Last week I tweeted about ONE woman from China 10 years ago looking to buy 4 to 5 homes on the West Side. If she's looking to spend $20M, all you would need would be 49 more of her to completely buy up every
"But that's JUST the West Side of #Vancouver you say"
Well, where do all the local buyers who would have bought on the West
Which is exactly what happened.
So ya, it is not only "believable that there was an impact" THERE WAS A MASSIVE IMPACT.
Want to know what is happening now? Why the crash?
Just think in reverse.
Remove the Chinese buyer and
Prices at the top end crater.
Then remove a lot of the money laundering through West Side #Vanre (I believe that with all the attention on ML right now, it has to have died down
Finally, remove the local buyer who is not only tapped out at historically low interest rates, but the value of the homes that they would have used to leap frog up the market have now crashed in value AND are very difficult to sell.
#Vanre became a ponzi scheme and
If the lying realtors and developers up in #WestVanre who swore up and down that foreign money was but a small part of the mkt, are now crying poor because the new taxes have taken the Chinese buyer out of the market, and now they are claiming this segment
So which is it?
My gut tells me that it is tighter currency controls in China that is the main reason for the drop in buyers. And if that is the case, we'd better make further changes to foreign ownership laws before this ponzi scheme