International buyers boosting Vancouver housing market
Canada, 26th April: Vancouver housing booming once again, thanks to the increased interest being shown by foreign buyers.
Foreign investors pushing the market upwards--Prices of houses in Vancouver are soaring, especially in Metro Vancouver as foreign investors are roping in huge money in the Vancouver housing market. No wonder, the steep climb in the housing prices in Vancouver have led many to think about the imminent need for introducing any steps for curbing overseas ownership of houses in Vancouver.
Average selling price of homes in Vancouver touching new highs--Foreigners, especially Chinese, are grabbing a large chunk of the houses on sale in Vancouver region. And they are ready to pay quite high price for getting property in Vancouver. According to available figures, selling price of two-storey houses in Vancouver is stated to be nothing less than $1.1 million, an increase of 9.7 percent over the previous year, and nearly triple the price of houses in Canada.
The Canadian national average price for a similar two-storey house happens to around $379,388. Prices of detached bungalows and standard condominiums registered an increase of 4.3 percent and four percent year-over-year with each fetching $341,355 and $237,919 respectively.
Foreign investment will increase further in Vancouver real estate market--It may be worth considered that high demand for real estate from Chinese buyers coupled with low rates of interest and limited homes on sale are the reasons behind a recent steep in Vancouver housing market.
And its quite likely that the Chinese are going to lead the pack of foreigners in investing heavily in the housing market of Vancouver, feel local real estate dealers. They contribute increasing number of expensive homes in Vancouver to the inflow of increased cash from Chinese.
Chinese purchasing homes for investment--According to an estimate by consultants Bain & Co., China has around 600,000 people to be included in the high-net profile with a worth of a minimum of $1.5 million in 2011. And their aim for buying houses is not for living in Canada but for investment. Moreover, higher education standards, good environment and living standards are prompting Chinese to buy real estate in Vancouver.