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?