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The addition of consumer-facing operations by Canadian banks in China has also helped. HSBC, historically the bank that bridges Hong Kong and Vancouver, has been joined by Bank of China, Industrial and Commercial Bank of China, the Royal Bank and Bank of Montreal in allowing non-residents to take out mortgages, starting with a 35 per cent down payment. (Some banks even allow buyers, represented by a relative or friend in Canada, to pur- chase a house without ever setting foot in the country.) As well, getting between Vancouver and China has become much easier and cheaper: in 2000, there were around 10 weekly flights to China; by the summer of 2015, the number was 40. While most of the media attention on the "foreign money" flooding into Vancouver real estate has focused on the negatives, realtors we talked to emphasize the positives—particularly the money injected into the local econ- omy via shops, restaurants or services. These homebuyers, says realtor Saito, "are real people with real families and real needs." Moreover, some industry observers think the very idea of the "for- eign" investor is a red herring in today's global economy. "If you're a landed immigrant, you're pulling in money from somewhere else," says Cameron Muir, economist at the B.C. Real Estate Association. "And if that's the definition, then we're all for- eign investors. Of the money that you and I and everyone else have invested in the Canadian pension plan, 60 per cent comes from abroad. Are you suggesting we all give that up and divest?" • 52 BCBusiness January 2016 1. Transactions on Angus Drive feature a higher-than- average percentage of all-cash deals. thirty per cent, or 12 of the 40 houses surveyed, were all-cash deals. West-side Vancouver realtors say they deal almost exclu- sively in all-cash transactions. across the lower Mainland, 20 per cent of residential prop- erties are purchased in cash, according to the b.c. real estate association–albeit at much lower price points. and according to many industry observers, that percentage of cash transactions tends to decline as you move into more expensive homes–the exact opposite of what's happened on angus Drive. 2. Price increases on Angus Drive are without equal in Canada. between 2011 and 2012, property values along angus north of 33rd increased 66 per cent; between 57th and 33rd, 39 per cent; and south of 57th, 33 per cent. in toronto's lawrence park, leaside and Davisville–three neighbour- hoods roughly equivalent to the arbutus street corridor– it took seven years, not one, to see a similar rise. 3. Buyers on Angus Drive are typically businessmen, homemakers or num- bered companies. of the transactions analyzed, 10 owners listed on the title were identified as homemakers, 15 as businessmen and 16 were a combination of the two; two were students, two were doc- tors (surgeon, hematologist), one was a media agent, while one property was owned by a numbered company registered at the same address as an immigration lawyer. "the role of 'unconventional buyers'– housewives, students and self-employed–is notable," says ubc's David ley. 4. Homes purchased on Angus Drive are frequently torn down, rebuilt or completely remod- elled. in 30 per cent of the homes surveyed, the city of Vancouver issued a develop- ment permit within two years after the sale. in three cases, a development permit was issued within two years before the sale–a sign, says realtor les twarog, that the owner intended to sell. since september 2015, new city of Vancouver rules prohibit the destruction of prewar houses, which twarog expects to have a marginal negative impact on sale prices. ■ Behind the numbers Key findings from BCBusiness's investigation of 40 transactions along Angus Drive BCBusiness.ca/StaySmart or call 604.299.1023 *plus tax Whether reading the magazine over breakfast, the daily newsletter during your commute, the iPad edition over lunch or the website on your device of choice throughout the day, BCBusiness keeps you smart, informed and always ahead of your competition. Stay Smart Subscribe for just $19.95 * /year! 05FAD14

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