Numerous stories have been published in the past week about Vancouver as the ‘home hunting’ destination of choice for wealthy families in mainland China. Tea Vancouver Sun reports that a Chinese company known as SouFun has organized a tour of the lower part of the continent in August that will come in search of listings with prices in the range of millions of dollars and billionaires. When asked why mainland Chinese are so interested in Vancouver, the most common responses are the availability of waterfront properties and the city’s excellent schools and universities.
In an interview with the Vancouver SunAngel Wang, a real estate agent for Royal Pacific Reality, said Vancouver real estate is a bargain compared to mainland China, further exacerbating 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 real estate in Vancouver skyrocketed from wealthy Hong Kong citizens who were eager for the future of their country. While the demand from Hong Kong citizens has declined since then, it has been replaced by mainland Chinese citizens.
This continued demand is a boon to the Vancouver real estate market and all the industries that support or complement it in light of global economic trends. The Vancouver housing market has not suffered from the strong “market correction” that occurred in the United States. There is little economic uncertainty in the Canadian economy, unlike that of the United States and the European Union. This is another attraction for Chinese investors, as they are confident that their real estate will not depreciate quickly and that their investments are safe in Canadian banks.
