Millennials Flee Vancouver for More Affordable Cities
This seems to be a direct result of capital flight from China.  Wealthy chinese who are able to get their money out (through corruption, money laundering, or otherwise) are looking for somewhere safe to park their money for the inevitable decline in value of the yuan.  China can only artificially peg their money to the dollar for so long, until they run out of dollars, and they are drawing down their reserves at a record pace due to the appreciation of the dollar.<p>Wealthy chinese know this, and use real estate in markets such as Vancouver, SF, and NYC, because it&#x27;s fairly low risk and likely to appreciate.  See <a href="http:&#x2F;&#x2F;www.npr.org&#x2F;sections&#x2F;thetwo-way&#x2F;2016&#x2F;01&#x2F;13&#x2F;462994857&#x2F;u-s-treasury-cracks-down-on-luxury-home-money-laundering" rel="nofollow">http:&#x2F;&#x2F;www.npr.org&#x2F;sections&#x2F;thetwo-way&#x2F;2016&#x2F;01&#x2F;13&#x2F;462994857&#x2F;...</a> and <a href="http:&#x2F;&#x2F;www.nytimes.com&#x2F;2016&#x2F;01&#x2F;14&#x2F;us&#x2F;us-will-track-secret-buyers-of-luxury-real-estate.html" rel="nofollow">http:&#x2F;&#x2F;www.nytimes.com&#x2F;2016&#x2F;01&#x2F;14&#x2F;us&#x2F;us-will-track-secret-bu...</a>