What’s up with Vancouver real estate? I actually had no idea. I went for a visit and while I was there I learned from people, locals and tourists, professionals and casual pontificators, about the Absurd rises in price that have been happening over the last few years. I’d like to think that I am quite globally conscious about things like this, but I don’t even see how I never heard about this. I think it’s totally fascinating and interesting. All the sudden, a couple years ago property prices started to rise, and they simply just haven’t stopped.
One person told me the story about a property near the ferry port which, in just two years, went up over 70%. That is absolutely unheard of. I have a lot of friends who are a real estate agent, and I am always keeping an eye open for Investments. The people that I told about this were also unaware that this was happening. I guess it’s kind of far away from home, but it’s still pretty amazing.
Why? I don’t know what happened. The fact is that a lot of foreign investors started buying properties all over the city, including downtown. One person told me that in downtown Vancouver, over half of the apartment units are owned by Foreign investors and rented out to people who are living in the city.
But why such an influx of foreign interests? A lot of people think it has something to do with the Olympics putting Vancouver on a bigger global scale. Also, you’ll notice that Vancouver showing up on a lot of list send collections of best cities, and cities with the highest quality of life, things like that. It’s hard to know what causes what, and I’m not a professional, but I will say that this is an extremely rare type of situation.
While I was there, I contacted a Vancouver Realtor, asking him about some Burnaby condos for sale and Coal Harbour Condos for sale within Vancouver too. I was only half interested in actually buying the condo, but after I spent some time with this guy my interest increased significantly. Not because he was dishonest or tricking me, he just convinced me that Burnaby in Vancouver, this whole area, is totally worth investing in.
I didn’t buy the condo, obviously, but that seems to be the draw. It’s an easy place to like, and there’s a lot going on. I look forward to doing more research, let me know if you know anything that might be of interest.