Located in the Portage Inlet, I just sold this waterfront House at 2832 Murray Drive, Victoria, BC.

View this recently sold House or see all my home sales

 

Where are the Chinese Buying Overseas Property in 2011?

PacWest China-Beijing

On a sunny Saturday in early June, Larry Zhou strolled the floor of a property exhibition in Hong Kong, wondering whether it was time to buy another home -- not in the city, where residential prices have soared 50 percent in the past two years, but maybe in Thailand or Malaysia. “My wife and I have been thinking about investing outside of the country since we already own an apartment in Shanghai, “Zhou, a 38-year-old civil engineer, said in an interview at the Hong Kong Convention & Exhibition Centre before wrapping up a business trip and returning home. “I’ve known people in Shanghai who like to bring their money and invest in Hong Kong properties, but I think Hong Kong is way too expensive.”

Investors are grabbing everything from $68,000 foreclosed condominiums in Florida to $2 million beachfront villas in Vietnam; a buying spree fuelled by China’s surging wealth that mirrors the country’s expanding influence in markets for gold, oil and food. The search for overseas property accelerated in the past seven months as the governments in Hong Kong and Beijing imposed purchasing and financing limits, steps that are starting to cool off domestic markets.

In North America, moderate weather, good schools and established Chinese communities are drawing buyers to cities such as Vancouver, which had the third-highest housing costs among English-speaking cities worldwide in 2010, according to Canada’s Frontier Centre for Public Policy. Hong Kong and Sydney were first and second.

The Chinese are usually in a hurry when they shop, often buying at least two houses per visit, paying cash because they don’t have time to take out a mortgage. Amanda Sun bought three houses in Australia's coastal city of Gold Coast after visiting the town just once as a tourist. The 33-year-old owner of a small trading firm is one of thousands of Chinese who are beginning to export China's house price inflation abroad by piling into property markets overseas. Stifled by a clampdown on property speculation at home, cash-rich Chinese are buying up homes in Australia, the United States, Britain and Canada instead, countries popular with Chinese students studying abroad.

Property developers are courting the international rise of the wealthy Chinese home buyer with ardour, marketing their projects in Shanghai and Beijing. CB Richard Ellis has set up a special arm to help Asian buyers purchase homes abroad. China's biggest real estate website, Soufun Holdings, has been bringing Chinese investors to tour Western cities in the past two years

"The Chinese are my most important clients now," said Cindy Chan, chairman of AGC Property Centre Pty Ltd, Sun's property agent in Australia. "The number is growing very fast." Business is so good that Chan visits China every other month to showcase homes on sale in Australia. She plans to start an office in Shanghai in May.

Chinese interest has also flooded the U.S. market, with a high increase on the number of enquiries received from Chinese buyers. Although there is an abundance of discounted property on the U.S. market, it is the lifestyle that Chinese investors desire from the States and that is what attracts their interest. Since the recession there has been a drastic drop in the number of Chinese investors, but industry experts are predicting 2011 to be the year they return.

Canada’s real estate market has always attracted Chinese buyers, but experts in the country have stated that the Chinese buyers are flooding into Vancouver and Toronto, while in the past they were generally only interested in the Richmond real estate market.

Chinese investors are used to the steep prices offered in Canada as the prices represent what’s on offer at home for them, so Vancouver and Toronto house prices are more affordable for many Chinese investors, which has created an increased interest from mainland China. As with the U.S., Chinese investors are drawn in with Canada’s stability and favourable lifestyle.

These are just a few of the markets Chinese buyers are entering; because of restrictions of ownership in China, investors are looking at alternative real estate markets to buy into, targeting markets that offer stability and high-end properties. The annual “Spring of Shanghai” Real Estate Expo reported an expanding enthusiasm for investing in property overseas, with the exhibition noting that Chinese buyers are interested in investing in countries they can send their children to study in, typically targeting English-speaking communities.

