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But don’t think that this soaring pattern is only found in China’s first-tier cities; across the ocean from Vancouver, the real estate market is also hot.
In the Vancouver area, the average price of detached homes soared 40% last year; in January, the average selling price of a Vancouver house was as high as C $1.82 million per unit.
The move comes after British Columbia, under pressure from high housing costs, decided in February to introduce a new measure aimed at controlling house prices in Canada’s most expensive market, including tracking the nationality of buyers. (note: Vancouver is the largest city in the province).
And this measure seems to be directed at the Chinese, what about the fact? Does Chinese capital take the blame for this? It has been pointed out that the research on which the measure is based is inherently problematic and that the provincial government of British Columbia has neglected that a large proportion of home buyers are immigrants and Canadian citizens.
A house like the one pictured above, although there is less moss on the front, looks more like an abandoned house, priced at C $2.4 million. Because it’s in a better neighborhood in Vancouver.
Another example is this house, which is listed on the housing agency website for nearly C $2.4 million, and finally sold for C $2.498 million, a full C $100000 higher than the listing price. Like the house in the picture below, the transaction price is a full C $735000 higher than the listing price.
The 3400-square-foot house pictured above at 3555 West 1 St Ave was built in 1912 with no view, according to Vancouver city portal Vancity Buzz. In the end, the house sold for C $4.23 million (21.06 million yuan), a full C $1.6 million higher than the estimated price.
Brandan Price, the realtor who sold the house, found it hard to believe. “it is extraordinary that this house can sell for more than C $4 million,” he said. I bought a total of five offers, all of which came from local sources. They are willing to sacrifice area and move into this area. ”
Thomas Davidoff, a professor at the University of British Columbia Business School, said: “it will cost C $4 million to live in this house. This is a ridiculous joke. This is not a price that a working class in Vancouver can afford. ”
At present, Canada’s economic performance is not strong, affected by the fall in oil prices, the economy has been hit. In Alberta province, which relies heavily on crude oil, unemployment has hit a 34-year high in the past 12 months. Apartments in places such as Calgary (Canada’s fourth largest city) are unsalable, and a large number of vacant office buildings are unrented.
Despite concerns about bubbles in Vancouver and Toronto, housing remains one of the few remaining bright spots in Canada’s investment outlook, not stopping people from continuing to fight for homes in “first-tier cities” such as Vancouver. Vancouver may be the craziest city in North America outside California’s Silicon Valley.
Under increasing pressure on housing costs, British Columbia (British Columbia) introduced new measures to control house prices in Canada’s most expensive market on February 16, 2016, including tracking the nationality of buyers.
The measure also includes a new higher asset transfer tax on luxury homes, according to Reuters quoted by the South China Morning Post on Feb. 18. The measures come at a time when Beijing is stepping up its efforts to stem rising capital outflows.
Although Canada has not officially started tracking foreign buyers, Vancouver residents have been pointing the finger at Asian investors pushing up property prices, initially from Hong Kong and Taiwan and more recently from mainland China.
