Vancouver Luxury Real Estate Price Rises Fuelled Mostly by Mainland Chinese

Buyers from Mainland China are fuelling the latest luxury property price rises! The latest wave of Chinese money, linked in part to Beijing’s anti-graft crackdown, is flowing into luxury hot spots. But it has also started driving up housing costs elsewhere in a city which already ranks as North America’s least affordable urban market.

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Sales volumes for detached luxury homes soared in Vancouver by 38% in the first half of 2014 compared with the year earlier period, led by properties valued at or above $2 million, according to a report by Sotheby’s International Realty Canada. Over the past 12 months, the benchmark price for a detached home in western Vancouver rose 10% to a record $2.28 million, according to the Real Estate Board of Greater Vancouver. Canada does not track foreign property buyers, but analysis of city assessment data carried out by a leading urban planner and made available to Reuters helped identify Vancouver’s hottest neighborhoods. Interviews with realtors active in those areas confirmed the perception that Chinese buyers were largely behind the latest rally. Read More..