But while Chinese buyers, or any buyers for that matter, may be welcome in severely depressed property markets such as those in the United States, the UK or parts of Europe, the inflows of Chinese money are causing headaches for economies elsewhere which are growing at a much faster clip. Singapore and Hong Kong, for example, have found it tough to keep a lid on surging home prices amid strong demand from Chinese nationals, despite government efforts to cool the market and stave off destabilising asset bubbles.

Shut Out in Australia

Australia clamped down on foreign buying of homes in the country last year in a bid to calm buoyant prices. While Chinese buying has provided a welcomed boost to struggling U.S. cities, there has been a backlash in Australia, long a magnet for Asian immigrants. The federal government introduced rules in April 2010 requiring temporary residents to seek approval to buy existing property and sell when leaving. Buyers living overseas can purchase only newly built housing. The changes, which reversed a 2008 easing of restrictions on foreign investments in property, came after local homebuyers and real estate groups blamed demand from overseas investors, particularly Chinese, for inflating prices. Values rose 5.8 percent in 2010 after soaring almost 14 percent in the previous year, government statistics show.  “There’s a whole field of Chinese buyers wanting to buy, but they can’t purchase existing properties here anymore,” said Garth Turnbull, property consultant at City Residential in Melbourne. “There are some sales to parents whose children are studying here. That used to be just part of the market, but now it’s basically all that’s left.”

Capital Controls

Chan and other property agents could be a lot busier if not for China's strict capital controls. Chinese citizens are barred from buying more than $50,000 worth of foreign currencies a year, restricting them to smaller property purchases when they venture abroad. There is talk that the cap may be raised to $200,000, but that is just unconfirmed chatter so far. "The government worries about whether Chinese investors have a good understanding about foreign real estate markets," said Li Wei, an economist at Standard Chartered in Shanghai. To beat the rules, Sun, like many other Chinese, turned to her relatives for help. They pooled their annual quotas together to give her enough foreign currency to put a downpayment on the three houses, which were worth a total Australian $3 million ($3.1 million). Others sneak their money out of China by disguising the funds as import bills. Although the annual limit for Chinese citizens to buy foreign currencies is just $50,000, it’s not proving to be any real obstacle, as many of the wealthiest buyers have located their trade companies or offices in countries without currency restrictions, enabling them to pay through their companies’ offshore accounts. Such cracks in China's capital controls will help feed demand for houses elsewhere. "We think that in a relatively short period of time and in a way that is measurable, Chinese buyers are going to account for something on the order of 10-20 percent of the London market," said Gerald Allison, a director at global real estate agency DTZ in London. So far, there is no official or private estimate on the total amount of Chinese outbound real estate investment. Some developers hope China will relax its capital controls over time, albeit in its characteristic "gently" manner. After all, China needs to slow the rapid build-up of its foreign exchange reserves, which at $2.85 trillion are the world’s largest and a headache for the country. Freeing up Chinese investment overseas can do just that.

Companies Prudent

In contrast to individual Chinese investors, Chinese firms are more cautious about moving abroad. Although some developers including SOHO CHINA have eyed foreign markets over the last two years, they have yet to announce any deals. "It takes time for Chinese companies to understand the rules of the game abroad," said David Chen, a Shanghai-based executive director of CB Richard Ellis for China residential sector. He said Chinese developers would most likely start from small deals and team up with foreign firms. China insurers such as China Life and Ping An Insurance are waiting in the wings as well. Beijing allows insurers to invest 10 percent of their total assets -- 5.2 trillion yuan at the end of February -- in commercial real estate markets, at home and abroad. On the whole, however, insurers can only park 15 percent of their total assets outside China. "They are actively watching (to invest in real estate market abroad) to diversify their investment portfolios, but haven't reached any deals yet," said CBRE's Chen.

We are proud to announce that this Jun 14th, 1:00 PM to 3:00 PM we will be hosting an Open House at 3035 Uplands Road in the Uplands, Oak Bay neighborhood, Oak Bay, Victoria. This is an opportunity to visit this excellent House for sale in beautiful Uplands, Oak Bay.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Uplands, Oak Bay House for sale.

