The luxury home market in vancouver isn’t affected by Canada’s recently announced recession, real estate brokerages claim this is due to the demand from foreign buyers.
Demands for homes with a pricetag of $3 million or more has increased 79% between January 2015 and September 2015 in Vancouver, particularly from Chinese buyers as they see Canada as a great place to live, invest and raise their families.
This brings major concerns over foreign investments in Vancouver's real estate market, thus prompting Mayor Gregor Roberston to propose a Speculation Tax back in May 2015. Christy Clark squashed the proposal with fear of housing prices dropping.
Based off of the limited data on foreign buyers, they don’t make up more than 5% of the overall market in Vancouver.
And around 77% of Vancouverites support an absentee homeowner tax, according to an Insights West poll.