3% of our market? WTF are you smoking?
Do you think you'd have seen west side prices where they are if this was true?
where are you getting your stats from?
If you aren't just pulling them out of your ass you might want to include in your post with links.
See above all the links to all the estimates of 1%-3% (of the OVERALL Market, NOT just Van West SFH - but I guess you can't understand the math since you don't understand other simple arithmetic concepts like the difference b/w new listings and active listings). These estimates are from HYPER-BULLS Bob Rennie, Cameron Muir and MAC Marketing
reprinted below because your head never seems to be out of your a** long enough to read & comprehend one sentence (all other readers please excuse the large print, but obviously this is required for ETB):
I said above that Van West % Mainland Chinese is higher than the market as a whole (i.e. all of Greater Vancouver), but overall Cam Muir says it still only works out to 1%-3% foreign buyers for the whole Greater Vancouver market.
Rennie's myth quote is right here (as well as MAC Marketing that corroborates the low % of foreign buyers):
Even hyper-bulls Cam Muir et al say Chinese and foreign buyer influence in Greater Vancouver housing markets is a myth (and also confirming my previous comments that just because buyer is Chinese doesn't mean they are recent immigrant - Chinese have been here for DECADES and are locals with local incomes):
"Industry experts have estimated the proportion of foreign buyers in the Vancouver region’s housing market at 1 to 3 per cent, said Cameron Muir, chief economist at the B.C. Real Estate Association. The perception of offshore money pouring into the area to acquire properties without foreigners even visiting them has been overstated, Mr. Muir said Tuesday, adding that many investors arrived in Canada several years ago. Here is one case in point. Mr. Liu’s father, Kevin, immigrated to Canada from China in 1999 and has been a Canadian citizen for the past decade.
http://www.theglobeandmail.com/news/bri ... le4633625/
(Credit to SethM for posting this article on another thread)
"But even then, speaking to the Urban Development Institute in May 2011, condo marketer Bob Rennie observed that for the Lower Mainland as a whole, 2,500 condos are foreign-owned (or approximately 1.2 per cent) based on where assessment notices are sent. And foreign buyers of single-family homes are equally few, at just 607 (or 0.15 per cent of the regional total).
Another measure comes from MAC Marketing Solutions, which issued a report in June noting that of 500 buyers surveyed in the first five months of this year, just three listed an address in China as their primary residence
http://www.westerninvestor.com/index.ph ... -the-house
So that's Bob Rennie, MAC Marketing and Cameron Muir all stating the exact same 1%-3% foreign buyer number.
I know that you and other bulls want to (blindly) believe that there is a rational explanation for overall Greater Vancouver's
insane prices (i.e. a bucket loads of foreign money, helicopter drop of foreign money, so "local incomes and wealth" don't matter), but you are dead wrong according to "industry insiders" Bob Rennie, Cam Muir and MAC Marketing (not from my mouth) - this is just like in Vancouver's past bubbles that popped: early 1980's and early 1990's.
And Rennie et al's estimates are further corroborated by Vancouver' plunging immigration and population growth numbers - recently down to as low as 1% per annum which is WAY below the 4%-5% per annum in the early 1990's (that data and sources have been posted elsewhere on other threads on this site ad infinitum)
EVEN IF you agree w/ ETB's out of the air estimate above that 75% of Van West SFH are to HAM (i.e. offshore Mainland Chinese), that still amounts to a MERE 9% of the overall SFH Greater Vancouver market:
See page 5 of Sept/12 REBGV stats package : http://www.scribd.com/doc/108744281/Sep ... ke-Stewart
Total SFH sales for Jan.-Sept., 2012 = 8.175
Total Van West SFH sales for Jan.-Sept., 2012 = 1,013
ETB's estimate of 75% of Van West SFH sales for Jan.-Sept., 2012 = 75% of 1,013 = 759 sales (about 84 / month or ONLY 4 sales to Mainland Chinese in Van West SFH per business day
) = 9% of overall Great Vancouver SFH sales
. By definition, 4 sales per day
and only 9% of the overall Greater Vancouver market (even by your own estimate) can not explain the overall $1.2M avg. price of SFH in ALL of Greater Vancouver (from "Maple Ridge to Horeshoe Bay" as Ozzie describes it).