As always please do not hesitate to give me a call at 250.744.4556 if I can answer any questions before the open house, or if you would like to book a private showing.

Brenda Russell
Royal Lepage Coast Capital Realty Oak Bay

Oak Bay Tea Party - 2011

Located at Willows Beach in North Oak Bay. 2011 celebrates the fourtynineth anniversary of the Oak Bay Tea Party.  The Oak Bay Tea Party begins with a traditional parade begining at 10:30 am along Oak Bay Avenue from Windsor Park to Willows Park.  The midway is set up and opens at 11-9 pm Saturday and 11-7 pm Sunday.

Run by volunteers, the Tea Party is proud to assist the following non-profit organizations raise money for their charitable causes;  Oak Bay Kiwanis, Rotary Club of Oak Bay,  Oak Bay Sea Rescue Society, Girl Guides of Canada, Royal Oak Lions CLub and the Capital City Lions Club. 

Annual pancake breakfast Saturday and Sunday at Willows Park, 7-11:00 a.m.
Delicious corn on the cob Saturday and Sunday next to the Baron of Beef Booth.
Candy floss and popcorn for sale in the park. Oak Bay Kiwanis Pavilion in Willows Park is always open for business on the Tea Party weekend.  And what Tea Party would be complete without tea? The oldest corporate sponsor, Tetley Tea will have girl guides serving tea on Saturday and Sunday in the Tetley tea tent.

Growing up in Oak Bay, I remember playing my saxophone with the Oak Bay Concert Band right after the Tea Party Opening Ceremonies at Willows Park.  Mr. Dave Dunett was our band teacher at Oak Bay High School.  He was the best...

Entertainment Schedule for Saturday

Noon - Oak Bay High Concert Band
12:30 - Opening Ceremonies
1:00 - Oak Bay High Jazz Bands
2:00 - Victoria Children's Choir
2:45 - Paul Kilshaw, Magician
3:15 - U-JAM Young All Stars
4:00 - The Fascination Band
4:45 - Buckets of Fun with Angie Carter
5:30 - Rukus
6:30 - Vic High Rhythm and Blues
7:30 - Harris Gilmour and The Mojos

Entertainment Schedule for Sunday

Noon - The Rig-A-Jig Band
3:15 - "Jazzercise"
3:30 - Ladies Nail Driving
4:30 - Commodores Big Band
6:00 - Oak Bay Tea Party Raffle Draw

Willows Beach Bathtub races start at 1pm on Sunday. Arriving from Vancouver, Surray, Nanaimo, Abbotsford...

Willows Beach is an active Park and beach in the Municipality of in Oak Bay.  Set up your volleyball and have some fun this weekend.

I hope you found this helpful.  If you find that Oak Bay may be an area you wish to live in - be happy to help.  Licensed since 1990 and grew up in Oak Bay. Call direct at 250.744.4556, join me on twitter @brussell6 or send me an email: brenda@brendarussell.ca
Here is an example of my new listing offered for sale located in the Uplands area of Oak Bay on Uplands Road.  Please stay tuned for more Oak Bay updates, and that's Oak Bay.

I just sold this James Bay Condo at 1409 620 Toronto Street, Victoria, BC.

View this recently sold Condo or see all my home sales

Located in Roberts House, this renovated condo offers quality and taste, comfort and urban style all in the convenience of James Bay which means it's a walk to Beacon Hill Park or the Inner Harbour and Downtown.  Floor to ceiling windows and a South Eastern exposure make for some very beautiful mornings with views toward the Olympic Mountains and the blue waters of the Strait.  And if that's not your cup of tea, wait until night and catch the City Lights Show.  Either way, you can just relax and enjoy some of Victoria's nicest views from your balcony.
Inside, the features include maple cabinets form Swiftsure Kitchens and a new bathroom and laminate flooring throughout.  The fridge, stove and dishwasher remain.  Underground secure parking and a storage locker.  All in the sturdy construction of a concrete building.  Roberts House allows Pets and Rentals in this well run complex. If the James Bay lifestyle might be for you then this condo should be seen.

