Vancouver home price gains still among world’s highest despite slowdown

Friday, January 6th, 2017

Metro Vancouver’s residential real estate story was a tale of two halves in 2016.

There were scorching sales leading into summer, a cooling off, and then a marked retreat after the province imposed a 15 per cent foreign buyers tax in August.

Many big-picture pundits say it will take another six months or more to fairly assess the impact of the tax. Others point to falling sales, and in some cases prices, as a small number of deals eke on.

Despite this, in 2016, Vancouver residential prices moved up 18 per cent, according to the Real Estate Board of Greater Vancouver’s composite benchmark price report released on Wednesday. Most of the gains were notched in the first half of the year, with the index moving back 2.2 per cent in the second half, according to the board’s report.

The number of sales — including detached houses, condos and townhomes — came in as the third-highest on record for Vancouver in 2016, falling 5.6 per cent from a record year in 2015.

Digging into the latest report, there are early signs of a bounce if you look at median prices. With so few listings, and as such, sales, some prefer to use this gauge, which means the “in the middle price” where half the homes sold went for above this mark and half for below as opposed to taking the average of only a handful of sales, where the result could be easily skewed by one very expensive or slumped sale.

For example, the median price for detached homes is steadying because it has been sitting in the $1.275 million to $1.3 million range for the last four months. Meanwhile, the median price for town homes, at $659,000, is now nearly at its June peak median price of $666,000. Condo median prices show an even stronger stride, hitting a new high of $495,000.

To put the slowdown into perspective, consider Knight Frank’s latest Prime Global Cities Index, which tracks the prices of the top five per cent of homes in metro areas of 35 cities around the world. Vancouver outstripped all other contenders in 2015 and in September 2016 it was still at the top, posting a 32 per cent change year-on-year.

Knight Frank’s Global Residential Cities Index — which more widely tracks “city house prices” in 150 locations — showed Vancouver was the highest ranking city outside of mainland China.

“Urbanization and rising household wealth are behind the surge in Chinese prices,” wrote Knight Frank researcher Kate Everett-Allen. “Vancouver, a longtime front-runner, slid down the rankings this quarter, from fifth to ninth position. This shift is not as a result of slowing prices, annual growth is much the same as in June, close to 24%, but due to the phenomenal ascent of the Chinese cities which have supplanted it.”

Overall, house prices increased in more than 75 per cent of the 150 cities surveyed, year-on-year, but only in 13 of them did the increase in prices exceed 20 per cent. Victoria, B.C. just missed being one of those cities on the list, coming in 15th on the list with an 18 per cent gain.

It’s an “interesting report. I really like the global comparison that it facilitates,” said Andrey Pavlov, who specializes in real estate finance at Simon Fraser University’s Beedie School of Business. However, he cautioned that: “First, the data is as of end of September, 2016. This was still very close to the peak, which occurred around June or July. Second, the report uses year-over-year increases, and all of the Vancouver increases occurred earlier in 2016, and some in 2015. With this in mind, the report captures historical trends, but does not really address the recent developments in our market.”

Source: Joanne Lee-Young at Postmedia
http://www.theprovince.com/business/real-estate/vancouver+home+price+gains+still+among+world+highest/12645598/story.html

Nine out of 10 Vancouver houses are now worth more than $1 million

Saturday, June 18th, 2016

More than 90 per cent of all detached homes in Vancouver are now worth more than $1 million, up from just 19 per cent a decade ago, a new study by a local urban planner has found, showing how rapidly housing prices have escalated in the Canadian city.

The biggest jump came in the last two years, with the proportion of million-dollar homes in the city climbing to 91 per cent in 2016 from just 59 per cent in 2014, according to the study by Andy Yan, acting director of Simon Fraser University’s City Program.

“This shows how what used to be the earnest product of a lifetime of local work is perhaps quickly becoming a leveraged and luxurious global commodity,” said Yan.

The median household income in Vancouver, meanwhile, rose just 8.6 per cent between 2009 to 2013, according to the most recent data from Statistics Canada. Adjusted for inflation, it would be about $77,000 a year in 2016.

That puts typical incomes well below the threshold needed to purchase million-dollar homes, said Yan, noting other factors must be driving the sharp increase in home values in Vancouver.

“It’s global cash, meeting cheap money, meeting limited supply,” he said, adding that all three factors are working to “magnify each other” and drive further speculation.

