From ‘Vancouver’s luxury home sales surge, largely due to influx of offshore money‘, Vancouver Sun, 14 Mar 2011 – “Alice Zhang, who moved from Hangzhou, China, to Vancouver two years ago, now lives in one of six properties that she and her husband have purchased in Vancouver since moving here. Zhang, who has two children, is waiting to move into a new home they’re constructing on a Shaughnessy lot that they bought for about $3.1 million. The house is expected to cost another $3 million, which Zhang believes is a good deal.
“We moved from the most beautiful city in China to Vancouver, which we consider more beautiful,” said Zhang, whose family owns hotels and a real estate development company in China.
“I think that compared to other Canadian cities, Vancouver is expensive. But, China is more expensive [than Vancouver].
“And the air is very fresh here and it’s very green. You feel like you’re in a garden.”
As we’ve said before, SPECULATION is driving this bubble. Watch as speculators of every stripe dump their properties during the coming meltdown. -vreaa