Her comments come at a time where the B.C. Real Estate Association called for more data on foreign investment to be made available to bridge the knowledge gap. This will be important if policymakers want to maintain a stable Canadian housing market.
Many experts also believe that many foreign investors will pull out of the market when prices head south, which could dramatically impact the likelihood of a housing correction. The B.C. Real Estate Association has consistently held that Vancouver's constrained geography and limited supply of detached homes are the reason for high house prices – a sentiment to which Yang agrees.
She added that before the Canadian federal government ended the immigrant investor program in 2014, she was doing quite well with people from mainland China looking to invest in Canada, specifically Vancouver. At the time, it was nearly 90 per cent of her sales.
But now, a new program in China, which could see the Chinese government lift the limit of Chinese currency an individual can take out of the country each year, is bringing back optimism for Yang, who has maintained her status as one of Vancouver’s top agents.
“I’m optimistic that China will relax currency laws but I’m also doubtful at the same time. I don’t believe they will and will have to have a very good reason, but if they do it could mean a lot of agents in B.C.,” the former Simon Fraser grad said.
Agents in Lower Mainland Vancouver could soon be in line for a boost in sales from foreign investors if a new program in China is passed to allow Chinese buyers to export more capital from the Asian country.