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How Asian buyers are boosting Vancouver’s luxury housing market
By Juwai, 26 July 2013
The main group that is feeding this year’s 70% jump in sales of homes over C$4 million in Greater Vancouver are second-generation Chinese or immigrants who have established themselves there.
This was reported by Vancouver's Chinese-language newspaper, Ming Pao. Industry experts too, share the opinion that those who have been in Canada for at least three years, as well as their children are the ones who are driving the luxury-home market revival.
What do Chinese look for?
According to industry experts, Chinese families prefer to have several bedrooms all on one level and each bedroom with its own bathroom.
Thus, the first Canadian conference of the Asian Real Estate Association of America in Vancouver caused quite a buzz when a much touted "luxury-home tour" was offered by the organisers – something which many agents and realtors jumped at to see Vancouver's cream of the crop in luxury homes in their bid to find something suitable for their own list of Chinese buyers.
Greg Lowe, a real-estate marketer at Luxuryhomes.com, says Vancouver is one of five North American cities (the others being New York, San Francisco, Toronto and Miami) where Chinese buyers are purchasing luxury homes, because of the nice climate and cosmopolitan nature with existing Asian populations.
Canada is also more hospitable to foreign ownership than in the US and seen as a safe haven for families with good options for education.
Read more on The Globe and Mail.
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