This has been happening in other US cities as well, and probably on the same scale. Several realtors I know in the Dallas/Ft Worth area have noted the same things - a large uptick in Chinese homebuyers over the past few years, often with all cash offers. Another friend sold her house, and the person that bid over their asking price and bought it cash and sight unseen? Chinese. They bought it so their daughter and son in law could live there while she attends TCU.
I was in Vancouver last weekend and, as is my habit, checked out the prices near the place I was staying. Houses that I would expect to cost $600k in Seattle were listed at $2 million. I'm still struggling to comprehend that.
The craziest part is when you go outside of Vancouver to places like Abbotsford or Victoria. Both have housing prices nearing the $1m mark fast, and it's not uncommon for property owners to get realtors knocking on their doors daily asking them to sell to their overseas client.
