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.”
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The Chinese are the largest investors in Canadian real estate according to CBRE.