs of slowing.
Interest from foreign investors is expected to to remain a prominent market feature for some time. Vancouver has limited supply of land, and prices are likely to stay close to where they are in the future. The market in general will continue to rise over the next few years.