Asia is making Vancouver condo owners rich – in a short period of time…
Canada and specifically, Vancouver has observed an unprecedented growth in its real estate market. Condo and also bungalows or single family residences are being purchased by home owners and real estate investors. Some of these condos include coal harbour condos, downtown condos, and also yaletown condos.
Some areas are also feeling a similar effect, despite being older… A number of these residences are luxury homes whereas some are in quite a rundown condition. The Chinese community is primarily involved in these kind of real estate acquisitions in Vancouver. It has come to a point where home owners in Vancouver are familiar with Chinese investors with bags full of money, walking up to their doorstep to purchase their residences on an as-is-where-is basis.
Why Vancouver condos are popular among Chinese?
The Chinese populace in Canada has significantly risen over the last couple of decades. Most of these people have migrated from areas such as Hong Kong and other portions of Asia and Europe. Vancouver has been a popular immigration location since it is blessed with a suitable weather, safe setting for people as well as secure political and economical circumstances. While the Chinese community wishes to have a home away from home for themselves, they shall still wish to reside near people who have the same history as theirs and share a familiar ethnic background and language. This is possibly the reason why Vancouver condos are so admired among the Chinese.
The wealthy Chinese investors and the keen Vancouver home sellers
With lots at stake for the home owners in Vancouver who are themselves making it big in life in terms of lifestyle, work and standard of living, it is no wonder that Vancouver home sellers are welcoming the Chinese with a red carpet. The Chinese, on the other hand are buying Vancouver condos making the condo owners billionaires with excess funds, which they in turn use to buy even bigger residences. There have also been cases where land has been developed by Vancouver planners to construct special Vancouver condos that are meant to house one particular community or people from parallel ethnic or financial backgrounds.
Vancouver the first choice for Chinese migrants
Research suggests that the Chinese populace is interested in Vancouver home market since Canadian housing rules are simpler along with immigration regulations that are flexible and the excellent education system in Canada and Vancouver are especially wanted by people from all across the globe. All these circumstances have worked in favour of Vancouver to make it one of the hottest real estate regions of all times.
Adding Chinese bling to Canada‘s real estate boom
With over 80% Vancouver condos being sold to people of the Chinese community, Canada‘s real estate is viewing a boost in its demand like never before. Economists posit that the technological progress together with developed lifestyles and more expendable income among the younger people in the population is prompting them to invest more in real estate than their forerunners. The millions and billions are pouring in for the Canadians who are definitely in no mood to reject so much money for their residences, some of which are in vital need of a great amount of restoration.