THE CHANGING FACES OF REAL ESTATE IN WESTERN CANADA

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ANN CHIASSON

Western Canada’s breathtaking scenery has captured the attention of many international visitors and has piqued considerable interest in investing in Canadian real estate. China in particular has taken a keen interest in British Columbia, where approximately 500,000 Chinese have made Vancouver their home. With 250,000 Cantonese and 160,000 Mandarin speaking Chinese as well as the second largest Chinatown in North America, Vancouver offers a comfortable environment for visiting mainland Chinese Nationals. he lower mainland has experienced an intense period of Chinese investment over the past few years and whilst that has slowed somewhat, the influx of Chinese investors to Canada is only just beginning. Immigration programs are in place to encourage Chinese investment in business and commercial property and this will lead to investment in homes. With limited property rights in China ( the government owns the land), the dream of owning real property in Canada, Britain and the U. S. is highly attractive for Chinese investors. Education is also extremely important in Asian culture; therefore the initial investment is often in English speaking countries with property located close to the private high schools and universities that their children are attending. Therefore, if we want to encourage investment, we need to create a more familiar atmosphere for Asians visiting our cities and towns. Squamish, with two universities and a new private high school, is an impressive alternative to Surrey and Richmond. The sale of the Makin Lands at Britannia Beach to a large Chinese group will change the face of that community. Current BC Government programs* allow individuals from outside of Canada to invest $ 200,000 or more in a business that has operated for a minimum of 5 years ( certain restrictions apply). This will allow the buyer to apply for a work permit and start the process towards permanent resident status. While this may be appealing, the process can take up to 5 years with the current backlog of applications. Investing in technology development or services deemed to be helpful to the B. C. economy can expedite the process, but that could require a minimum $ 2 million dollar investment. Whistler is on the radar of the Chinese and other potential Asian investors; therefore we need to alter our way of thinking to make it easier for those tourists to enjoy our beautiful area. By offering translated websites, signage at key locations and even restaurant menus, we will go a long way in promoting a welcoming environment. Tourism Whistler has developed a comprehensive brochure inviting Chinese travellers to visit and local Whistler businesses should begin to follow suit. Chinese tourism is on the rise, and whilst there are only 5 Million Chinese skiers today, imagine if even 5% of the population decided to try the sport. China is developing ski areas, so the thought is not so far- fetched, with hundreds of millions of dollars being invested in The Secret Garden Ski Resort just 3.5 hours outside of Beijing. www. secretgardenresorts. com/ index. php/ English RE/ MAX China has opened offices in 6 major cities in Mainland China with its head office in Hong Kong, and we are working closely with them to provide new and exceptional product information to their realtors. Having attended the International Property Show in Beijing in April, we now have a greater appreciation for what the Chinese are looking for. Chinese are very interested in settling here, and we can assist them in many ways to make “Beautiful B. C.” their home.

* Policies change so it is recommended that you consult an immigration specialist.

WHISTLER TRAVELLER