The Real Deal New York

Chinese buyers are getting ripped off on Vancouver real estate

Vancouver

Vancouver

Looking for Vancouver real estate and think you’re getting the shaft? Well don’t feel too bad, there’s a few sellers that are looking to take foreign buyers for even more of a ride. Here’s our favorite listings on the other side of the Great Firewall, that are pushing the boundaries of what foreign buyers are willing to pay.

2660 Croydon Drive
This plot of land is in Surrey, but is being advertised in Beijing as a 10.9 acre residential development site in “Vancouver, Canada.” The asking price is $21,000,000 for the rights to the agricultural land where “the owner has applied to the City of Surrey for Development Permit to develop four residential towers of 18 storeys each.” Since the land isn’t approved for building yet, and it’s currently zoned as agricultural land – the assessment value for the address listed is $9,538. Heck, the whole zip code is only assessed at $11,464,838. It was apparently purchased by the owner in 1970 for $27,500. A 76,263% return over 46 years is a solid return.

Probably worth noting that some local residents are also petitioning the development, but it’s not like politicians have ever listened to residents. Oh yeah, the people petitioning are also under the impression that it’s three towers, so…that’s going to be awkward when they find out.

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4075 Dominion Street
Did you know that Vancouver is considered a part of Hong Kong by some people? Because I didn’t. Listed as “Burnaby-Vancouver,” this 4 bedroom is on Craigslist Hong Kong as Hong Kong real estate for sale by the broker. The listing is asking Hong Kong buyers for $1,175,000 plus taxes for the recently renovated suburban duplex. It’s also listed on the Canadian MLS for a $1,140,000 – so you can “save” $35,000 by spending twenty seconds and putting the home’s address into Baidu.

9318 205 Street
This slick unit is being sold as a 4 bedroom in “Vancouver, Canada,” but is actually located in Langley. The house is listed on Hong Kong’s Craigslist for $1,720,000 by “the owner” – which doesn’t seem that bad considering it does have top of the line finishes. Property records show it was purchased for $1,250,000 in January 2015 – a 37% markup before the foreign buyer tax. We couldn’t find the listing anywhere in Canada, so the seller is probably hoping locals cruise Craigslist Hong Kong for “local property” for sale. Which to be honest, I do…so it’s not all that far fetched.