Who’s buying Vancouver’s condos?

Recently, I've found an interesting article in The Globe and Mail on real estate in Vancouver. Gary Mason, national columnist writing on B.C. affairs asks the question, who's buying up all the condos in the city. He also manages to answer it: "A good percentage of the purchasers, as it turns out, are offshore investors", he says.  He also maintains that if there is a slowdown under way, Vancouver seems to be immune from it. Here's a short excerpt from this interesting piece:
"In Vancouver, of the 2,743 condominiums expected to be finished this year, nearly 90 per cent are already sold. There are 2,925 condos scheduled to be completed in 2009; 98 per cent of those are sold. And 83 per cent of the 714 that will be finished in 2010 are gone."
What are your thougths?
 

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