Chinese buyers snapping up property in Canada

Real estate in Canada attracting Chinese buyers

New research from a leading real estate firm has found that Vancouver is one of the leading cities in the world for Chinese investors to buy property.  Colliers International found that rich Chinese buyers are snapping up property in Canada, the UK and Australia.

Property in Canada topping Chinese investor’s shopping lists

Colliers International report that Chinese buyers have spend 1.3 billion yuan (£125 million) over the past six months with property in Canada, the UK and Australia topping the list.

Alan Liu, managing director of Colliers International, told China Daily: “We are expecting a clear increase in the extent of mainland buyers’ purchases of overseas properties this year because of the government’s rigorous restraint on the number of homes a family can buy in key cities.”

The average price of a property in Vancouver rose by 12 per cent in 2010 and is expected to rise by another 3 per cent in 2011, according to the Canada Mortgage and Housing Corporation.  China Daily reports that demand from mainland immigrants now accounts for 29 per cent of all new homes in Vancouver.

London also popular with Chinese buyers

According to a recent report from the international property firm Savills, Chinese buyers now also account for just over a quarter of all prime London property sales. 

Yolande Barnes, head of Savills residential research, told China Daily: “If the money from China were to start flowing into London at the same rate it does from billionaires in other countries, we would expect the value of ultra-prime London properties to grow by as much as 15 per cent.

“The issue at present is that Chinese buyers aren’t taking, or can’t take, their money out of China.”

As China’s increasing number of wealthy individuals grows, investment in property in Canada, Australia and the UK is set to soar.