Don’t have the economic head winds slowing Canada’s economy to have the having said that effect on Vancouver’s real estate market.
That was the message from a nel of developers at the Urban Unfolding Institute’s sold out industry event yesterday.
Jon Stovell, the president of Confidence Properties told the crowd the free falling loonie has made the conurbation even more enticing to foreign buyers, and there is no forecasting where it longing end.
“Our market’s gone down a rabbit hole, you know. Up is down, down is up and the clocks are on-going backward … We’re seeing records sur ssed every day,” said Stovell.
Investors are bear down on from all around the world to take advantage of the falling exchange amounts, says Stovell, who cites the example of a German billionaire who was recently in burgh looking to buy a downtown Vancouver tower.
“Anybody whose got a lot of money to seat is probably working with a fair degree of American dollars,” he put.
Other members of the nel highlighted the relative stability of Canadian genuine estate values when com red with more volatile investments such as size ups.
But it is not just investors putting pressure on prices. Stovell says assorted and more people want to move to Vancouver to live or vacation.
“Individual from Alberta are moving back here, and Americans are seeing Vancouver again. so it’s in actuality in the spotlight right now.”
All that extra attention is bound to keep overtaxing prices skyward, he says.