chinese immigrants driving vancover real estate boom
News Posted On: 05 July 2011
Contrary to popular belief mainland Chinese investors are not driving the Vancouver real estate boom. That is, according to a new survey by a local estate agent and marketing firm. The survey, by MAC Marketing Solutions found that it is actually Chinese immigrants that are fuelling the boom.
"Virtually all [the] sales to people of Asian descent are people integrated into our community," company president Cameron McNeill said in an interview Monday of their survey's findings. "The people we’re selling to live here and have bank accounts here.
"There's a misconception that people think [mainland Chinese] are travelling here [to purchase] or are buying off-site. It's the opposite. Very few people are buying that don't reside in Vancouver."
Mcneill said that the fact that Asians are buying a lot of real estate in Vancouver is not in any doubt, but that there is confusion over where they are from, what they are buying and why.
"These are buyers who are part of our community. Their children are in a school here. They work here and reside here. It's a healthy part of our real estate industry."
According to Mcneill the survey results are based on the analysis of 500 buyer profiles, which contain data collected about buyers at the time of purchase. The profiles included 25 questions aimed at identifying trends in the profiles of the buyers.
The report says that of the 500 buyers spread across 17 projects in Metro Vancouver 330 were of Chinese descent, a whopping 66 percent. But just 0.3% of those have their primary residence in China, according to the data.
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Written by Les Calvert
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