70% of Vancouver homes over $3 million sold to Chinese buyers

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Image: Sotheby's Canada

As housing prices continue to rise in Vancouver, one realtor suggests it’s not all because of foreign investment.

Numbers released by MacDonald Realty suggest in 2014, 70 per cent of homes costing $3 million or more were bought by people from Mainland China.

Managing director Dan Scarrow says the participation rate from foreign investors is actually quite low when it comes to the lower 75 per cent of the market.

Scarrow says Mainland Chinese buyers only represented 11 per cent of sales of houses under $1 million.

He says he was surprised by the numbers, saying this shows prices at the affordable or entry level end of the market are dictated more by interest rates and the low supply of housing than by foreign investors.

 

Originally published on CKNW.com

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