An unlicensed realtor wheeling and dealing through Facebook. A stampede of investors frantically buying up dubious assets. And a city’s property markets pushed to the breaking point by a flood of Chinese buyers. All of these elements sound like a pot-boiler novel, but are already part of real life in the real estate markets of Canada’s west coast.
The story starts with the group-buy of a pair of run-down Vancouver apartment buildings valued at just C$17M (USD $13.5M) by a pack of mainland-backed investors for C$60 (USD $47.5), and then it starts getting interesting, according to an account in the South China Morning Post’s Hongcouver blog.