China-based realty portal, local agents say rush of foreign buyers looking to snap up a deal could mean this sub-market has already hit bottom
Fuelled by a sudden spike in China-based buyers, the West Vancouver luxury housing market is bouncing off the bottom, according to China’s largest real estate portal and West Vancouver agents.
This month a West Vancouver “cabin” sold for $3.4 million – $600,000 over its assessed value – to a Beijing buyer, and the largest Chinese real estate search engine for global properties has seen a surge in inquiries for West Vancouver homes. This, agents say, is indicative that after a 40 per cent price plunge from the peak, B.C.’s premiere luxury housing market could be coming back.
Carrie Law, CEO and…