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CSB

Chinese Take Over Canada's Real Estate Market, Buy One-Third Of All Vancouver Homes Sold In 2015

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Chinese Take Over Canada's Real Estate Market, Buy One-Third Of All Vancouver Homes Sold In 2015

Submitted by Tyler Durden on 03/24/2016

“Housing in Vancouver is insane — it was insane when I left and it’s more insane now.”

That’s from 33-year-old Kevin Oke, co-founder of LlamaZoo Interactive who left Vancouver for Victoria two years ago because he couldn’t afford to buy a home in his native city even while earning a generous salary as a lead designer at a video-game company whose clients included Atari and Ubisoft Entertainment SA.  

Kevin isn't the only one leaving. Vancouver added only 884 net new people age 18-24 last year according to Statistics Canada, and many observers worry the soaring cost of housing will eventually strip the city of its burgeoning tech economy.

Read the whole post here : http://www.zerohedge.com/news/2016-03-24/chinese-take-over-canadas-real-estate-market-buy-one-third-all-vancouver-homes-sold-?utm_medium=twitter&utm_source=twitterfeed

There goes the neighborhood :sad:

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