Vancouver Real Estate
THE PAST 3 MONTHS HAVE BEEN BUSY. With just under 4200 properties SOLD across Greater Vancouver, during March 2011, it was the busiest March since 2004 and it was one of the busier months ever. Is it owing to Olympic exposure? After Expo 86, sales volumes spiked upwards to higher levels that were maintained for the long term. Are we seeing the beginning of this now? Only time will tell. Certainly mortgage amortizations adjusting to 30 years from 35 years and a continuing surge of buyers from mainland China are factors. Although the Chinese economy has been booming for almost 20 years now, its only been in the last 6 or so years that people have been able to get large sums of money out of China. One of the reasons why large sums of money are now allowed to leave China is because it helps Beijing to control domestic inflation as many cities up and down China’s east cost have seen soaring property prices in their markets. I’ve read that Chinese governments have passed laws restricting the number of properties that people can buy now. In Shanghai’s and Beijing’s finest neighborhoods, which would be somewhat comparable to Vancouver’s west side or areas of West Vancouver, the average single family home costs about $5 million, more than double what they are here.