How Much More Proof Do We Need?

Last May I discovered that real estate prices in Metro Vancouver were now being driven by high-end home sales. The only logical conclusion seemed to be that foreign buying was now the primary driver of the Vancouver real estate bubble.

We now have hard data that proves the high-end is being bought by Mainland Chinese money.

In a recent six-month period about 70 per cent of all detached homes sold on Vancouver’s west side were purchased by Mainland China buyers, an academic case study shows.

Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income.

How much more proof do we need before our politicians address the biggest issue in the decline of Vancouver?

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2 thoughts on “How Much More Proof Do We Need?

  1. I have to agree that foreign buyers are a major driver behind Vancouver’s real estate bubble, but I also think we need to shift the focus more on what the government is not doing to resolve it rather than pin it on a specific demographic of wealthy foreign buyers. The article you linked to even stated that the citizenship of the owners in the study were not known but that a percentage of them didn’t have “anglicized” names. Let’s not make sweeping generalizations. For all we know, these home owners in question could be wealthy Canadians.

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