The Canadian Press business Newsmaker of the Year is “the foreign investor.”
UBC Economist Tom Davidoff says without question in the Vancouver market the surge in prices we saw in late 2015 into 2016 have to be largely foreign buyer driven.
The so-called faceless “foreign investor” is often seen as coming from China.
Lawyer Christine Duhaime, an expert on Asian real estate investment says even the average Chinese foreign nationals coming to Vancouver are being painted with this brush, and being unfairly portrayed as money launderers.
Duhaime says the Chinese buyers are beginning to resent it.
She says we are going to have see some movement on the whole issue of financial crime in Vancouver so that people can feel like if they have money from China, and they are not laundering money, that Vancouver might be a good place to invest it.
The foreign investor captured 37% of the vote in the annual poll of the country’s newsrooms.
Alberta Premier Rachel Notley came in second.