The real estate firm reports that buyers from China and Hong Kong spent $1.3 billion on Canadian commercial property in the first 6 months of 2016, rising from $309 million in the same period of 2015.
Asian buyers made up 65 per cent of all foreign investors, with US investors accounting for just 2 per cent.
“It has been happening in Vancouver gradually for longer than people realize. But it sort of hit the radar screen recently because it now involves some very high-profile assets,” CBRE executive vice-president Paul Morassutti told the Globe and Mail. “The fact that foreign buyers won those assets is proof that, when they want to, they can elbow aside domestic purchasers.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
The Chinese are the largest investors in Canadian real estate according to CBRE.