Monday, January 18, 2010

Vancouver housing market: Vancouver is different?

Vancouver property still good buy for post-Olympic era

Following a Royal LePage's recent forecast that property in western Canada's largest city would rise 7.2 percent this year, Bob Rennie, principle of Rennie Marketing Systems, Canada and USA, told Xinhua in an exclusive interview that Vancouver properties would conservatively rise 4 to 4.5 percent in 2010, which would present an ideal opportunity for investors.

"Every market has people who want to jump in and jump out, but there is something unique about Vancouver that once people get their name on title they tend to hold and that's what maintained prices. And a very low vacancy rate has maintained prices on property price
s." With Chinese-Canadians about 300,000 of the city's 2.2 million population Rennie said Asian investors were increasingly an important factor to the market, accounting for about 25 percent of the overall sales.

"With the amount of money being made in China, and with the acceptance of China to Vancouver, we have to be in the top two places on the planet for China to look at, to move money to. We see it happening right now, it's happening a lot. It used to just happen in the luxury market, now it's happening in all the market."

Read the report here>.

Will the Vancouver housing market keep up with the steady price gain, or suffer a sudden collapse?

View Vancouver homes for sale.

No comments: