Vancouver Real Estate: Myth - Home Prices Double Every 7 to 10 Years!

Real estate in Vancouver is not different from anywhere in other most desirable cities, that home prices double every 7 to 10 years. This video examined the sales and prices data, and found that home prices indeed double over the time 7 to 10 years time period. In fact, the rates of increase was even more from the year 2000 to 2016.

This period was unprecedented and might not be matched anywhere else in the world. Vancouver being a "gateway city" from the Pacific Coast, countries in Asia and South East Asia account for a large number of new immigrants who migrated to Canada. Out of the 250,000 to 300,000 immigrants that were arriving in Canada, a large number of the immigrants were from China.

Many of these immigrants from mainland China are rich business people and their family who are seeking another country to move part of their wealth overseas, just in case something not favourable happened in China. Many of these immigrants were applying to enter Canada through Canada's Investor Immigrant program which was reported to be not a barrier for many Chinese businessmen and entrepreneurs to settle their family in Canada.

Vancouver real estate is the prime asset class for most Chinese new immigrants who really appreciate the fresh air, mountains and beaches around Vancouver. And, for most of these immigrants, money are not an issue. In fact, during the early days when they landed in Vancouver and Toronto, they buy up multiple properties for investment in addition to their family homes.

Adding to rising home prices, the previous group of Chinese and other immigrants who landed in Vancouver over 30 years ago, also joined in the the rush to buy up properties when home mortgage interest rates were at such a low rates just around 3.0 to 3.5% for an extended period from 2002 to today!