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30-Sep-2017 19:36

In Vancouver, for instance, foreign ownership of condos built before 1990 stands at just two per cent.For structures completed since 2010, that number climbs to six per cent.Or with Chinese Canadians who spend part of the year outside the country?Yet even the crudest measurements suggest a breathtaking upsurge in interest that would rate Canada’s big cities on par with London and New York in the eyes of Chinese buyers.It’s common for foreign-based buyers to send their children and spouses here while remaining in their home country.Should such buyers be lumped in with overseas owners of income properties?National Bank of Canada economist Peter Routledge has “hypothesized” that Chinese buyers last year shelled out nearly billion on real estate in Vancouver, accounting for 33 per cent of the city’s sales.

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High on his list, though, was Victoria’s comfortable distance from the bustling Chinese communities of B. As Shen—betraying his limited knowledge of pre-settlement Canadian history—puts it: “We wanted a place that would allow us to live with the natives.” It’s hard not to smile at his idealism.In the past five years, the flow of money from mainland China into Canadian real estate has reached what many consider dangerous levels, contributing to a gold-rush atmosphere in the nation’s leading cities, while stirring anger among young, middle-class Canadians who feel shut out of their hometown markets.Its impact on Vancouver’s gravity-defying boom is the best known—and most hotly debated—example, as eye-popping price gains leave behind such quaint indicators as average household income, or regional economic activity.Substitute any one of two dozen nationalities, after all, and you have a chapter in Canada’s cherished narrative of migration, settlement and shared prosperity.

But as a Chinese newcomer with a buy-at-all-costs resolve, Shen also personifies a phenomenon dividing those “natives” he’d like to call his neighbours.

The author of that report, an urban planning professor named Andy Yan, interpreted that to mean the buyers were new arrivals.



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