May 2008 19

In the Press: Who’s buying Vancouver’s condos?

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There is an interesting article in The Globe and Mail on Vancouver real estate. It is written by Gary Mason, national columnist writing on B.C. affairs. Who's buying up all the condos in the city, he asks. And answers: A good percentage of the purchasers, as it turns out, are offshore investors. We also get to learn that if there is a slowdown under way, Vancouver seems to be immune from it. A short excerpt follows, but you can read the entire article here:

In Vancouver, of the 2,743 condominiums expected to be finished this year, nearly 90 per cent are already sold. There are 2,925 condos scheduled to be completed in 2009; 98 per cent of those are sold. And 83 per cent of the 714 that will be finished in 2010 are gone.

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