Foreign investment has long been blamed for soaring housing prices in Vancouver, with the most recent wave of offshore cash coming mostly from mainland China.

A widespread corruption crackdown launched by Chinese president Xi Jinping in late 2012 has led to massive currency outflows, which have coincided with a sharp jump in housing prices in Vancouver’s prime neighborhoods.

The new data comes as Canadian Prime Minister Justin Trudeau is in Vancouver for a two-day visit. Trudeau on Thursday said that his government needs to take measures to ensure residents of cities like Vancouver and Toronto can afford housing.

Yan’s study looked at provincial assessment data, which lags sales data by several months, and was focused exclusively on the roughly 67,000 detached homes in the City of Vancouver. All values were adjusted for inflation.

Region-wide, the price of a detached home soared 130 per cent over the last 10 years to hit $1.5 million in May, according to the local real estate board. Adding in apartments and townhomes, the typical home in Greater Vancouver now costs $889,100.

Source: Julie Gordon, Reuters
http://business.financialpost.com/personal-finance/mortgages-real-estate/nine-out-of-10-vancouver-houses-now-worth-more-than-1-million-study-finds

See how Vancouver’s real estate prices have outperformed global cities

Thursday, May 19th, 2016

Real estate prices in key global cities are rising at a slow, moderate pace, particularly in Europe.

According to new research published by international real estate consultant Knight Frank, 35 of the world’s most important cities saw an average price increase of 3.6% in the year to March 2016.

“Since 2014 the index has consistently seen annual growth of 3-4%, with no city recording double-digit annual price declines since the second quarter of 2015,” notes Kate Everett-Allen of Knight Frank, who carried out the study.

However, Everett-Allen found some notable differences both between regions and within them. In North America, for example, New York, Miami and Los Angeles grew by 2.3%, 3.8% and 5.1% respectively but Vancouver saw a spectacular 26% rise in real estate prices — despite a 1% increase in land transfer tax on purchases above CAD2M.

Australasia was more homogeneous, with both Sydney and Melbourne posting a 12% rise. The two African hubs were also in positive territory, albeit with some difference between the two—Cape Town went up 6.9% and Nairobi up 3.3%. Asia was rather more of a mixed bill, with excellent growth in Shanghai (to the tune of 20%) but sizeable drops in Hong Kong and Taipei (down 6.4% and 7.6% respectively.

In Europe, real estate growth was modest and fairly consistent across the majority of cities, with prices either remaining flat or recording small rises of less than 3%. Only Moscow, Paris, Milan and Monaco bucked the trend. The first three saw dips (of 5.9%, 2.7% and 1.2% respectively) while Monaco recorded a 4.9% rise.

However, says Everett-Allen, some of these numbers need to be analysed in the context of past performance. Prices in London, for example, only grew by 0.8% in the year to March, the lowest figure since October 2009
 — but the British capital had experienced a period of exceptional growth in earlier years so a slowdown was natural.

Interestingly, the Knight Frank study also showed that, across the world, the impact of new transparency rules, new taxes or fees for foreign buyers—all of which are seeing a surge in global hubs—varies hugely depending on the pre-existing fundamentals and market cycles.

Thus, the land transfer tax rise had no depressive effect in Vancouver, nor did new transparency rules for cash buyers affect the New York and Miami markets. In London, by contrast, a series of changes to stamp duty land tax and to purchases by non-domiciled residents, have amplified the market cycle and helped slow down price growth.

Source: Carla Passino, Forbes http://www.forbes.com/sites/carlapassino/2016/05/19/slow-and-steady-real-estate-growth-in-world-cities-is-an-exercise-in-moderation/#108e2b7349c6

Why Vancouver’s house price increases show no signs of stopping

Wednesday, April 8th, 2015

From Albertan black gold to globetrotting wealth to lucky heirs, big money is flocking to Vancouver real estate and fuelling huge price increases that show no sign of stopping, according to the CEO of Sotheby’s Canada.

“You’re not only going to be competing with other wealthy Canadians, you’re going to be competing with wealthy people all over the world,” Ross McCredie told Business in Vancouver.

Sotheby’s Canada, which specializes in high-end real estate, released its annual luxury homebuyer report today. The report breaks out high-end real estate buyers into three generations: baby boomers, Generation X and Generation Y.

