Foreign Investment in Vancouver Real Estate
INTRODUCTION
Real estate purchase prices
This is an excerpt from the paper...
Real estate purchase prices and residential rental costs are escalating, and the supply of affordable housing is decreasing in Vancouver Again! In the summer and fall of 1989, real property purchase costs in the Vancouver metropoli tan area have increased by an average 22 percent.1 The cost of rentals has increased by an even greater percentage particu lary on the west side and in the West End.2 Residents of the Vancouver metropolitan area are exposed almost daily through the newspapers and television to the destruction of high qual ity rental properties. These properties are being demolished to make way for fewer and far more expensive luxury condomin iums.3 This research examines the role of foreign investment in the development of this situation. Specifically, the fore ign investment causing the most concern with respect to this situation is that from Asia.1CTV, report on Vancouver real estate market on evening television news program, 20 October 1989. 2"Rental Picture A Disaster," The Province (Vancouver), 3 November 1989, 34. 3"Buyers Were Sold on These Condos After Only Seeing A Scale Model," The Vancouver Sun, 4 November 1989, H4; A. Bar ling, "Downsizing the West Side," The Vancouver Sun, 4 November 1989, H1. THE UNIQUE CHARACTERISTICS OF THE CONTEMPORARY REAL ESTATE ENVIRONMENT IN VANCOUVER As bad as the situation described above is, it is a mis take to think that it has no precedent in Vancouver.
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being asked to exchange the devil they know well for one whom they believe they know.
Hong Kong has a booming middle industrial level economy. It is also one of the world's major financial centers. Pro jecting the status of the Hong Kong economy in 1997 is, at best, speculation.
In spite of the strong record of growth in the Hong Kong economy, and in spite of the fact that its per capita income is the second highest in Asia (behind Japan), income distribution in the colony is strongly skewed toward the wealthy. In Hong Kong, the fabulously rich live along side (so to speak) the miserably poor.
The greatest danger to the Hong Kong economy subsequent to 1 January 1997 will not likely come from the government of the PRC. Rather, it will likely come from the Hong Kongese themselves who are fleeing the colony. Many of those indivi duals and families leaving the colony are among those posses sing both the greatest capital assets, and the highest skill levels. Many of these capital assets are finding a home, at least temporarily, in Vancouver metropolitan area real estate properties. 6
While Asian investors are buying Vancouver area proper ties, and while most of the residential properties being bought by Asian investor
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Some common words found in the essay are:
British Columbia, Row Publishers, Lexington Books, Hong Kong, Foresman Company, Ontario Canadian, Hong Kongese, Residents Vancouver, Prentice Hall Inc, ENVIRONMENT VANCOUVER, real estate, hong kong, location theory, vancouver real estate, vancouver real, contemporary real, november 1989, residential location, asian investors, contemporary real estate, residential rental, vancouver metropolitan, sun 4 november, real estate environment, vancouver sun 4,
Approximate Word count = 2474
Approximate Pages = 10 (250 words per page)
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