What’s the discount for foreign investors in Vancouver?
It’s true, foreign investors in Vancouver are receiving some pretty big discounts. I’m not literally talking discounts from the Government or the seller himself. However, the Canadian dollar just fell below 69 cents for the first time in 15 years. After the exchange rate it becomes more than a 40% discount for anyone south or east of the border. You would have to be crazy not to consider investing in Vancouver. This coupled with the unsteady Chinese economy will probably spur more Chinese to get their money out of China and into Vancouver real estate. With Vancouver real estate at such a discount it makes me wonder why anyone would be calling for the bubble to burst. A recent report is calling for the market to “slow” they site a 9% growth in prices this year. In case you didn’t know, 9% is still a very steep incline, but I guess that’s nothing to the 20% we saw this year. With nowhere for Canadians to go and huge discounts for anyone outside of Canada, one would have to think the money will stay in investment friendly cities like Vancouver. What do you think?