Real-estate exec on Chinese money: 'There is a huge stake for a lot of local people in keeping this thing going': "No one knows better than real estate insiders how money flooding in from mainland China is driving up prices in Vancouver, the second-most unaffordable city in the world.
Shanghai-based Dan Scarrow, of Macdonald Realty Ltd., has followed the money and is among the few real estate executives speaking candidly about the transformative impact of Chinese wealth on Vancouver.
“Our analysis last year indicated that roughly one-third of buyers in Vancouver had some connection to mainland China,” Scarrow said. “China represents the greatest rapid accumulation of wealth in the history of the planet. That wealth is now spreading out of China and around the globe. It will transform not just Vancouver, but the entire world.”
The China factor is a sensitive issue in Vancouver. Evidence of a housing market increasingly disconnected from local salaries is mounting. Vancouver voters last fall said their biggest concern was housing affordability. Several months ago Vancouver city council asked staff to study whether vacant homes owned by investors are a problem in the city. That study is not complete and Vancouver’s top housing officials — city manager Penny Ballem, planning director Brian Jackson and chief housing officer Muktar Latif — are unsure exactly what data the city can gather and when the study will be complete."
'via Blog this'
Shanghai-based Dan Scarrow, of Macdonald Realty Ltd., has followed the money and is among the few real estate executives speaking candidly about the transformative impact of Chinese wealth on Vancouver.
“Our analysis last year indicated that roughly one-third of buyers in Vancouver had some connection to mainland China,” Scarrow said. “China represents the greatest rapid accumulation of wealth in the history of the planet. That wealth is now spreading out of China and around the globe. It will transform not just Vancouver, but the entire world.”
The China factor is a sensitive issue in Vancouver. Evidence of a housing market increasingly disconnected from local salaries is mounting. Vancouver voters last fall said their biggest concern was housing affordability. Several months ago Vancouver city council asked staff to study whether vacant homes owned by investors are a problem in the city. That study is not complete and Vancouver’s top housing officials — city manager Penny Ballem, planning director Brian Jackson and chief housing officer Muktar Latif — are unsure exactly what data the city can gather and when the study will be complete."
'via Blog this'
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