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Global China and the making of Vancouver's residential property market

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  • David Ley

Abstract

This paper examines the role of international investment in the construction of a local housing market in Vancouver, Canada. The background political economy included the attempt by Canadian governments to reboot a troubled regional economy through an infusion of activity from the growth region of Asia Pacific. An important investment tool was a Business Immigration Programme (BIP), which welcomed capital and invited capitalists to transfer their entrepreneurial skills to Canada. The BIP was very popular in Greater China, attracting wealth migration to Vancouver from Hong Kong and Taiwan in the 1980s and 1990s, and from Mainland China since 2000. An intricate trans-Pacific real estate market developed, with off-plan sales and offshore marketing of Vancouver property in Asia Pacific, and sales to wealthy BIP migrants at or before their arrival in Canada. House prices have risen rapidly and the detached housing market is now unaffordable to most Vancouver residents. Despite public discontent about the likely role of investors in boosting prices, provincial and local governments, who value the revenues of high property prices and BIP fees, have shown little desire to intervene.

Suggested Citation

  • David Ley, 2017. "Global China and the making of Vancouver's residential property market," International Journal of Housing Policy, Taylor & Francis Journals, vol. 17(1), pages 15-34, January.
    • Handle: RePEc:taf:intjhp:v:17:y:2017:i:1:p:15-34
    DOI: 10.1080/14616718.2015.1119776
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    Cited by:

    1. Hazel Easthope & Laura Crommelin & Sophie-May Kerr & Laurence Troy & Ryan van den Nouwelant & Gethin Davison, 2022. "Planning for Lower-Income Households in Privately Developed High-Density Neighbourhoods in Sydney, Australia," Urban Planning, Cogitatio Press, vol. 7(4), pages 213-228.
    2. Jiang, Yanpeng & Mohabir, Nalini & Ma, Renfeng & Zhu, Pengyu, 2017. "Sorting through Neoliberal Variations of Ghost Cities in China," Land Use Policy, Elsevier, vol. 69(C), pages 445-453.
    3. Jenny McArthur, 2018. "Comparative infrastructural modalities: Examining spatial strategies for Melbourne, Auckland and Vancouver," Environment and Planning C, , vol. 36(5), pages 816-836, August.
    4. David Ley, 2021. "A regional growth ecology, a great wall of capital and a metropolitan housing market," Urban Studies, Urban Studies Journal Limited, vol. 58(2), pages 297-315, February.
    5. Lisha He & Mia M Bennett & Ronghao Jiang, 2022. "The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks," Environment and Planning A, , vol. 54(4), pages 653-675, June.
    6. CS Ponder & Andrew Longhurst & Margaret McGregor, 2021. "Contracting-out care: The socio-spatial politics of nursing home care at the intersection of British Columbia’s labor, land, and capital markets," Environment and Planning C, , vol. 39(4), pages 800-817, June.

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