brizzle

While, I'm at it I'll post the link here as well:

http://www.vancouversun.com/business...279/story.html

Prices are getting out of control. 600k (nearly 400k sterling) median property price. 9.5 x annual median household income. Jesus.

Alan2005

It's been like that for a while. Realtors now have to make special trips to china to find the suckers, er investors willing to pay these prices.

ann m

The report states that the Asian buyers are "responsible" for this hike in prices. The average annual wage in China is not very much. Where are all these home-buyers getting their cash, seriously? They can't all be millionaire investors, surely?

And what is their immigration status in Canada?

Alan2005

Most chinese people are dirt poor. However, a very tiny percentage are exceedingly rich, but as the population of china is so large, this tiny percentage still means quite a lot of people.

Almost Canadian

What attracts them to Vancouver?

geo4

Oh my.

ann m

?

Legitimate questions from an enquiring mind.

geo4

China has about 500,000 US Dollar Millionaires.

That probably doesn't include the multitude of corrupt Government officials squirriling their money out of the country.

Alan2005

It's a world class city don't you know.

brizzle

IMO: the following are all factors:

- Nearly everything is made in China, huge boom in economy, property market etc. Also very corrupt. There is a reason why so many want to get their money out of China.
- Canada is seen as a safe destination to keep (and yes launder) money. Good schools, clean, safe etc. Less competition for the kids. China can't touch you here.
- Easy immigration compared to USA. No questions asked once the bank statement is shown.
- Massive asian population in Vancouver, links to Asia etc.

Certainly, Canada and in particular, Vancouver has been very successful in attracting high wealth asians. But I can't help thinking there is a lack of long-term thinking for a fast buck. Who knows what problems, social etc are being stored up for the future?? Vancouver now is really an asian city.

brizzle

So they keep telling us.

peas

Vancouver has always been 'Chinese'... Early explorers, gold miners, immigrants, etc from China have been on the west coast since before Vancouver was really Vancouver. There are a lot of ties between the west coast and China (and SE Asia, in general) that go way back.

Yeah sure some dubious people can get in but it's not like 'corrupt rich people' is a new concept to Canada. Our PM is a shining example.

lmartin999

My old condo has just come on the market:

http://www.realtor.ca/propertyDetail...Key=1596036707

Nice location, but small place and crazy price. I think I paid $229K in 2001 and certainly didn't sell for anything near the current price in 2004. Should have held on to the bloody thing of course....

GavinR

Maybe it's the rain

el_richo

They're having a laugh at that price, surely.....