Seventy per cent of detached homes in Vancouver’s west side were purchased by buyers from China, according to new academic study.
The study was undertaken by Andy Yan, a Vancouver city planner and researcher, between August 2014 and February 2015.
He found that during that six-month period there was a total of $525 million homes bought in the area with an average price of $3.05 million. Around 82 per cent were bought with a mortgage.
Yan’s research discovered that 73 per cent of purchasers were ethnic Chinese; for homes sold above $4 million, the figure rose to 94 per cent.