via Paul Kedrosky
From the WSJ tonight, an article that (drive-by) makes the case for why wealthy Chinese immigration represents such an important forcing function in Canadian real estate. As the following figure shows, Canada is right behind the U.S. as the most desired location for exiting Chinese with more than $1,6m in assets.
Now, here is the important thing: Canada is only one-tenth the U.S.’s size, so the effect on Canadian real estate is immense, especially when the inbound wealth is funneled largely into two population centers, Vancouver and Toronto. And, within those two cities, most of the Chinese immigrants settle in Vancouver West and Markham/Thornhill, respectively. Incredible point mass of capital.
