Average prices of Vancouver prime real estate—defined in The Wealth Report released by Knight Frank as the “most desirable, and normally most expensive, property in a defined location”—grew by an astounding 24.5 per cent in 2015.
Unprecedented levels of overseas demand and generous exchange rates have been identified as the crucial ingredients that have fuelled Vancouver’s rise to the top.
The report noted, however, that one notable missing factor in this development was the influence of the rich.
“There is no direct correlation between the locations where the wealthy are normally resident and the locations their advisors view as being most important to them,” Knight Frank global head of research Liam Bailey wrote in the report, as quoted by CBC News
“This reflects the itinerant nature of many UHNWIs [ultra high net worth individuals] who increasingly educate their children overseas while working and living in multiple international locations,” Bailey explained.
The report added that policy changes such as measures that exert greater pressure on foreign investors would see greater currency this year.
“There is increased attention being paid by governments on the impact rising investor demand for residential property is having on affordability in key urban markets,” Bailey said.
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The latest report by a U.K. property consultancy revealed that Vancouver high-end housing is the most sought after in the world, besting other heavyweights such as Monaco, Shanghai, Sydney and San Francisco.