A second home might not be high on everyone's list of priorities in the present economic climate, but for those who are in the market, British Columbia and its largest city, Vancouver, stand out. Chinese investors, in particular, are strongly represented among foreigners buying in the westernmost province of Canada.
'The demand from Chinese investors is the strongest it's ever been in Canada,' says Simeon Garratt, head of Asian business development at Key Marketing Group, known as The Key.
'Right now, around 80 per cent of all real estate sold in Vancouver is to Chinese/Hong Kong buyers, and it doesn't look like it will be slowing down. It's just a matter of what location they will buy in. Demand has been growing over the past few years, but the explosion has really come from media exposure and a sudden emphasis on this market.'
Garratt says it's not surprising the top-performing real estate agents in British Columbia hail from Hong Kong and the mainland. The Key organised a helicopter tour for eight of them in February to showcase new projects.
'These realtors represent large networks of Chinese buyers and, in many cases, are the eyes and ears of Chinese buyers who cannot make it to Vancouver to see the properties for themselves,' he says.
The tour was mainly to showcase the coastline from Richmond to White Rock. 'We are currently selling a brand new high-rise development and wanted to show Chinese buyers how close White Rock is to Richmond, and the scenery and location. This was the first tour of its kind.'