Gerri Torres, a real estate agent with Macdonald Realty Westmar, was recently quoted in the Vancouver Sun. The article discussed the recent increase of Canadian-based Filipino residents buying property back home in the Philippines for various reasons; investment, holiday or a retirement home.
Vancouver is home to almost 90 thousand immigrants from the Philippines and growth is steady. They are the third largest minority in Metro Vancouver, after the Chinese and Indian population. Daniel Libeskind, who is behind a new project, Century Spire based in Metro Manila, is expecting that 80% of the buyers will be from overseas.
However, the flow of investment is not a one-way street. In the article, Gerri pointed out the increasingly popular practice of wealthy Filipinos looking to buy homes in BC. Many choose to buy in Vancouver due to the education system, especially the University of British Columbia. They are looking to buy property so that they can settle down here while their children get their education here.
For the entire article, please click here.
For a recent comparison of the Vancouver and Manila real estate markets, please click here.