There have been numerous stories published in the last week about Vancouver being the
'house hunting' destination of choice for wealthy families from mainland China.
The Vancouver Sun reports that a Chinese company known as SouFun has organized a
tour of the lower mainland in August which will come looking for listings priced in the
million dollar and multi million dollar range. When asked why interest in Vancouver
is so high from citizens of mainland China, the most common answers are
the availability of ocean front property and the excellent schools and
universities in the city.
In an interview with the Vancouver Sun, Angel Wang, a realtor with
Royal Pacific Reality said that Vancouver real estate is a bargain
compared to that on mainland China, which further compounds
demand.
Historically, the Vancouver real estate market has always been of
interest to the Chinese. When it was announced that the British
would relinquish control of Hong Kong, demand for Vancouver real
estate soared from wealthy Hong Kong citizens who were anxious
about the future of their country. While demand from Hong Kong
citizens has since subsided, it has been replaced by citizens
of mainland China.
This continued demand is a blessing for the Vancouver real estate
market, and all the industries that support or compliment it in light
of global economic trends. Vancouver's real estate market has
not undergone the sharp "market correction" that occurred in the
United States. There is little economic uncertainty in the
Canadian economy, unlike that of the Untied States and
the European Union. This is another draw for Chinese investors
as they are confident that their real estate will not rapidly
depreciate, and their investments are safe in Canadian banks.