Roberts House was built in 1973 by Victoria famous Farmer Construction. I believe this building is the second tallest building in Victoria (59 m) showing off twentyone floors and one hundred and ninety suites.
Farmer Construction is a privately owned family business. Incorporated in 1951, working throughout British Columbia with their head quarters located in Victoria. A few examples of buildings they have constructed are; a twenty million, six story high tech building at the University of Victoria "The Engineering Computer Building", The Royal Jubilee Diagnostic Center, The Royal British Columbia Museum, Harbourside Coast Hotel, a thirty room 5 star Wickaninnish Inn located in Tofino, BC exclusive Relais and Chateaux chain of Inns to name a few. 

I just finished uploading this House for sale, 812 Intervale Avenue, Victoria, BC

Located in the Esquimalt area of Victoria BC. This 1940's house has proven its quality with the test of time and along with additions over the years has become a very nice private home. A three bedroom home, updated bathroom with a soaker tub, a large bright kitchen with an eating area, vinyl thermal windows, wood burning fireplace (chimney has been cleaned), spacious laundry/mud room, large SUNDECK, eleven year old roof. A place of piece and comfort with the bonus of a fenced in yard (pet friendly). Add to that the advantage of being very convenient to everything from seven minutes to Downtown to golf to the Military Base with parks and schools being a five minute walk and you have yourself a gem of urban housing in the unexpected metro Victoria area. Nicely priced and well situated. Offered at $405,000. Immediate possession is available. 

Canadian Forces - Esquimalt

I just finished uploading this Condominium for sale, 907 737 Humboldt Street, Victoria, BC

The Aria offers different floor plans. This suite is 1340 sq.ft. a generous size that sets it apart from much of the competition. The ultimate in luxury and location. This suite is located on the ninth floor. Two bedrooms plus a den. Facing South to the Olympic mountains, ocean, and Beacon Hill Park. surrounded by views of the Crystal Garden, Fairmont Empress Hotel, Royal BC Museum. St. Ann's Academy is a minute away. Located in the heart of Humboldt Valley, downtown Victoria. One of Victoria's newest and most luxurious condominiums.

The architecture combines traditional links to historic Victoria with a contemporary design creating a new expression in urban downtown elegance. The exterior is finished in brick and concrete with low e glazed windows including Rainscreen Technology for complete weather protection.

Recessed corner balconies designed to take advantage of the surrounding parks and waterfront will create a myriad of magical shapes with shadows and light. The main entrance lobby is situated amidst residential amenity and commercial spaces. Pedestrian walkways and promenade provide easy access to everything or an opportunity to stroll leisurely and ponder the day or evening as it strikes you.

The Aria main entrance lobby is 25 ft. high with its water feature to the fitness centre, lounge / meeting space, ample owner and visitor parking and secure individual storage no detail has been left out.

There is a full time resident caretaker, 24-hour digital video surveillance of entry points, video interphone system and concierge service. Restricted floor access for elevators, secured brightly lit underground parking with remote to activate access, touch key entry system in the lobby and common areas all add to the safety of the residents.

I just sold this executive House at 1530 York Place, Oak Bay, Victoria, BC.  Great Oak Bay location offering Oak Bay Village just around the corner.

View this recently sold House or see all my home sales

 

I just sold this James Bay Condo at 308 225 Menzies Street, Victoria, British Columbia.  Located in the heart of the James Bay Village and only about a ten minute walk to Victoria Parliament Buildings.

View this recently sold Condo or see all my home sales.

Oak Bay Artists' Studio Tour April 16 - 17

Today and tomorrow Oak Bay welcomes you to the 12th annual Oak Bay Artists' Studio Spring Tour.  A self guided free event presented by Recreation Oak Bay.  Starting at noon until 4:30pm.  Twenty-two homes throughout Oak Bay to enjoy art.  Below are the names and locations of the Artists and a map to show their locations for you to enjoy.

1.  Victor Lotto - 2605 Cotswold Road located in the Uplands area of Oak Bay (off Uplands Road) 250.592.3585 www.victorlotto.ca  He is an award winning artist, who paints in watercolour and acrylic. His work is in collections in Canada and abroad. 

