Home > Vancouver real estate > Is Vancouver real estate market really that out of reach?

Is Vancouver real estate market really that out of reach?


I have been reading so many different reports, articles lately all focus on one popular topic: Vancouver housing market widely dominated by the Chinese buyers from Mainland China.  Colliers International President Greg Ashley disagreed.  “There seems to be more myths than facts about Mainland Chinese investing,” said in his interview.

“This trend is certainly impacting single family housing values in Vancouver-West and Richmond. However, it is not the driving force behind all sales. A number of recent launches reported large numbers of Asian buyers — yet a significant portion of these buyers are actually local residents not foreigners.”

China’s rich are snapping up properties around the Globe.  In the last 6 months, Chinese spent $200m through Colliers’ International Property Department to buy overseas properties with Canada, UK & Australia topping the buying list.  The resale market in Vancouver accounted for $2.1-billion of activity – in May alone.   Even if you divide that by three – $66,666,666 per market – that seems like a small piece of the action.  And there’s no logical reason to split it equally – London’s population is 7.5 million compared to Vancouver’s 580,000. Australia is a whole country.

The issue at present is that Chinese buyers aren’t taking, or can’t take, their money out of China.  Just imagine IF the Chinese govt would ever consider relaxing their policy just a tiny bit & allow the Chinese to take just a little bit more money out of China to invest.  The domestic investors in major cities around the globe including Vancouver would be really freak out or you might have to bet on the depreciation of the renminbi in order to control the global housing value to be able to stay affordable for local people.

Is Vancouver real estate market really that out of reach? I honestly don’t think so.  The inflated areas as we all know are mainly Vancouver West & Richmond.  I still find good value properties in West Vancouver & N. Vancouver.  For those who can’t afford to buy detached house in those areas, we still have many areas that are very affordable & yet very convenient like New West which has skytrain station , Port Moody has West Coast Express & Surrey also has skytrain.  I understand the feeling of being pushed out of the city is not nice but all I am saying is Vancouver does have affordable housing.

 

Tina Mak Personal Real Estate Corporation

Vancouver Radio Realtor AM1320

The Bridge from East to West since 1992

http://www.TinaMak.com

http://www.TinaMak.ca 温哥华中文地產綱站

http://www.GenYrealestate.ca

604-412-5860

Empowering Knowledge To Make Sensible Decision!

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Categories: Vancouver real estate
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