China’s huge real estate market, which is closely related to the real estate markets in the United States, Australia and Canada, is currently experiencing an unprecedented bubble burst. Experts point out that the enthusiasm of Chinese people to move out capital to invest in real estate in Western countries is declining sharply. The market for luxury condominiums in Vancouver is bleak, and a large number of apartments are being sold at a significant price cut.
A large number of luxury apartments are being sold at a significant price cut
In the Alberni luxury and fashionable apartment project designed by a celebrity architect in the city center, an apartment that was purchased for nearly 3 million Canadian dollars that year is currently listed for only 2.3 million. Real estate agent David Hutchinson revealed to the Vancouver Sun that there are currently 26 apartments listed for sale in this building.
In another equally luxurious and fashionable Hotel Georgia luxury apartment building, a total of 14 apartments are listed. The penthouse on the 48th floor of the building was originally listed for a price of 35.8 million yuan, but is now being sold for 20.8 million yuan.
Another neo-futuristic luxury apartment building, Vancouver House, once sold storage rooms for $150,000. Now it has more than 30 apartments for sale. Only three have been sold in the past six months, and all of them are small units, priced about 10% below the asking price.
The expansion of high-end apartment inventory is paralleled by the high-rise residential development boom in Greater Vancouver. High-rise apartments that are about to be completed include the Westbank Building in Oakridge Park, the Butterfly Building in the city center, and thousands of high-rise apartments that are about to be built in Burnaby and other towns.
These luxury high-rise apartments are all aimed at the international market. Experts believe that the current decline in the apartment market in Canada’s major cities is related to soaring interest rates and the impact of globalization, especially the cross-border impact caused by the downturn in China’s real estate.
China’s huge real estate market, which is closely related to the real estate markets in the United States, Australia and Canada, is currently experiencing an unprecedented bubble burst. Experts point out that the enthusiasm of Chinese people to move capital out to invest in real estate in Western countries is declining sharply.