Greater Vancouver Real Estate Report

Source: Greater Vancouver Real Estate Board – monthly sales statistics

From the Sun:

“The market for luxury homes is now insanely hot, with mainland Chinese buyers -who are also impacting the Richmond market in a big way -the primary purchasers”, said Dan Scarrow, Macdonald Realty vice-president of corporate strategy.

Tsur Somerville, director at the centre for urban economics and real estate, Sauder School of Business at the University of B.C., said that “China is

a huge source of immigrants to B.C. and that mainland Chinese immigrants tend to be investors and entrepreneurs”. “Clearly, there’s a very targeted demand for higher-end properties that many associate with the mainland Chinese market.”

But he said there’s an absence of clear data on the specifics of those buyers, whether it’s primarily immigrants or investor money from China.

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