Buyers from China make up 74 per cent of luxury house and condo sales

Thursday, June 9th, 2011


ARCHITECT AWARDED: The Architectural Institute of B.C. has awarded the Creekside Community Centre on False Creek, a LEED Platinum design, a Lieutenant-Governor of British Columbia Award in Architecture for architects Walter Francl Architecture Inc and Nick Milkovich Architects Inc. The awards recognize excellence in architectural projects completed within the past seven years and led by a B.C.-registered architect Photo: AIBC

Anecdotal evidence of buyers from the People’s Republic of China (PRC)- Mainland China – buying up luxury houses and condominiums on the West Side of Vancouver and Richmond are true, according to a unique survey done by Landcor Data Corp. of New Westminster. If anything, the accounts may be understated, at least in the very high-end market. The study found that nearly three-quarter of high-end housing sales on the West Side of Vancouver and Richmond are to buyers from Mainland China, Landcor, which has data on every real estate property in B.C., looked at all residential sales from 2008 to 2010 of luxury homes, priced at $3 million or more on the Westside and Richmond luxury condo sales ($2 million or more). These sales include both MLS transactions and any private sales that went through the Land Titles Office. Landcor then matched the sales against the buyers given names and family surnames and drew off quintessential PRC or pure Chinese names (excluding Western names and any remotely non-Chinese variants). The names were winnowed down by Landcor’s senior data analyst, who was born and raised in the city of Wuhu in Anhui province in Mainland China. According to this criteria, of the 164 luxury homes sales on the West Side and Richmond in 2010, 74 per cent of buyers were from the PRC, up from 68 per cent in 2009, and 46 per cent in 2008. Now fresh anecdotal evidence says the wave of PRC buyers is rolling into South Surrey, White Rock, Coquitlam and Burnaby. Copyright Real Estate Weekly

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