"Being a small town with an abundance of modern amenities should make Kelowna a shoe-in for growth coming out of the recession, but not being an immigration hub could be slowing its progress".
During an Urban Development Institute meeting yesterday, Neil Chrystal, president of the UDI Pacific Region and CEO of Polygon Homes Ltd. gave his take on the local real estate market, noting he was surprised by some of the incongruencies between this city and Vancouver.
- “Vancouver bounded back and Kelowna got nothing,” said Chrystal, adding he’s wondered what the difference could be and landed on the lack of appeal to the Asian consumer.
- “Vancouver is a great destination for people from mainland China,” said Chrystal, to the roomful of developers and industry experts. “We had that and you didn’t and you couldn’t replace the second home buyer.”
China housing market.
An article posted on Seeking Alpha "4 Reference Points on China Real Estate" raised the question whether there’s a housing bubble in China.
The influx of money from China is an important factor contributing to the strong run up in home prices in metro Vancouver the past 8 years. A fascinating interview in this month’s (January) issue of China International Business magazine with Zhang Xin, the CEO of SOHO China revealed her thoughts on the real estate market in China.
"She is unambiguous in her belief that her industry is in the midst of a bubble."
A downturn in the housing market in China could have a significant impact on the housing market in metro Vancouver.
View Vancouver homes for sale here.
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