Popular Real Estate Firm, Eddie Yan and Team, Responds to the Report on Vancouver's Chinese Market

Eddie Yan and Team is a Vancouver based real estate firm that works with buyers and sellers in the region to create synergy.


Vancouver, BC -- (SBWIRE) -- 01/21/2016 -- A recent land-title study in Vancouver by David Eby and Andy Yan produced some very interesting results. Over a six month period of time, Mainland Chinese buyers acquired 70% of the real estate in Vancouver's west side.

What makes their study even more interesting is the fact that of those purchases 18% were outright purchases in cash with no mortgage by banks on very large homes, while at the same time the property owners appear to be students and homemakers. The study was conducted because area residents were complaining that the homes being sold were not in use and were for a home-flipping scheme.

Eddie Yan responded with:

"A lot of people in the area are concerned because they feel that these are astronaut homebuyers who are looking for a long-term investment and not to occupy these residences. This doesn't create a community and it certainly doesn't assist the local economy to have part-time residents with little money to invest in the local economy or contributing to the tax base."

Yan balances this with the understanding that a community doesn't buy a house or building, individuals and corporations do. "At this point, it is fine to question the study's results," says Yan, "but to draw conclusions about what this will mean for the future? I don't think we can really do that yet."

About David Eby and Andy Yan
For his part Yan says he will continue to do what he always does which is enable home sellers to get the best price for their property, and buyers to get the best value.

Media Contact:
Address: 3010 Boundary Rd, Burnaby, BC V5M 4A1
-Eddie Yan: Vancouver and Burnaby Award Winning Realtor
Contact Person: 604-722-7309
Contact Person: Eddie Yan, Founder
Email: eddie@eddieyan.ca
Url: http://www.eddieyan.ca