2.  Pam Stonehouse - 2995 Westdowne Road located in the 'Henderson Area' of Oak Bay 250.298.4218  Photographic images of nature trees, ocean, animals and flowers. Pam is inspired by the surrounding shorelines, Gulf Islands, forest paths and gardens.  Cards, prints, canvas (new).

3.  Eduard Kajdasz - 2042 Neil Street 250.370.5953  See my new work that reflects both whimsical and abstract themes.

3.   Marie Kajdasz - 2042 Neil Street 250.370.5953  Art quilts, story dolls and felted images. Colour, whimsy and humour abound in this award winning artist's studio.

4.  Donna Ion - 2682 Topp Avenue located in North Oak Bay (off Pacific Avenue) 250.592.4204 www.gallerdir.com/donnaion  Come and see my fresh, contemporary style of acrylic painting applied to our beautiful environment.  A work of art is compelling if it elicits memories and emotions of the viewer's own personal landscape.

5.  Claire Christinel - 2347 Hamiota Street located in North Oak Bay 250.595.6502 www.gallerydir.com/clairechristinel  Welcome to my studio.  View my latest directions in painting-small oils and large textural landscapes.  Claire is an award winning and FCA artist.

6.  Avis Rasmussen - 2576 Estevan Avenue located in the Estevan area of Oak Bay 250.598.3188 www.winchestergalleriesltd.com
Rubbings, Jazz linoprints, reliefs for 'The Elegance of Black,' Watermark Printmakers' April Show including 'Take Five Coast to Coast' illustrations exhibited in Burnaby 2010/11. Print Collection Cards.

7.  Sandi Madsen - 2527 Dalhousie Street located in North Oak Bay 250.598.7013  Blues, greens and earth tones complement elements of wonder in beautifully crafted pottery and accessories.

8.  Ingrid Fawcett - 2386 Dalhousie Street (North Oak Bay) 250.595.0025 www.in ordinance.com  Join Ingrid in her studio where she captures the florals of local gardens and the energy of Victoria's Chinatown in her big, bold, vibrant acrylics.  Her canvas bouquets burst forth with colour. 

9.  Anne Hansen - 2260 Dalhousie Street (North Oak Bay) 250.381.7313  "Many artists are painting whales, bears and eagles but who is painting oystercatchers?" asks Anne, whose bird art frequents the Oak Bay Library.

10. Jean Betts - 2215 Florence Street (North Oak Bay) 250.595.2726  Jean's work reflects time spent weaving in Japan.  She creates decorative and functional textiles with an emphasis on detail. Woven, spun and dyed with natural materials.

11. Ron Douglas - 1757 Armstrong Avenue 250.598.8769 www.douglaspottery.com  Ron's Creekside Pottery Studio is brimming with new works for Spring.  Come and see his beautifully handcrafted functional and decorative pottery for the home and garden. 

12. Karen Lynn Kaiser - 1766 Armstrong Avenue 250.384.1032
A collection of oil paintings of subjects observed across Canada. Currently focusing on the repetitive elements in landscapes and architechture in bright and colourful compositions.
 
12. Marshal Hugh Kaiser - 1766 Armstrong Avenue 250.384.1032 www.marshallhughkaiser.com  Canadian land and seascapes in oils.  Evocative pieces presented in a studio gallery demonstration format.

13. Imke Pearson - 2525 Cranmore Road (North Oak Bay) 250.592.7657 www.bcwomenartists.ca  Come and enjoy my new spring watercolours, Newfy rowhouses, unique "Eco-Planet" monotypes and abstract, terraced acrylics.

14. Bonnie-Anne Goodwin - 1871 St. Ann Street located in North Oak Bay 250.592.0832  Bonnie has traveled and lived in different countries where she collected antique and spiritual beads.  She is home now creating bracelets and necklaces which will bring harmony into your life.

