The fallout from Hong Kong residents’ months-long clash with China’s government could put further pressure on the real estate markets of Vancouver and Toronto, as well-heeled expatriates and new Chinese immigrants seek safety in Canada, say market observers.
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“Yesterday, we had a listing where three different groups came in on a bus, they were all touring homes in Metro Vancouver and they were all from Hong Kong,” Adil Dinani, a Royal LePage real estate adviser based in Vancouver, said last week. “They’re very keen to bring capital over as the situation in Hong Kong worsens.”
Dinani has noticed a spike in interest from Chinese citizens during the past 60 days. Canada is already a well-trodden path for Chinese residents, with Vancouver home to 500,000 ethnic Chinese citizens, and 300,000 Canadians residents living in Hong Kong.