James McNaught, President of PacWest International, sent this information to me which I thought was very interesting and wanted to share with you.
* British Columbia gets about fifty-five percent of Canada's investor-class immigrants, people who have a minimum net worth of $1.6 million Canadian. British Columbia drew a total of 3,779 investor-class immigrants from China in 2010. It's not just the Chinese shopping for homes, South Korean and Taiwanese buyers have also been active.
* As the Chinese gets more and more prosperous, they are diversifying their assets out of China and Vancouver is very high on the list.
* Mainland Chinese are buying houses primarily in Vancouver's Westside, the district known for its wide boulevards, beaches, expansive parks and stucco Tudor mansions. Prime Westside neighbourhoods include Point Grey, Shaughnessy and Dunbar. The University of British Columbia is in the area. Interest is also spreading to other parts of Vancouver such as White Rock. West Vancouver is a new hot spot because houses are built on the mountainside with their backs to the Coast Range; they generally face south providing views of English Bay and Burrard Inlet. This conforms to the principles of Feng Shui, the proper placement of features within and surrounding a house to increase wealth and deflect bad luck.
Chinese wanting to come to Canada are stunned and extremely upset. Quietly, July 1, 2011 the door shuts on cash-heavy, Mainland Chinese. Canada is abruptly capping the Federal Immigrant Investor Program, setting a minuscule target of just 700 for next year - a quota expected to be filled in just days. Citizenship and Immigration Canada (CIC) has announced that of July 1, 2011, the number of Federal Immigrant Investor applications accepted for process will be capped at 700 for the coming 12 months.
For Victoria and Vancouver luxury in British Columbia Canada PacWest has over forty years of experience. If there is anything I can help with, be happy to. My direct line is 1.800.550.0585 or 250.744.4556 for all residential real estate. Please stay tuned for more updates!