“The perception of offshore money pouring into the area to acquire properties without foreigners even visiting them has been overstated, said Cameron Muir, chief economist at the B.C. Real Estate Association.” – from ‘UniverCity condo project feels market chill’, G&M, 23 Oct 2012
Gee. And where would people have gotten that impression?:
“There are high-net-worth Asian purchasers buying as investments, as second homes, or for satellite families.” – Cameron Muir, chief economist for the British Columbia Real Estate Association, Businessweek, 24 Jun 2010
Off-shore buyers have had a small but significant direct effect on prices, and a very, very large indirect effect as a story that has fuelled locals in their speculative buying. We’ve consistently believed that.