The report characterizes baby boomers as sitting on a large amount of collective wealth because they have benefited from inheritances from their parents and, especially in Vancouver, have seen their homes greatly appreciate in value over the past 25 years.

Eighty per cent of high-net-worth Canadians are over 55, and that generation now represents 30% of Canada’s population, according to Statistics Canada figures quoted in Sotheby’s report.

In turn, boomers are now helping their Gen Y children — the report defines this group as 15-35 — buy real estate. A Genworth Canada survey of first time homebuyers released April 7 found that in Vancouver, 40% had help from their parents, compared to 25% throughout Canada.

Meanwhile, Generation X (34 to 54) has largely had to fend for itself. McCredie called this cohort “generation screwed.” The high-end buyers in this group tend to be double-income professional couples, but they have been priced out of Kitsilano, Dunbar or Point Grey. They’re increasingly looking at homes in East Vancouver, where detached homes are now commonly priced well over the $1 million mark.

“In Vancouver a lot of families are taking up in East Vancouver, where 10 years ago that wouldn’t have been where they wanted to live,” McCredie said.

Wealth from outside the province’s borders continues to be attracted to Metro Vancouver, a trend McCredie said shows no sign of slowing.

That wealth is coming from other parts of Canada, in particular, from Alberta, as well as from abroad.

According to McCredie, wealthy Albertans have been attracted to Vancouver’s Coal Harbour neighbourhood, as well as Vancouver Island and Kelowna, and treat those properties as vacation homes. So it’s no surprise to him that Coal Harbour has a relatively high number of vacant condos (at 23.5%, the highest vacancy rate in the City of Vancouver, according to a 2013 analysis done by Bing Thom Architects planner Andy Yan).

“A lot of people bought in Coal Harbour because they only want to spend eight or 10 weeks of the year here and a lot of them are from Calgary or Edmonton and Toronto,” McCredie said.

“They’re not working or living here. They love Vancouver and they want to spend a good chunk of time here.”

The high-end real estate markets in Vancouver, Toronto and Montreal are all “heavily influenced” by international buyers, according to the report. Buyers from China dominate in Vancouver, from China, Russia and the Middle East in Toronto, and from the Middle East, China, Europe (especially France) in Montreal.

International students from wealthy families are also playing a role in Vancouver’s real estate market, McCredie said.

A common pattern is for the students’ parents to buy a high-end condo or even a large detached house in a wealthy neighbourhood such as Shaughnessy, with plans for the entire family to move to Vancouver in the future.

McCredie said the discontinuation of Canada’s investor immigrant program has had little impact on foreign real estate purchases in Vancouver.

That program required individuals with a minimum net worth of $1.6 million to loan Canada $800,000; it attracted 36,973 immigrants to British Columbia, two-thirds of whom came from mainland China. The program has since been changed to allow only 50 applicants a year.

The change has not deterred the flow of foreign money into Vancouver real estate because many investors are not interested in immigrating to Canada, McCredie said.

“A lot of these guys are very wealthy and they don’t want to pay Canadian taxes,” McCredie said.

Foreign money will continue to flow to Vancouver because the region has developed infrastructure and expertise to help wealthy people buy property. The recently launched official Chinese currency hub will make transactions even more convenient, McCredie said.

“The U.S. right now is a really difficult place to immigrate to or even buy a property in, whereas Canada has been much more welcoming,” McCredie said, adding that HSBC Canada, which is headquartered in Vancouver, is particularly well set-up to handle transactions from foreign buyers.

“Post 9-11, so much gets looked into in banking relationships [in the United States]. It takes a little longer to get your money from China into a Los Angeles bank.”

That means prices, especially for detached homes, which are limited in supply, will continue to rise. A recent Vancouver Savings Credit Union report predicted that by 2030, the average home price in Metro Vancouver will exceed $2.1 million.

Meanwhile, average incomes in Metro Vancouver continue to lag behind those of other major Canadian cities. Over the next three years, the City of Vancouver plans to spend $125 million from its capital budget on efforts to house both low- and middle-income people, as rising rents and tight housing supply squeeze residents.

While some observers have called for policy makers to take a look at reigning in foreign investment through higher taxes or restrictions, McCredie balked at that suggestion.

“If the government came out and prevented foreign buyers from buying real estate, it would have a huge impact in our market,” he said.

“And you would see a correction.”

