Bravo festival condos in vaughan. Do tycoons bid up Canadian house prices? Many people accuse Chinese investors of inflating property prices in Vancouver, and in fact all overseas buyers account for only 3% of local property market transactions.Please Visit: Bravo festival condos in vaughan to Get Your VVIP Registration Today!
Chinanews.com, April 9-according to a report by Canada’s World Daily, Vancouver and Toronto have always been among the top prices in the Canadian real estate market, while it is rumored that tycoons from China have speculated higher prices. But overseas buyers account for only 3% of all transactions in the greater Vancouver area, and have been so for years, according to the Vancouver real estate bureau. Experts point out that infrastructure and supply and demand are the main factors driving up house prices in Vancouver. Former city planners also believe that blaming Chinese for high house prices is racist. Chinese real estate agents also stressed that most of the new immigrants buy houses for buyers for self-occupation or investment, which is a normal market demand.
The house price in Greater Vancouver is the highest in Canada, and many local people blame the soaring house prices on Chinese hype. In recent years, it has been rumored that a large number of Chinese tycoons have spent a lot of money to buy local real estate, and some media have followed suit. It seems that the big warm real estate market is supported by property speculation by Chinese tycoons.
Eugen Klein, chairman of REBGV, stressed that this was not the case. According to the bureau’s monthly transaction records and title registration (land title transfer) cross-comparison, overseas buyers accounted for only 3 per cent of local real estate transactions and had maintained that level for many years.
He said that the city with the highest increase in house prices last year was not Vancouver or Richmond, but Maple Ridge, where local buyers had nothing to do with overseas buyers. The reason for the 30 per cent rise in house prices was simply the impact of urban infrastructure, that is, the opening of the Golden Ears Bridge Bridge led to the appreciation of local property and the heating up of the housing market.
Similarly, the opening of the Canadian Line Rapid Transit (Canada Line) has also led to a sharp rise in house prices along Vancouver and Richmond, which has little to do with overseas buyers.
Larry Beasley, a former city planner in Vancouver, also scoffed at the idea that Chinese investors were inflating local property prices as nonsense and racism.
As a matter of fact, local people simply cannot tell who are overseas investors and who are new immigrants. As long as they see that the buyers are of Chinese origin, they will classify them as “Chinese buyers”.
Zhang Jiajin, a Chinese real estate agent, said that his clients are all new Chinese immigrants arriving in the port, and although he has heard of overseas Chinese investors buying local real estate, it is rare. He said that new immigrants to buy real estate from housing or investment, is a normal market demand, there is no hype.
Broker Lin Huanhui also stressed that if it were not for immigrants, US real estate would be more attractive to Chinese investors than Canada. He cited an old independent house priced at NT $1 million in Richmond for less than NT $2000, but a house of the same age and size in Dallas, Texas, sold for NT $50,000, but the rent could reach NT $1000, resulting in a high rate of return on investment.