Where Immigrants Live In Metro Vancouver
Greater Vancouver is blessed with divers population coming from all over the world.
In the last decade, investors and families bring foreign money and purchase big houses in best areas and cities.
Houses are purchased above asking and the demand seems to drive the prices up.
in some cases those properties are left vacant, and the buyers frequent them only few days every year.
Simultaneously, Vancouver experiences speculants who flip houses for a fast gain.
They purchase houses before the area goes up in value, renovate it lightly and resell it in few months for 200-300k more than they paid for it initially
Recently there is a strong voice among locals that asks to stop this phenomena and start balancing the market so it will be more affordable for locals as well as world citizens.