Source: Jen St. Denis at Business in Vancouver with files from Frank O’Brien

New York and Sydney to head 2015 luxury property price rises

Friday, December 12th, 2014

New York, USA, is expected to be the top-performing prime city for real estate in 2015, with Sydney, Australia, the only other destination in the Prime Global Cities Forecast to see price rises.

Luxury prices across Manhattan are expected to rise 5%-10% in 2015, boosted by strengthening foreign interest from Chinese, British, Russian and Latin American buyers and an improving economy, says Knight Frank in its Quarter 4, 2014 Prime Global Cities Forecast.

Sydney is also on the radar of foreign buyers and limited luxury supply could see prices rise by up to 5% in 2015, Knight Frank predicts.

With uncertainty surrounding the UK 2015 General Election, London is forecast to see volume weaken in 2015 with prices staying stable.

Knight Frank Partner, Kate Everett-Allen says, “The biggest faller is likely to be Dubai, where luxury prices could fall by 5-10% in 2015, Knight Frank predicts, with a growing appetite from Indian purchasers cushioning the market a little.

Of the eight cities in the report, luxury real estate price gains are expected only in New York and Sydney, with stable values in London and falls in Paris, Singapore, Hong Kong, Geneva and Dubai.

New wealth, investment in infrastructure and a continuation of the safe haven trend are likely to all help drive growth, but a slowing global economy along with major tax changes are major risks for the world luxury residential markets in 2015.

“Luxury residential markets face a diverse range of challenges and opportunities in 2015. Now that stimulus measures have all but disappeared in the US and the UK all eyes are on Europe and Japan and the extent to which they could halt the tentative global recovery, explains Ms Everett-Allen.

“Since 2009, a number of the key housing markets worldwide have been supported by government stimulus measures. The slow withdrawal of such initiatives in markets such as the UK and the US, along with the potential relaxation of cooling measures in Hong Kong and Singapore, could mean that 2015 sees a more level playing field for the world’s top luxury housing markets.”

In Sydney, rising business confidence and an increasing sense of political stability is helping to attract interest from overseas. The weak Australian dollar is adding to this momentum and also reviving interest from Australian ex-pats, says the report.

Source: Adrian Bishop, Editor, OPP Connect

Which country has the most overvalued real estate in the world?

Wednesday, September 17th, 2014

The most overvalued residential property in the world is in Norway, a new study reveals.

Australian home prices have risen the next highest since 1970, according to the Bank for International Settlements (BIS) Quarterly Review, with Asian prices rising the highest in the last year.

The UK, Sweden and France make up the rest of the top five highest valued markets, according to the newly-published BIS study.

But rising real estate prices in overvalued markets increase the risk of future declines, especially where wages are not growing strongly, the report warns.

“This might lead to a reversal or moderation of recent growth or a further sliding of prices. This argument would be more compelling for markets where prices have grown rapidly in the recent past, and where income growth is projected to be rather moderate.”

Norway has a reading of around 220 and Australia 200, indicating that the difference between home prices and disposable income are up to 120% higher when compared to the historical average of 100.

Out of the 14 advanced economies examined by the BIS, only the UK has house prices that come close to matching them for inflation adjusted growth over that period.

The study says current price growth was highest in the Asia and the United States with the European markets performing worst.

“Year-on-year residential property prices, deflated by CPI, rose by 9.5% in the United States and 6% in the United Kingdom. Real house prices also grew by 7% in Canada, 7.7% in Australia and 2.2% in Switzerland, three countries that were less affected by the crisis, as well as in some countries that were severely affected by the crisis, such as Ireland (+7.2%) and Iceland (+6.4%).

“Real price growth remained in negative territory in Japan (–2.6%) and was generally weak or negative in continental Europe. Prices rose in Germany (+1.2%) and the Nordic countries (+1.7% in Denmark and +4.8% in Sweden), but continued to fall in the euro area’s southern periphery (Italy, -5%; Spain, -3.8%; Portugal, -1.2%; and Greece, -6%). House prices generally grew in emerging regions outside Europe.”

In Asia, year-on-year growth rates remained high in a number of countries in the first quarter of 2014. “Prices increased in real terms in China (+13%), the Philippines (+13%) and Malaysia (+5%).”

In Latin American countries, the increase in real residential property prices was more moderate. “Prices in Brazil increased by 3.9% in the first quarter of 2014, whereas in Mexico real prices were mostly stable compared with one year ago.

