Chinese investment in Vancouver commercial property from companies such as Anbang Insurance Group Co. has slumped amid a flood of regulations, with investors looking to Toronto instead.
Asian investments in Vancouver fell to almost C$350 million in 2018, a drop from the C$1 billion-plus that hit the market in each of the two prior years, according to data from CBRE Ltd. In contrast, Toronto took in C$526 million of Asian investment last year, up slightly from 2017, including a C$256 million purchase of an office building by Chinese private investor Tigra Vista Inc.
The numbers provided by CBRE are only based on known buyers though many “go to great lengths to protect their identities and remain confidential,” the brokerage firm said. In Vancouver, Chinese investment “had always been predicated on land, placing bets on land, whether it’s old shopping centres or office buildings even – they see underlying development and land value,” Bal Atwal, a principal at brokerage firm Avison Young, said. “They’re looking at Toronto now because they’re seeing a better arbitrage on that than they are here.”
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