A Third Wave of rich investors has hit Metro Vancouver!
Rich and Hyper Rich investors, created by a dramatic economic upsurge in Mainland China, are placing their new money in what they believe is a safe haven for their wealth. This translates into major purchasing of Real Estate along the west coast of North America. A large part of this target market is in Vancouver, Richmond and Burnaby and interest is flowing outward into previously ignored communities such as White Rock. Toronto is also seeing big movement.
A tremendous downloading of, mostly high end, Real Estate means a big, upward push on pricing.
We saw this in the 70's, 80's and 90's and many local home buyers bit their nails wondering how they would ever be able to afford their first home.
One way or another, the majority of these hopeful home buyers did overcome the affordability challenge.
What do you think about this important phenomenon? Check out the following link and share your perspective in a comment.
Aftershocks ... Courtesy of the Globe and Mail March 11, 2011
TO SUPPORT THROUGH THE INTERNATIONAL RED CROSS OUR JAPANESE NEIGHBOURS WHO ARE IN CRISIS BECAUSE OF THE REAL TSUNAMI GO HERE.