Vancouver’s Real Estate Bitten

Mystery Solved

When a market appears to slow watchers begin to search for a cause asking whether the reason is this or that?

Vancouver watchers are in a guessing game as they question what happened to the presumed influx of off shore wealthy Chinese buyers of Vancouver real estate. Claire Wilson has the answer.

Big Apple

According to Ms. Wilson of the New York Times, those or at least some of those wealthy Chinese buyers are taking a bite out of the Big Apple.

Quoting Pamela Liebman, CEO of the Corcoran Group, Wilson says that “in about two years, what was at first a trickle of inquiries has grown to a stream of freshly minted high-net-worth Chinese businesspeople hunting for condominiums for $500,000 to $10 million and up. The average purchase is a one-bedroom apartment for about $1.45 million.”

Bigger Bite

For a bigger bite of Ms. Wilson’s report click here.

Image Credit

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Hazu Chan Says:
August 16th, 2011 at 9:28 am

No surprise here regarding the Big Apple.

Global excess demand for [perceived] safe assets:

“For quite some time, but in particular since the late 1990s, the world has experienced a chronic shortage of financial assets to store value. The reasons behind this shortage are varied. They include the rise in savings needs by aging populations in Japan and Europe, the fast growth and global integration of high-saving economies, the precautionary response of emerging markets to earlier financial crises, and the intertemporal smoothing of commodity producing economies.”

http://www.voxeu.org/index.php?q=node/2827

NYC apartments do the trick.

bbcoq Says:
August 16th, 2011 at 9:43 pm

As much as I love Bc and Vancouver-if I was a wealthy asian and wanted to diversify my assets and real estate was what I was after-New York, London, Paris, Madrid, etc etc is where I would go first-Vancouver is a great place but far down the list of great cities of the world.

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