bravo festival condos review.The Vancouver property market in Canada has entered the buyer market. First, the overseas buyer tax, launched in August 2016, plunged the Vancouver property market into chaos.Please Visit: bravo festival condos review to Get Your VVIP Registration Today!
The exchange rate of the RMB against the Canadian dollar has fluctuated greatly since 2007. From the second half of 2008 to the height of the global financial crisis in mid-2009, the Canadian dollar weakened against the renminbi, from 7.5 yuan to 1 Canadian yuan at one time. It fell to 5.8 yuan to 1 Canadian yuan, a drop of 23%. After the appreciation of the RMB, the original house may be at least 23% cheaper. Moreover, due to the impact of the financial crisis, Canadian house prices were in a downward trend at that time, and the appreciation of the RMB and the decline in house prices superimposed, causing many Chinese buyers to “hold bamboo shoots” in Canada, and some experts even said that the combined effect of the fall in exchange rate and house prices at that time made it possible to be 40% cheaper. At present, the RMB is also appreciating against the Canadian dollar. take the reporter’s personal experience as an example, when the former reporter went to Canada to go to the Bank of China for exchange, the exchange rate was 1Rules 6.78, but when he returned home 10 days later, it had already become 1ROR 6.4.
At the same time, according to one statistics, 74% of the buyers of luxury homes in the Greater Vancouver area worth more than C $3 million in the first quarter of this year came from China; in addition, according to a real estate investment company, Chinese buyers accounted for nearly 30% of the new homes sold by Dawen in the first quarter of this year. Experts point out that these Chinese buyers are mainly immigrants, not overseas investors. In other words, immigrants are self-occupied when they buy houses here, and in Chinese terms, “Chinese buyers have a rigid demand for home ownership in Canada.”
The reporter interviewed a number of people who bought more houses and found that they did not care very much about the changes in the exchange rate. Is this a good time to invest in Canada? Almost everyone talks about one word: stability. Vancouver ranks first and Toronto fourth in the 2011 Reuters list of the top 10 most livable cities in the world. Canada has a very stable policy and social system, and even during the financial turmoil, it was the least affected in the western world. The whole real estate investment market is very sound, which makes more Chinese immigrants who attach importance to asset security willing to buy and live here and maintain and increase their value.
Will Chinese buyers push up the real estate market in Vancouver to upset local residents? The local Chinese newspaper recently relayed what Peter Ladner, a former Vancouver city councilman and former mayor, said in an interview with the Canadian Broadcasting Corporation (CBC). He complained about the large number of Chinese buying properties in Vancouver: “A large number of Chinese investors are the main reason for the rise in property prices in Wenzhou.” Soaring local property prices have forced many indigenous residents of Wenzhou to move out, while other provincial residents who want to move to Dawen are deterred by the fact that they cannot afford to live. Both China and Australia have regulations restricting foreigners from buying residential properties, and Vancouver should also study the relevant practices. ”
However, Dwight Chan, director of marketing and sales of Emerald (Emerald Garden) in Richmond City, said that Canada is a free market, buying and selling is voluntary, and Chinese buyers can buy properties if they have the purchasing power, which is a free market behavior. The regional sales manager of ONNI, a well-known developer in Vancouver, agrees, because it depends on market demand and supply. It is not necessarily the Chinese who drive up local property prices, and not all buyers are willing to pay more than the asking price. Another real estate agent said that the funds brought in by Chinese buyers, job creation and property taxes are all important sources of finance for Vancouver. From this point of view, Chinese buyers buying property in Vancouver can promote the improvement of local infrastructure and people’s livelihood.
