June 14, 2010
Go China Go! Did you know that the third most traffic to Realtor.ca comes from China? Canada is number 1, followed by USA.
According to the Globe and Mail, it appears that investors and speculators from China are spurring the Vancouver real-estate market, and it is not just small investor units, but the luxury market. The Globe and Mail states:
“China’s citizens have been told not to spend their rapidly increasing savings in the national real estate market to prevent speculators from skewing values, but those who can get their money out of the country are finding a haven on Canada’s West Coast.
And it’s not two-bedroom bungalows that are being snapped up – it’s high-end luxury properties that are out of the reach of many Vancouverites. Even as the broader market softens, luxury sales are on track for a record year.”
It is no wonder that Vancouver brokerages are creating Chinese versions of their websites, and hiring translators.
Is the market maintaining buoyancy due to the Chinese investors, speculators and the growing Chinese population?