14. Flo-Elle Watson - 1871 St. Ann Street (North Oak Bay) 250. 592.0832  In the creative hands of Flo-Elle, the centuries old tradition of China painting is given life.  A gift to yourself or another, each one is an original, permanent, non-toxic and functional piece of art.

15. Jill Alexander - 2032 Beach Drive 250.884.2405 www.jillalexanderart.com  Jill welcomes you to her studio to see her newest collection of West Coast inspired paintings.  She works with some unique techniques in soft pastel on archival sanded paper. 

16. Joanie McCorry - Showing at 1900 Bowker Place 250.294.1944 www.peridotulips.com  Visit Joanie to discover the new magic she has created via her three dimensional paper castings, collages and photos of Oak Bay and beyond.  New greeting cards on display.

16. Joan Turner - 1900 Bowker Place located in North Oak Bay 250.592.7757 www.madelainebythesea.com  Spring is the season of renewal. Joan is inspired to apaint the beauty of it - bright, joyful acrylics.  She welcomes you to come and visit.

17. Pat Martin Bates - Showing at "Eclectic" SUNDAY only 2170 Oak Bay Avenue 250.590.8095 www.electicgallery.ca  This one person show features her latest work plus signature pieces. Winner of Queen Elizabeth's Gold and Silver Jubilee Medals, artist Pat Martin Bates, touts international status renowned for original works of visual art perforated and illuminated, suggesting mystic passage.

18. Marion Evamy - 2033 Oak Bay Avenue 250.294.6864 www.marionevamy.com  "Freedom and verve!" Join in the apprciation of warm colours and new surroundings of this 'tour favourite artist' at her new space - Red Art Gallery.

19. Maryam Barker - 2226 Windsor Road located in South Oak Bay 250.370.0605 www.lampshade-art.com  Stunning selection of hand crafted Lampshade Art created by Maryam.  View a wonderful selection of carefully chosen works with various effects and beaded trim.

20. Paul Shepherd - 957 Byng Street located in South Oak Bay 250.592.8419 www.shep-art.com  Expressive acrylic landscapes, large and small, drawn from local scenery and rendered in the restrained shades of the coast.  Also a selection of paintings inspired by travels in Canada and abroad.

21. Caroline Hunter - 877 Island Road (South Oak Bay) 250.595.8658  An award winning artist, Caroline welcomes you to her home to view her watercolour and acrylic paintings and cards.

22. Karen Prager - 668 Falkland Road located in South Oak Bay 250.592.2282  Terra cotta provides the medium for my pursuit of figurative sculpture.  Each piece is an opportunity to embrace the endless variation of form and spirit in the human body.

This Oak Bay Map outlines the artists' location via the numbers.
I hope this is helpful for you, enjoy your Sunday and look for the Fall 2011 Oak Bay Artists' Tour.

I was raised in Oak Bay and have been licensed since 1990 (21 years). Royal LePage Coast Capital Realty, 1933 Oak Bay Avenue, Victoria BC V8R 1C8. My direct number is 250.744.4556 or toll free at 1.800.550.0585 if I can help, be happy to. Victoria Market Update may be helpful if you are curious about Victoria Real Estate.  Please stay tuned for more Oak Bay updates. 

 

 

I just finished uploading this waterfront House for sale, 2832 Murray Drive, Victoria, BC

This amazing waterfront home is on Portage Inlet. Which feels like a get a way but is ten minutes from downtown Victoria. The photographs barely do it justice but they convey the ease and comfort of this wonderful sanctuary. Built in the 50's of solid old world construction. Generous lot ensures total privacy and yet is till very low maintenance. Separate two car garage. Spacious sundeck. Stairs to the dock. Improvements include gas furnace & fireplace, hot water tank, decks, concrete walks around entire home w/planters and so much more. This home is perfect for the water enthusiast and a kayak heaven with the waterway connecting to the Inner Harbor. This ideal location is not only private but quite and yet just minutes to the highway.

I just sold this House at 11262 Hedgerow Drive located in Lands End which is part of North Saanich, Victoria, BC

View this recently sold House or see all my home sales.