Steve Randall
Other
Seventy per cent of detached homes in Vancouver’s west side were purchased by buyers from China, according to new academic study.
The study was undertaken by Andy Yan, a Vancouver city planner and researcher, between August 2014 and February 2015.
He found that during that six-month period there was a total of $525 million homes bought in the area with an average price of $3.05 million. Around 82 per cent were bought with a mortgage.
Yan’s research discovered that 73 per cent of purchasers were ethnic Chinese; for homes sold above $4 million, the figure rose to 94 per cent.
Five per cent of all homes were bought by corporations and 36 per cent of those homes valued above $3.05 million were bought by individuals listed as “housewives.”
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