Quote:
Originally Posted by iEatClams
Well, just think of it this way, some of these buyers put down $2-$5M on a property. That's $2-5M that's now into the local market. Which goes to either boomers or speculators or developers who were previously holding that property. That creates a trickle down effect.
Some of the properties on the west side are selling for $10 million + right now. Most locals don’t have that kind of money.
Also I think Edgemont isn’t a place with a lot of Chinese buyers. You need to come down to Richmond, Vancouver, and Burnaby.
Our prices make cities LA or FLorida look dirt cheap. But why go to Vancouver over LA? I don’t know. But due to the high Asian population, access to health care, education, Chinese lawyers, bankers etc, it might be like a second home for them here. Plus it’s relatively close? I’m just speculating here.
What isn’t speculation is that other cities, where real estate has increased to absurd amounts, have collected data that shows that Chinese money is affecting their real estate. So why would it not affect us here, especially since we have a lot of mainland Chinese folks? I mean, we all see those N sign asian drivers with Ferraris everywhere. I’m sure that kid is a CEO of a tech-startup.
UBC housing expert wants more oversight on foreign real estate investment - British Columbia - CBC News |
Those multimillion dollar west side properties make great news but really, majority of the population isn't going to look at those at all. It's a very small portion of the market but when one sells, it's all over the news and everyone knows.
Edgemont is just a place I go to for lunch but I don't think it's much different from Whiterock of 10 years ago. Well off area, not a lot of Chinese. With all these complaints of properties purchased and sitting empty, why wouldn't they purchase Edgemont property and let it sit empty? Or any of the other places I drive by?
I rent in Vancouver-Killarney, own in Vancouver-Fraserview, work in North Vancouver. I have family all over Vancouver/Richmond/Burnaby and the lady friend is in New West. I cover most of the lower mainland area to get to where I need to go and I see the same "For Sale" signs day in/day out. It's fairly easy to take a screen shot of the MLS map and compare it to the same map a month later. You can see which ones are sitting stale.