Chinese buyers dominate luxury Vancouver market

Chinese buyers make up the vast majority of luxury home transactions in Vancouver, according to realty firm MacDonald.

The firm reports that, in 2014, Chinese buyers made up 70 per cent of its transactions of properties over $3 million.

However, for lower-valued properties there was a sharp drop in that percentage; for homes priced between $1 million and $3 million, Chinese buyers made up 21 per cent; for homes below $1 million, it was 11 per cent.

MacDonald’s Dan Scarrow told the CFA Society that there was no evidence that Chinese buyers had made any real difference to the sub-$1 million sector of the Vancouver housing market over the past decade but that the high-end market is a different story.

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