“Price developments were mostly negative among central and eastern European countries, but prices in the Baltic countries rebounded sharply.”

“While for most countries the current ratio implies that price movements are not diverging from rental values in ways that imply unsustainability, for a number of other countries current property prices are much higher than those implied by the historical relationship to rents. A priori, this could be a reason to expect a price correction in the future. Interestingly, some of these countries have experienced only moderate price growth recently (eg Canada, Norway and Sweden), or even price declines (eg Australia, Belgium and France).”

BIS collects data on house prices for 55 countries. For 18 of these countries, series are available that go back as far as the 1970s.

Source: Adrian Bishop, Editor, OPP Connect

The world’s most expensive condo – a mere $440 million!

Friday, August 22nd, 2014

Even by the sky-high standards of Monaco, a penthouse at the top of the Odeon Tower is set to fetch a vertiginous price, according to developers.

Tour Odeon, which is under construction and when finished will be the principality’s first skyscraper since the Eighties, will be topped with a five-floor penthouse that would cost a potential owner 300-million euros ($440-million), making it the most expensive in the world.

The penthouse will have several swimming pools, including a large infinity pool with a slide leading from a dance floor in the rooms above.

The 35,000 square-foot apartment will also come with a private chauffeur, a caterer, three staff bedrooms, a 24-hour concierge service and access to a health centre.

Tour Odeon, which will house 36 more luxury flats, will be Monaco’s first skyscraper since Prince Rainier banned tall buildings on the shoreline to avoid overshadowing the city. Instead he encouraged the development of wider, lower buildings built on an extension into the sea. His decision was reversed in 2009 by his son and successor, Prince Albert, and plans for the 560-foot Tour Odeon were drawn up.

One in three of Monaco’s 38,000 residents is a millionaire, according to a study by Spear’s magazine and WealthInsight.
Irene Luke, of Savills, the estate agency, who moved to Monaco in 1990 from London, said it was becoming increasingly popular with wealthy Britons.

“It’s becoming more and more like London by the sea,” she said.

Tax changes in some areas of Switzerland are also “making Monaco look like a very safe, stable place,” Miss Luke added.

The penthouse is expected to go on the market next year. So far, 26 flats have been sold.

Source: The Telegraph and Financial Post

See which is the top US city for Canadian homebuyers

Wednesday, April 30th, 2014

Las Vegas, Detroit and Los Angeles are the top three city targets for Canadian home hunters, with Florida dominating the rest of the 2013 list of online searches on the realtor.com website

The United States city in most demand from Canadian homebuyers is Las Vegas, Nevada, according to Realtor.com website data.

In 2013, Canadians carried out more online searches for the property in the international gambling city than anywhere else, states the newly-published research from the National Association of Realtors (NAR).

The second most popular destination was Detroit, Michigan, and third was Los Angeles, California, the City Search Index (CSI) shows.

The other cities ranked among the top 8, in order of preference, are Fort Lauderdale, Miami, and Orlando, in Florida, along with Chicago, Illinois, and Naples, Florida.

The figures largely mirror the NAR’s March 2013 2013 Profile of International Home Buying Activity report, which showed the top five destinations were Las Vegas, Fort Lauderdale, Orlando, Detroit, and Naples.

The index is based on a count of actual house searches by potential buyers throughout the year as measured by traffic on Realtor.com, NAR’s official property listing website.

* Air Canada has just introduced a new daily flights, starting today (Monday 28 April) from Vancouver, British Columbia, to Las Vegas. The Air Canada rouge branded flight is one of five new routes announced from Vancouver International Airport (YVR).

Air Canada is also flying to Los Angeles, California, four times daily from 1 May, Anchorage, Alaska, daily from 16 May, San Francisco, California, four times daily from 1 July and Phoenix, Arizona, daily from 17 December.

Craig Richmond, President & CEO, Vancouver Airport Authority, says, “With Air Canada rouge now touching down in Vancouver, travellers will have more selection to our popular US destinations – including the addition of their service to Phoenix.”

Source: Adrian Bishop, Editor, OPP Connect

Canada-U.S. house price gap hits a record high

Monday, April 28th, 2014

For many years, the Canadian and U.S. housing markets tracked each other fairly closely, but that hasn’t been the case since the U.S. housing bubble burst in the middle years of the last decade.

