Immigrants from mainland China want west side neighbourhoods with good schools
Gillian Shaw
Sun
Buyers from China are emerging as a growing force in Greater Vancouver’s fast-selling condominium market.
A condo project at the University of B.C. sold out in eight hours recently with more than half of the buyers coming from mainland China.
And some 90 per cent of 40 townhouses and apartments sold by a company in a Richmond townhouse development and at another UBC condo project went to mainland Chinese buyers, another developer says.
George Wong, head of Macdonald Realty’s Platinum Project Marketing, which sold the Galleria project at UBC, said the experience represents a growing trend that is seeing Chinese buyers snapping up desirable westside Vancouver condos.
“In this most recent project, the Galleria, over 60 per cent of our buyers are of mainland Chinese background,” said Wong. “They are recent immigrants from mainland China.
“That’s a big proportion.”
Wong said mainland Chinese buyers are gravitating to the west side of Vancouver and another key selling factor was the property’s school catchment area.
“A typical profile is a family with a mom, dad and one child,” said Wong. “There are two main reasons they buy here and one is that the west side is perceived as a good place for a family and to raise children and the second reason is the school catchment area.
“One of the first things they ask is ‘Where are the best public schools?’ “
Doors opened for the Galleria pre-sales opening at 10 on a recent Saturday morning with 60 people lined up in the snow waiting to buy. The lineup never dwindled and by six that evening, the project’s 95 units had been sold, at prices ranging from $210,000 to $620,000.
Thirty disappointed buyers put in bids in hopes that deals would fall through and they would end up with one of the condos in the project, which is scheduled for completion in the summer of 2006.
Howard Steiss, vice-president of marketing at the Adera Development Corp., said his company has had a similar experience in recent weeks. About 90 per cent of 40 townhouses and apartments recently sold by Adera in a Richmond townhouse development and at a University of B.C. condo project went to buyers from mainland China.
“There is a lot of optimism around the B.C. real estate market for the next 10 years,” said Steiss. “Globally, we still look like a bargain.
“Certainly, in the last year, we have had a growing number of what we believe to be mainland Chinese buyers and especially in the last few weeks,” said Steiss, adding that the recent flurry of activity could be tied to the upcoming Chinese New Year.
Bob Rennie, of Rennie Marketing Systems, said the market is seeing more and more mainland Chinese money coming in, but it’s to stay — not to flip for a quick profit.
“We are noticing more and more money from mainland China,” he said. “It is sort of the way Americans started buying here eight years ago.
“They are coming for real reasons, they are not buying five condos to flip, they are buying to get their kids here — part of the family is living here full time or they are living here part to a majority of the time.”
Rennie said he estimates mainland Chinese buyers still represent less than 10 per cent of his sales, but he said, “it is definitely trending upward.”
“There is a noticeable up-tick in the amount of buyers from mainland China.”
© The Vancouver Sun 2005