Looks like Vancouver, BC and real-estate and currency. From the Toronto, Ontario National Post:
Luxury home buyers in Vancouver flipping houses to other desperate buyers before ink even dries on sale contracts
Demand for luxury homes in Vancouver is so high that shoppers are willing to pay a premium for residences that already have buyers, spurring people with deals in place to flip the properties.
Rising demand has led to an increase in bidding wars, more sales over asking price and a greater number of “contract assignments,” where buyers sell their rights to a home before completing their purchases, Sotheby’s International Realty Canada said Thursday. In the first half of 2015, 2,465 Vancouver homes sold for $1 million (US$785,000) or more, up 48 per cent from a year earlier, the brokerage said in a midyear report on luxury real estate.
“The person who wins the bid says, ‘Listen, there are two other people here who desperately want that home and will pay $500,000 more,’” Ross McCredie, chief executive officer of Sotheby’s International Realty Canada, said in a telephone interview from Vancouver. Losing bidders often offer 20 per cent more than the list price, and the buyer flips it for even more, he said. “We’re seeing it more and more.”
High consumer confidence, increased foreign demand and low interest rates helped boost sales of single-family detached homes, attached homes and condominiums in all high-end price ranges in Vancouver. In the $4 million-plus category, 219 properties sold, up 71 per cent from a year earlier, Sotheby’s said.
That would be Asian nationals buying up the properties now that the bubble (real-estate and stock market) in China is collapsing. Looking at a "market correction" in Vancouver in 3... 2... 1...
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