The real estate market in the bustling city of Vancouver is a bit of a nightmare for anyone that is looking to find a home there – heck, it’s pretty bad with Port Moody real estate as well. It is full of rich people that are fending off all other competition by meeting the high asking prices of the homes that are up for the city. Those who are using their own money to compete in the building crowd for those looking for their new forever home are finding it frustrating due to the fact that they are no match for the rich that are swooping in from all over the place to snap up the available real estate. Many are blaming the Chinese that come from around the world who are taking over the market and pushing the prices up to unimaginable amounts, a frustrating fact that is leaving many people wondering if the market is ever going to come back down to normal rates, or whether it’ll keep climbing.
The basics of the situation is that the Chinese, who are some of the most elite where they are, are taking advantage of the plunging Canadian dollar to transfer their money over and use the large sums of money they have in off shore accounts to purchase land in the populated city of Vancouver. This could be anything from commercial real estate to homes that are privately owned. Some are using their money to buy up apartment buildings and jack up the ratings, while others are grabbing onto private homes and using them for their own reasons.
The fact that so much money is prong into the real estate market is causing the entire market to rise faster than anyone could have imagined. In just the past year, the market has risen 10%, a jump that would not normally happen so fast in such a “small” area. From one corner to another, the entire city of Vancouver has been impacted, and the rates are climbing quickly and steeply to amounts that are forcing many people out of the market.
Many are angered by the fact that it is the wealthy Chinese that are taking over the market, as those who are forced into looking at rentals are those who really need the place to live for growing families that are struggling to survive with good jobs and a place to live. For those who living in the overpopulated city, looking at renting an apartment is not as realistic as investing the same money into a home that would be much better suited for a group that is trying to make a life for themselves. While co-owning is a great option that is available for some, it isn’t always an option for those that are looking to make it on their own, or don’t know anyone to co-own a home with them.
A top Vancouver realtor exclaims, as the rich Chinese grab more and more real estate, the rates continue to climb and many families are being forced into poor situations that make everyone miserable. Those affected say that the Chinese shouldn’t be allowed to take over the market that much, as it causing true unease amongst the natural inhabitants of Vancouver. While no one is saying immigrants are unwelcome, it is more on the lines that everyone should get a fair chance at the real estate market that needs to get into it. Those families that are struggling to make ends meet should get a chance to make a move on the market before the elite ones – who could choose anywhere, really – get to pick their options.
In a city that is full of hard times for many people, no one wants to be bitter or mean, but these same tough times are forcing many into a corner, a corner that leaves them with a hungry family with a home that is out of their budget or an apartment that is not good for their needs. As the elite start to take over the market, many are wondering when this foreign hold is going to stop and the rates are going to fall.