The popular West Coast cities of San Francisco, Los Angeles and Vancouver have long been the most direct routes to New World prosperity for Asian immigrants and their families. Now that generations of Chinese buyers have transitioned to life in North America, their experience and trend spotting is bringing to bear more practical considerations of economic fundamentals, financial and educational opportunities, and overall quality of life. So it’s no surprise that relative affordability, propensity for capital appreciation and even a recently imposed 15-percent foreign homebuyer tax in Vancouver, are boosting interest in alternative markets like Seattle—the next international gateway city on the rise.
Category: Canada (2)
Huge news from the Bloomberg Business, as Prashant Gopal and John Gittelsohn announced that Chinese buyers now outrank Canadians in purchasing homes in the U.S. The article, entitled “Move over; Canadians – Chinese buyers now No. I buyers of U.S. homes,” says that “buyers from China spent US $28.6 billion on U.S. homes and made up 16 per cent of transactions by foreigners in the 12 months through March, according to an annual report released Wednesday by the National Association of Realtors. Canadians, which had led international purchases since 2008, ranked second with US $11.2 billion in spending and a 14 per cent share of sales.”