There’s no question that most of the recent buying at the upper end of the North Shore real estate market has been dominated by Chinese buyers. In December, 2014 a West-side property was purchased by a mainland Chinese buyer for $51.8 million making it one of the highest prices ever paid in the city. Recent statistics, however, point to a number of different foreign buyers who have started to gobble up properties in both North and West Vancouver.
We’ve recently seen an increase in the number of U.S buyers interested in purchasing long-term investment properties. These buyers are taking advantage of the favorable U.S/ Canadian exchange rates as well as lower interest rates. Europeans are also arriving on the North Shore looking for detached homes to use as long-term income properties. West Vancouver is seen as an especially attractive area for many global investors who feel that property values will continue to increase over the long term. Vancouver is now considered a global city for investment meaning that real estate prices are less affected by the local economy than any other Canadian city.
This recent wave of foreign buyers is fueled by long-term buyers who may already own 2 or 3 other global investment properties. According to Robert Hague, a senior economist with RBC “they aren’t speculative buyers, or looking for a quick gain, so they aren’t deterred by high prices…Vancouver’s rise has been quite unique in that way”.