If you live in Vancouver you probably recognize the name Andrew Hasman. He’s a local realtor since 1993, and apparently doesn’t agree with the view that we’re in a new paradigm, but still manages to steer clear of the word ‘bubble’.
“Many people who buy here aren’t buying because they’re moving here,” said Hasman. “They’re buying on speculation or to park money here … There have been cases where people come and purchase five or six houses. No one needs five to six houses unless you’re speculating.”
Overseas buyers from Mainland China have been the driving force behind the price rise, Hasman said. “That’s what’s driving the market, really — of single family homes that have sold in the last 18 months, I would say, they’re conservatively 70 per cent, probably 80 per cent of the buyers,” he said.
He said that in some cases, the houses are placed back on the market within weeks, at a 10 per cent higher price, or simply remain empty.
For more local realtor reactions to the current market check out the full article in the Vancouver Observer.