An article published by The Province dated May 24, 2014
Vancouver: Superstar city or just a safe haven for global investors?
Vancouver is seen as a safe haven for global investors, a 'hedge city' to buy a home or condo to protect against business upheaval at home.
"There are a collection of cities around the world that offer that level of certainty." The New Yorker magazine compared Vancouver's sky-high real estate prices to so-called 'superstar cities' in the U.S. such as New York and San Francisco, where prices continue to climb at a steadier and steeper rate than other less-fortunate cities. View Vancouver West detached homes for sale.
The 2013 study entitled Superstar Cities found that prices increased the most in San Francisco - a city often compared to Vancouver with its large, thriving port, physical beauty, comfortable climate, and cultural diversity.
"We have a large Asian population, so it's a comfortable place to be, it's a very nice place to be. But if Vancouver was in the U.S. it would be less desirable, and if it was in Mexico it would be a lot less desirable." The 2013 Top Tier Trends Report from Sotheby's International Realty Canada found strong foreign interest in Vancouver real estate.
"Vancouver's market continues to be influenced by foreign buyers, who make up approximately 40 per cent of the market for luxury single family homes," reads the report.
"As seen in previous years, China remains the top market influencer as buyers often purchase homes in Vancouver as secondary or investment properties. There has also been a recent surge in buyers from Iran and the United States." Company president Ross McCredie sees no sign of waning foreign interest.
"You have low interest rates and a stable government."Vancouver continues to be a gateway to Asia - Vancouver has one of the best airports in the world, and 26,000 passengers a week from Asia arrive in Vancouver.