70% of Vancouver Homes Over $3-million Sold to Chinese Buyers
As Vancouver housing prices continue to rise it may not be all to do with foreign investment.
Home buyers statistics released in 2014 showed that Mainland Chinese were buying approximately 70% of the homes valued over $3-million. It also showed that Chinese investment is actually quite low when it comes to the lower 75% of the market, the affordable housing.
Chinese buyers only represent approximately 11% of sales under $1-million.
It appears that the increasing housing prices are dictated more by the lower interest rates and low supply of housing. In the lower mainland there are only a few municipalities still capable of new single family housing development such as Maple Ridge, Langley and Surrey.
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