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Vacant condos evidence of investors?

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Guest | 21 Mar 2013, 05:02 PM Agree 0

"We live in a globalized capital market,” says Andy Yan, a researcher with Bing Thom Architects, “and we need to adapt to that new reality and ensure that those that want to live here can grow here."
In Coal Harbour, alone, that 25 per cent vacancy rate reflects the size and influence of foreign investors, he says. Yan concedes that the data doesn't necessarily allow him to distinguish between condos occupied by foreign nationals and those simply unsold in a market edging toward slowdown.
Foreign investors are catching the blame for some of the retreat from record highs, both in terms of sales and prices, as China’s own economy cools.
The Conference Board of Canada’s Senior Economist Robin Wiebe says there are significant ties to the GDP performance in China and buying trends in Vancouver. When growth was high in the early 2000s (never below 8 per cent), investor activity was up.
The reverse is now true, with the buying and selling of Vancouver properties among Chinese nationals slowing.
But they haven’t yet moved to sell up their properties in the Canadian city, just one of the many reasons why officials should be more welcoming of the same foreign investors criticized by domestic investors for “driving up prices” beyond their own reach.
  • Jack Wong | 22 Mar 2013, 10:37 PM Agree 0
    Chinese govt is cracking down on corruption in those govt officials and states own companies CEO (communist members). They are tracking down how all these money laundering causing canadian housing bubble. Obviously, the activites are slowing down but it does not reflect on china's GDP. BTW, China's GDP is just make up numbers. No one knows what actual China growth is. The real GDP? Have you seen all these ghost s cities in China and no one live in there? These are the make up #'s to please the Beijing Govt.
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