Based on recent data from NAR, OPP News reports a spike in US real estate purcheses by Chinese buyers.
Chinese spending on US property sold by Realtors almost doubled in the year to March 2014, jumping from US$12.8billion to US$22 billion, according to the NAR.
The sales, which were boosted by the appreciation of the Chinese Yuan, accounted for almost one-quarter of dollar overseas sales, the NAR’s 2014 Profile of International Home Buying Activity states.
Although Canadians bought more US homes, Chinese buyers spent more than double on each home, with the average Canadian median value at US$212,500 compared with US$523,148 spent by the Chinese.
One of the authors of the NAR report, Senior Vice President, Lawrence Yun, goes further, saying, “It’s just the beginning of a tidal wave."