According to an analysis from BMO chief economist Doug Porter, the difference between the two housing markets has never been greater, with average resale prices in Canada now 66 per cent higher than resale prices in the U.S.

The strength of Canadian home prices has surprised even optimistic observers. The latest data from the country’s real estate boards indicates resale prices (not including new builds) jumped six per cent in the past year, and the average price of an existing home in Canada has now pushed past $400,000.

That compares to an average price of around $250,000 in the U.S.

Comparisons like this are never as telling as they seem, because of differences in how average prices are measured, and because average prices say little about which way a housing market is headed.

And then of course there is the fluctuating exchange rate, but Porter notes that even after adjusting the numbers for exchange rate changes, Canada’s housing market is still about 50 per cent more expensive than the U.S.

“The main takeaway is that, contrary to all expectations, the Canadian housing market has just kept on rolling in 2014 even as the U.S. housing market has paused for breath (after a steep climb out of the dungeon),” Porter wrote in a client note last week.

But will it keep on rolling? The seemingly endless debate continues between those forecasting a Canadian housing bubble burst and those saying the market is healthy.

Yet with recent weakness in housing starts and building permits, some economists — such as BMO’s Sal Guatieri — have started to warn that a housing market correction could cause a recession.

Guatieri noted in a report earlier this month that Canada has become more reliant on real estate-related jobs than it has been in the past, making the economy more vulnerable to a correction.

But overall, the bank sees the odds of a serious housing market bust-out as being low.

All the same, a significant number of international investors have gone bearish on Canada’s housing market, predicting double-digit price collapses. Pimco, the trillion-dollar hedge fund run by billionaire Bill Gross, recently predicted a 30-per-cent collapse in house prices in Canada over the next few years, starting this year.

If Pimco’s prediction were right on the money, and nothing changed in the U.S. market, Canadian average resale prices would still be about a third higher in Canada than in the U.S. — even after the price crash.

Source: Daniel Tencer, Huffington Post Canada

Why is Vancouver’s real estate so expensive?

Saturday, April 26th, 2014

Vancouver has been ranked the second most expensive housing market in the world in a report on international housing costs, second only to Hong Kong.

The annual Demographia survey looked at 360 housing markets and divided median housing prices against median gross household incomes. Houses in Hong Kong cost 15 times local median incomes, while houses in Vancouver cost 10 times median incomes.

All of Canada’s major metropolitan centers fared badly in the report, ranked as extremely unaffordable with Vancouver the most costly.

According to Tsur Somerville, director of the University of British Columbia Center for Urban Economics and Real Estate, the reason for Vancouver’s skyrocketing housing prices is simple — demand is larger than supply.

“Vancouver is a lovely place with limited land and people from all over the world want to live here,” he told Xinhua. “If you have an attractive area, naturally you’ll get people willing to pay a higher price to live there, willing to pay higher rents to live there and relative to their incomes, and you’re going to get an affordability challenge.”

Local realtors are predicting the days of purchasing a detached house for Cdn $600,000 (US $543,500) are now over in Vancouver. Earlier this month, a three-bedroom, two-bathroom house on the east side of the city marked as the cheapest on the market was sold for Cdn $643,000 (US $582,500).

Somerville also pointed out that immigration to Vancouver, Canada’s Asian gateway, stands at about 30,000 people per year and the resulting demand for housing will likely keep prices high.

“But I think as long as we’re getting an inflow of about 30,000 to 35,000 people a year, coming to Vancouver as part of coming to Canada, that’s going to be able to support the house prices.”

His view was echoed by Ross McCredie, director and CEO of Canada’s Sotheby’s International Realty. Since the flare up of the international financial crisis in 2008, housing prices in Vancouver have remained high compared to other large cities around North America.

He attributes house price stability in this market to the steady inflow of immigrants and investors not common to many other major cities around the continent.

“But certainly the foreign buyers are also an important part of this market and if we didn’t have those foreign buyers our market would have been in significant trouble through 2008,” McCredie told Xinhua.

He noted Vancouver is one of the most diverse and cosmopolitan cities in Canada with a good location and environment, which means that people will keep coming and will continue to buy-up the limited housing stock.

“Part of the problem with having a beautiful city, and a gateway, is that you have significant amount of demand from people who want to live here.”

Source: Fu Peng, Xinhua


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