VANCOUVER — Chinese investors’ global hunt for prime real estate is helping drive Vancouver home prices to record highs and the city, long among top destinations for wealthy mainland buyers, is feeling the bonanza’s unwelcome side-effects.
[np_storybar title=”Thinking about a move-up buy? Forget it, new study says you can’t afford it” link=”http://business.financialpost.com/2014/09/07/thinking-about-a-move-up-buy-forget-it-new-study-says-you-cant-afford-it/”]You’re likely stuck in your current home because of new tougher mortgage regulations and ever-rising prices in the Canadian real estate market. Read on
The latest wave of Chinese money, linked in part to Beijing’s anti-graft crackdown, is flowing into luxury hot spots. But it has also started driving up housing costs elsewhere in a city which already ranks as North America’s least affordable urban market.
For decades Vancouver, along with Hong Kong, Sydney and Singapore and more recently New York and London has been attracting Chinese and other Asian buyers.
And just like those other cities…
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