Quote:
Originally Posted by jasonturbo
While I realize that this has been beaten to death already, there are still no stats to support that the majority of home buying in Van is foreigners.
If it's all Chinese people buying property... where are the Canadians spending this money? I'm all ears...
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Jason - the government does not currently collect data on the nationality of purchasers. We can only rely on anecdotes.
There are ways to smuggle money out of China, even given the recent crackdown on currency flight. There was a huge line of Chinese people waiting to see an open house in my building this past weekend. I do not doubt that these people have smuggled money out of the country using family members, shell companies, etc.
I will also say that based on my recent experience of being in the market, going to open houses, foreign money has a lot to do with what's happening. I know you've been focused on North Van, but who lives there? Persians and white people. Where do the Chinese live or want to live? Vancouver, Richmond, Burnaby, and Coquitlam. They live where there is rapid transit and where there are Chinese amenities, such as a T&T or Shanghai style noodle houses. Where are the others going who are priced out of these cities? Langley, Maple Ridge, and Abbotsford.
Take my anecdotes as what they are - just a handful of examples. However, I bet others who are on the ground, going to open houses, working with realtors, etc. are willing to support what I've seen.