From ‘Asian Real Estate Influx’, Global TV News, 7 Jun 2011 -
Announcer: “Demand from Asia is one of the reasons Vancouver prices have kept rising. There are now one million millionaires in China, that’s tripled since 2005… and many are looking to invest in Canada.”
Announcer: “In downtown Beijing, these women are looking to buy some real estate – in Vancouver. They are at the Beijing office of a Canadian real estate firm which offers hundreds of homes for sale in Vancouver and Toronto.”
Ma Ying, Shanghai resident – (translation over) “Vancouver is relatively cheaper than big cities in China, it is well worth it. Toronto is even cheaper than Vancouver.”
Announcer: “Can Good is the president, we met him in Hong Kong where he is now setting up another office to sell Canadian homes.”
Cam Good: “We are really at the very start of a big wave of demand coming mostly from the uber-rich in Chinese (sic) which has been there for years, but what we’re seeing now is a growing middle class, that is just now being able to afford international options for their kids/ for their children, for real estate…”
Announcer: “Fearing a property bubble, China’s government made second mortgages difficult to acquire, and is considering a new tax on principle residences… it’s led to a stampede of buyers to Canada.
Announcer: “In Vancouver it’s grown to the point Good provides helicopter tours for Chinese real estate agents. Many are buying near good schools.”
Announcer: “In the Vancouver suburb of Richmond, average home price is over a million dollars. This home sold for $500K more than it was bought for just last year. It’s considered a teardown. Many worry the Asian influx will lead to a backlash from locals squeezed out of the market. Good doesn’t have much sympathy…”
Cam Good: “If you don’t want to live in a city that beautiful, with that much demand, umm.. then maybe you should live somewhere else, because in any city, no matter where it is, if there is international demand you are going to have these concerns, so either you want to live there or you don’t.”
Announcer: “And clearly China’s new rich want a piece of the Canadian dream.”
Cam Good is on a roll, clearly, but his words remind us of a player taunting the goalie at the end of a, say, 8-1 win. He’s gotten a lot nastier than on earlier broadcasts. Perhaps not the best long-term game strategy for a salesman.
Cam is ‘all-in’ the ‘new Monaco’ scenario for Vancouver. File under ‘Limitless Demand Argument For Ongoing Market Strength’.