Industry Experts Say Falling Loonie is Fuelling Foreign Interest in Vancouver Real Estate

The country's recent economic conditions are not affecting real estate in Vancouver.

Earlier this week, there was a sold out industry event in Vancouver hosted by real estate development firms. During the event, three respected industry leaders: John Horton of Shape Properties, Peeter Wesik of Wesgroup Properties and Jon Stovell of Reliance Properties discussed insights, patterns and trends from 2015. They also spoke about their predictions for real estate and real estate development in 2016.

According to Jon Stovell, the president of Reliance Properities, the falling loonie has made Vancouver even more appealing to foreign buyers and there is no prediction about where it will end. He also stated that our market has gone down a rabbit hole, where up is down and down is up and the clocks are running backward, we are seeing records surpassed every day.

Jon Stovell also mentioned that investors are coming from all over the world to take advantage of the falling exchange rates. Recently, a German billionaire was recently in town looking to purchase a downtown Vancouver tower. Aside from investors, more people are wanting to move to Vancouver. People from Alberta are moving back to the city. Americans are wanting to vacation in the city as well. All of this attention is bound to keep pushing prices up according to Jon Stovel.

Reference: CBC News

http://www.cbc.ca/…/falling-loonie-fueling-foreign-interest…