More apartments in Vancouver snapped up by foreign buyers

GMT 07:46 2015 Thursday ,07 May

Arab Today, arab today More apartments in Vancouver snapped up by foreign buyers

Apartments in Vancouver
Vancouver - XINHUA

One third of units in one of Vancouver's most talked-about condominium towers were snapped up by foreigner buyers, reflecting their preference for downtown properties in major Canadian cities, Canadian Broadcasting Corporation (CBC) News reported Wednesday.

The 59-story tower with its unique twisting shape that expands as the building rises, drew international attention when it was revealed in 2013.

Developer Westbank Corporation said the building is nearly sold out, with 35 percent of units sold to foreign buyers, the CBC report said. According to Westbank, the buyers are not just from Asia, but the United States and Europe too.

The sales reflect that foreign buyers are acquiring real estate in the heart of major Canadian cities, CBC News quoted Robyn Adamache, a market analyst with Canada Mortgage and Housing Corporation, as saying.

Although foreign ownership of rented condos across the wider central metropolitan areas was 2.3 percent for Vancouver, Adamache said the figures only represent a small part of the market, and do not include units that might be owned by foreigners but not rented out to the public.

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