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Post by Henry on Jun 2, 2011 9:26:35 GMT -5
"The price rises are especially sharp in the high end of the market, with real-estate agents pointing to a flood of foreign buyers, particularly Chinese. Condominiums are popular, but so are single-family homes, including fixer-uppers that buyers eventually tear down. While there is some speculative buying, Canadian and Chinese agents say Chinese buyers are looking for longer-term investments to diversify their holdings outside of the mainland. " online.wsj.com/article/SB10001424052702304563104576357373661248928.htmlHenry |
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Post by tchow on Aug 13, 2011 1:29:57 GMT -5
I can confirm that. I have seen the average city home price rise more than 10 folds from 70K to 800K in the last 30 years. my neighbour (of Hungarian heritage) just sold her lot valued property for $850,000 to a mainland chinese. it is slated to to be torn down and a new house build as soon as she move out. to put it in perspective, this lot will accomodate a house with a total living area of 3,960 square feet, only 2,320 ( 20% of total lot area + 1,000)square feet can be totally above grade level. the floor level of the balance must be 4 feet below grade level. the bylaw also allow a lane way accomadation on top of the 3 car gagage to be used for rental or inlaw accomadation. if the housing bubble is going to burst, only appartments and condos will drop in price , IMHO. people who spent more than a million to live here are not going to sell the property at a lost, unless there is another wave of returning home. not likely to happen.
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