Chinese demand for Vancouver luxury real estate not waning
Ephraim Vecina
Canadian Real Estate Wealth
The continuous demand for Vancouver’s high-end homes mirrors the hunger for this property type among Chinese would-be buyers and investors.
A notable example of this is the 30-storey, 256-unit JOYCE development, the brainchild of developer Westbank. Over 3,000 interested parties attended its Vancouver sales gallery upon its opening in mid-June, and another 200 individuals visited its exhibition in Hong Kong just a week after launch.
According to Luke Fehon, the Hong Kong-based managing director of Westbank, JOYCE is already 90 per cent sold a little over a month after its inauguration.
“Vancouver has always been attractive to foreign home buyers — whether it’s for retirement, education or leisure,” Fehon said, as quoted by The Edge Markets, which counts Chinese users as a significant proportion of its readership.
“From an investment perspective, Vancouver is a mature real estate market and does not experience large market swings like those in Asia.”
Helping Vancouver’s popularity is the fact that it has consistently placed among the top ranks of the most “liveable” cities worldwide, being 5th in the Mercer Quality of Living Survey (2017) and 3rd in The Economist Intelligence Unit’s most recent poll.
Copyright © 2017 Key Media Pty Ltd