Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
Following a steep drop-off in Metro Vancouver homes searches by potential buyers in China, interest spiked again in 2018’s third quarter, according to data mined for Glacier Media by China’s biggest international real estate website Juwai.com. The number of inquiries on Metro Vancouver real estate between July and September exceeded even the height reached in 2017’s first quarter, the international property portal reported in response to an inquiry by Glacier Media.
“This is an upswelling of demand that we frankly didn’t expect. What we can’t tell you yet is how many of these buyers will go all the way and acquire a home, despite the foreign buyer tax. Given the time it takes to research and complete a transaction, those who do purchase should begin to show up in the official statistics only from the first quarter of 2019.”
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So what could be prompting this renewed interest in Metro Vancouver real estate by Chinese buyers?
“While more expensive than alternatives like Montreal, Vancouver is still offers Chinese the prospect of homes or apartments at a relatively low price compared to similar property in China. The price per square metre for an apartment in downtown Vancouver is 37 per cent lower than in Shanghai, according to Numbeo,” Law wrote in a statement to Glacier Media. The website reported that the average inquiry price for Chinese buyers in Metro Vancouver area in 2018 so far is $831,000. Juwai.com also said that Canada is the fourth most popular country in the world for Chinese buyers.