Chinese Home Buyers in Vancouver, British Columbia
Vancouver BC has seen a decade of Real Estate Price appreciation and new Development. The price of Multi-million dollar estates, state-of-the-art Downtown Luxury Penthouses, and Waterfront Dream Homes have risen dramatically in the past 10 years. Some people call it a Real Estate Bubble, I like to call it Sustainable Demand for arguably the Best City in the World.
The Buzz for Vancouver must be experienced first hand to truly appreciate. In the winter gorgeous snow-capped mountains tower over the Northshore, and in the summer the beaches and the marinas are flooded with activity. A global selection of fine restaurants, excellent shopping, World-Class outdoor activities such as golf, skiing, and boating, and a thriving City Center filled with entertainment keeps Vancouverites alive and active.
The Chinese influence on Real Estate has been a factor in the increase in Vancouver Home Values since the turn of the new millennium, but in the past 6-8 months the number of Chinese Home Buyers coming from Mainland China and Hong Kong has intensified and boosted Home Prices by up to 50% in the past 2 years, with their focus being on Richmond, Vancouver's West Side, and now West Vancouver.
Vancouver West Side is a very prestigious part of Vancouver with excellent schools and safe neighborhoods. It has also been the hottest Real Estate in Vancouver and driven by offshore Chinese Buyers and Investors. Since August 2009, Chinese Real Estate Companies have been arranging tours of Chinese Buyers coming to Vancouver for a few days and often buying multiple properties with cash offers. The average detached Home Price in Vancouver's West Side is $1,698,925, up 46% from January 2009 of $1,165,007. There have been many cases of homes in communities such as Point Grey, Kitsilano, Dunbar, and Shaughnessy listing and selling within days for $300,000 or 25% over asking when a multiple offer scenario arises.
Richmond, BC is also a very popular suburb for Chinese immigrants and investors. Richmond has the finest Chinese Restaurants, Grocery Stores, and amenities, as well as a close proximity to YVR Airport with non-stop flights to China daily. Since January 2009 detached home prices have risen 33% to $920,410. The New Canad Line has made Richmond very accessible to and from Downtown Vancouver by Subway/Sky-train. The negatives are the flat landscape as it is built on deposits from the Fraser River and could be susceptible to flooding, and then the proximity to Vancouver.
West Vancouver is a luxurious, family-orientated community on The Northshore of Vancouver accessible by the Lions Gate Bridge and the Second Narrows Bridge. Home to some of Canada's most spectacular Real Estate. A sliver of paradise nestled between ocean and mountains boasting beaches, spectacular southern views, and first-class schools, parks, and amenities. Home values here took a big hit after the 2007 recession, and have recovered the slowest, presenting an excellent investment opportunity as demand, quality, and prestige remain high. The average detached home in West Vancouver is now $1,420,220, a 21.5% increase from January 2008 but still lower than the September 2007 average of $1,463,554. With the opening of a new T&T Chinese Supermarket at Park Royal in West Vancouver and the realization of how much more Real Estate Home Buyers can get for their Dollar in West Vancouver, Chinese Buyers are beginning to focus on West Vancouver.
While Richmond, Vancouver West, and West Vancouver are all safe Real Estate Investments, in 2011 I think the Detached Home market in West Vancouver is the Best investment. West Vancouver has not seen the steep increase that The Vancouver West Side has and could be due for another hot market as all signs indicate and new Chinese Buyers are exploring the communities of West Vancouver. Canada's stable banking system makes a US type over-lending disaster impossible, our rich natural resources are increasing wealth and interest in British Columbia, Canada's safe and desirable multi-cultural lifestyle, the superb educational system from Elementary to University, and the fresh and mild climate make Vancouver one of the most sought after and highly demanded Global Cities Worldwide. Continually ranked and voted #1 Livable City in the World, and still relatively inexpensive compared to other global cities, the future is very bright for Vancouver.