Spark Global Limited Reports:
under the influence of the continued decline in the Canadian dollar exchange rate and the trend of low interest rates, some Chinese buyers have recently snapped up individual houses in Wenxi, which were sold in one day; there were also cases where the transaction price was nearly 30% higher than the owner’s asking price, breaking the traditional low-season record in January. Signed contracts with buyers overnight. A mortgage manager revealed that nearly 90% of the buyers of luxury homes in Wenxi with more than 2 million yuan in the recent past are Chinese customers. The broker said that Chinese tourists rushed to buy houses with RMB , and they also enjoyed a 20% discount on the house price in disguise.
Located near the junction of Blanca Street (W. 16th Ave.) and West 16th Street (W. 16th Ave.) near the University of British Columbia (UBC) in the West District of Vancouver, a 70-year-old detached house has a land area of only 4,026 square feet. 1.2 million yuan, which attracted 27 buyers to grab the offer, and the transaction was sold for 1.525 million yuan in just 7 days, which was 26% higher than the owner’s asking price.
In an interview with a reporter from Sing Tao Daily, the agent of the house seller said: “I have never seen the traditional off-season in January. The rush to sell is so crazy. It is estimated that the inventory of real estate in Wenxi is limited and the demand is too strong.”
Lux declined to disclose the identity of the buyer, but said that many of the bidders were Chinese. She said that the property was sold seven days before and after, and the seller was also surprised. Lux said: “I remember the closing time was 2 a.m., which shows that the buyer’s competition is fierce. At present , there are a lot of people lining up to buy a house . I believe there is a buyer who plans to demolish and rebuild after buying an old house.”
It is also located in Point Grey and W. 13th Ave. 4000, a detached house with a land area of 4,026 square feet and an asking price of nearly 1.8 million yuan, attracting 23 buyers to bid for it. The transaction was completed within 8 days, which was about 240,000 yuan higher than the original asking price. According to selling agent Judith Adamick, “The buyers are Chinese, and most of the bidding buyers are Asian. The bids are almost all higher than the asking price.”
Adamic, who also lives in Cape Gray, said that independent houses in the area are hard to find, and shopping is convenient. There are four primary schools and one middle school, and UBC is nearby, making them extremely popular with Chinese buyers.
Buying a home through non-resident status
According to the Bank of Montreal (BMO) housing loan expert said in an interview with this newspaper, the Canadian dollar has fallen sharply recently, and Chinese buyers who use renminbi to buy houses in disguised form enjoy a 20% discount. He revealed that it is estimated that nearly 90% of the buyers of luxury homes in Wenxi worth more than 2 million yuan are Chinese tourists with 10-year visas, and there are even more than 10 million yuan in transactions. He said: “I believe that there are not many people in this country.”
The loan broker pointed out that although Chinese buyers do not have a local identity, they can buy a house through a non-resident status. If they can produce proof of assets in China and Hong Kong, the local bank will still grant housing loans, but will set up another bank mortgage on the ownership.
Reprint indicated source：Spark Global Limited information