Quote:
Originally Posted by noclue
From what I heard the "foreigners" that buy up the most properties in BC are Albertans who are Canadians thus not restricted so it won't mitigate housing that much.
I believe in terms of who buys the most its:
1. Alberta
2. Americans
3. Chinese
4. Rest+
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No way is this even close.
"Chinese money doesnt affect our real estate"
The people that are saying this are the same people that are saying that we would have a huge crash the last 3 years.
Its basically a given. Talk to anyone in real estate. Realtors, mortgage brokers, appraisers, people at landcor, land titles offices, people that work on construction or development, contractors. They wil say they see a lot of chinese names with zh or x etc and morr mainland chinese people buying. I have friends that work for developers and they sell over 60% of theor units to chinese people. Hell just look around your neighborhood and you will see lots mainland Chinese people. My neighbor down the street is from mainland china a nd just paid shietloads for a tear down and will be building a new mansion.
This isn't happening to just Vancouver. Its happening in other countries.