Chinese are biggest group of foreign home buyers in Vancouver

by Jamie Henry05 Jan 2014
Sotheby’s International Realty Canada reported that the biggest group of foreign home buyers in Vancouver consists of the Chinese who purchase a second home or properties for investment purposes. This is from the realty giant’s latest 2013 report, which also included a survey.

Approximately 15 per cent of the entire population in Vancouver speaks Chinese as a first dialect.

On the other hand, foreign investors as a driving force for Vancouver’s rising home prices are only a third factor.  According to Helmut Patrick, chief economist at Central 1 Credit Union, the predominant factors that see house prices soaring are a population explosion coupled with shortages in land.

 

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