Vancouver real estate prices fanned by Chinese

VANCOUVER — Its quality of life is routinely ranked among the best in the world, but that's only one reason Vancouver real estate prices are red hot.

Wealthy Chinese anxious to raise their families in the West are bidding up the city's limited number of properties in fashionable West Vancouver, sending prices in the city soaring more than 50 percent in the past three years.

Last year, Canada issued 1,600 visas to Chinese investors looking to move to British Columbia.

Su Yi Bin, a trader by profession, is looking to buy a 450-square-meter (4,800-square-foot) house in the area for his family and ready to pay as much as $4.3 million Canadian ($4.5 million US).

Su splits his time between Vancouver and Shanghai. While he's in China, he wants his family to be comfortable while they adapt to their new country.

"For my child, growing up and going to school here will allow him to integrate fully into the world, into an international lifestyle," he said.

"That's just not possible in China."

While prices in Vancouver have risen 54 percent in the past three years, they jumped 13 percent last year alone.

Vancouver real estate agent Clarence Debelle sees the Chinese influx in his business. In just five months, he has seen his Chinese clientele jump from two to 40 potential buyers.

"We do not have that many homes available for sale in West Vancouver, and the Chinese buyers are buying an awful lot of them. So I feel the prices will continue to rise," he said.

Faced with this market assault, Cam Good has opened two apartment showrooms similar to those in Hong Kong and Beijing.

He thinks he knows why Chinese are so keen to purchases properties in Vancouver.

The Chinese authorities, he said, "are really worried by the real estate boom in China, so they restricted people" to buying no more than two properties.

Seventy square meters (750 square feet) for half a million dollars in Vancouver might look expensive, even with with a view of the sea. But to be able to own property outright is not possible in China, he said, where houses are leased for a maximum of 70 years.

To close his real estate deals, Good's firm, known as "The Key" company, straddles both east and west.

"We consult a fengshui master to make sure that the floor plans and the overall design of the building are appealing to Chinese people," he said, referring to the ancient Chinese system of aesthetics used to lay out homes in the most auspicious way possible.

Reasons for the Boom in Real Estate Sale Vancouver » Real Estate ...

Investing in real estate is one of the most important decisions that one takes in a lifetime. Therefore, it is imperative to find the best deal that is not only an excellent bargain but also proves to be lucrative in the future. Vancouver is replete with such high quality real estate options. No wonder then that the real estate sale Vancouver has sky-rocketed ovInvesting in real estate is one of the most important decisions that one takes in a lifetime. Therefore, it is imperative to find the best deal that is not only an excellent bargain but also proves to be lucrative in the future. Vancouver is replete with such high quality real estate options. No wonder then that the real estate sale Vancouver has sky-rocketed over the years.

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