Not a Canadian wrote:
agip wrote:my understanding is that people from all over the world are buying those high priced luxe apartments as a store of value. it's dollars, it's quality US real estate, and it bloody well isn't yuan, rubles and euros.
So they have a built in buffer - hard times may drive money toward them.
(this is true in NYC, seattle, vancouver, los angeles, Miami, etc, not Houston and KC obvi)
Vancouver would be CAD not US$, so I am pretty sure Y/Y the Return on Investment would be negative. At least for a US buyer - for a Chinese buyer, maybe there still is a bit left, but not much, considering how much the CAD has lost over the last year.
right, sorry
I always hear about Vancouver real estate being attractive to asian money.
http://www.theprovince.com/business/Vancouver+real+estate+Mainland+Chinese+buyers+market+study+says/11485289/story.htmlIn a recent six-month period about 70 per cent of all detached homes sold on Vancouver’s west side were purchased by Mainland China buyers, an academic case study shows.
Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income.
And 18 per cent of the 172 homes purchased were not mortgaged by banks. That means roughly $100 million in questionable cash was poured into Vancouver’s west side from August 2014 to February 2015, much of it from China. Total value of all homes sold in the study period was $525 million.