Foreign demand for Vancouver real estate (how much is really there?)

[Anonymous]

The myth about foreign demand for Canadian and Vancouver real estate, particularly from overseas Chinese investors, has become a popular meme in this market. The reality is marketing companies for real estate developers, are using this popular myth to sell their overpriced condo developments! Research shows only 1 to 4 percent of the market is actually global demand, despite all the hype about Vancouver being an international city, and prices rightly justified because of this. Vancouver is only one of many, many global city centres, so why is Vancouver the most expensive city in the world? Simple, there is no fundamental demand or economic growth--the high prices are attributed purely to speculation by home buyers who think these properties are actually worth these prices. The availability of million dollar mortgages also plays its role in raising prices. But in conclusion, just remember, do not listen to anybody who tells you Vancouver and Canada have justified property values, due to global demand. The actual research into the amount of global investors show this is an incredibly minute amount of demand.