Tom Davidoff, a UBC Sauder School of Business professor, spoke to Richmond News for an article about the slow recovery of foreign home buyers in Richmond.
Davidoff said that the pre-tax downturn may have been a result of the weakened Chinese yuan and the Chinese government restricting money from leaving the country.
He argues the nearly 40 per cent increase in Richmond house prices over the last year is likely a result of foreign investment.
“To deny the role of foreign money is hard to believe,” said Davidoff.
He added that foreign demand seems to be shifting to markets like Seattle and Victoria.
