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I don't buy the foreign ownership theory behind Vancouver property prices [1]. My personal theory is that the large Chinese-Canadian population in Vancouver for
by Jack000 12y ago
I don't buy the foreign ownership theory behind Vancouver property prices [1]. My personal theory is that the large Chinese-Canadian population in Vancouver forms most of the demand for overpriced detached homes. Within my family at least, there seems to be an irrational desire to own a home despite renting being a better financial decision.
[1] http://www.theglobeandmail.com/news/british-columbia/scant-evidence-behind-myth-of-vancouver-real-estates-foreign-buyers/article9000860/ http://www.theglobeandmail.com/news/british-columbia/scant-e...
- seanmcdirmid 12y agoThey might be resident in Vancouver, sure, but the money being used to buy the house is coming from China, often gray money that is responsible for huge distortions in the Chinese market. And they'll go high end, which is why condos are more immune to this. It's not just Vancouver, but you see this in some parts of San francisco and Seattle (well, Bellevue) also.