News about China's immense interest in Vancouver properties are brand new, however, this time it looks that buyers take it more than seriously.
China-based Internet sales company SouFun started to organize trips to Vancouver for real estate-hungry groups of wealthy investors. The first two groups from Shanghai and Beijing, consisting of around twenty potential buyers, are about to visit Vancouver and Toronto in August. Needless to say, their interest will focus on million-dollar listings.
As reported by Canada-based Ming Pao Daily News, these buyers are especially interested in neighbourhoods with ocean-views and neighbourhoods with high-class educational institutions. Until now, Chinese bargain hunters mostly used conferences and business meetings as an opportunity to look around local listings. This is the first time the home-hunt is the sole purpose of visit.
Why are they so attracted to come and live in Vancouver? Believe it or not, it is caused by the price level. Despite being at the top among Canadian markets when it comes to average price, Vancouver properties are cheaper compared to similar ones in Beijing or Shanghai. Canada boasts with high-quality education system, health care, safety and overall quality of life; therefore, it is one of the most favoured destinations for rich immigrants, especially from Asia.
Despite accounting for around 80% of showings in some parts of Vancouver, Asian buyers will probably not turn on a shopping spree immediately. Most of them just needs to explore potential future home, only then will proceed with immigration. Still, many of them will become our neighbours in the near future and will fuel the property market.