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Winter Olympics Brings Vancouver Property Into Spotlight - 17 February 2010
With all eyes on the Winter Olympics, property in Vancouver is guaranteed to continue to skyrocket, economists say.
The coastal city of Canada has been a longtime favorite among tourists and homeowners because of its moderate climate and smart urban planning, and the recent onslaught of good press is only adding to its popularity.
Last week, Vancouver was named the most livable city in the world for the second year in a row by the Economist Intelligence Unit. This was also around the same time the city’s snowcapped mountains and evergreens began gracing television sets around the world for the Winter Olympics. Add to that the city’s burgeoning film industry, and market watchers agree that Vancouver is poised to remain a top real estate contender for 2010.
Prices for Vancouver property have steadily risen since early of April of last year. In spite of (and as a result of) the global economic crisis, investors have been snapping up property deals, paying cash in return for low interest rates. Reports from real estate experts show that Canada is the current leader in property price increases—the price of the average Canadian home was up by 11 percent in 2009.
Consequently, sales of existing Canadian properties were also up last year—73 percent from November 2008, an impressive number, considering its neighbor, the U.S., had a depressing year in real estate.
While some fear Canada’s housing bubble may burst, for now, the supply and demand ratio remains favorable. There’s currently a shortage of homes for sale and a lot more investors being lured to the country. Several international property websites have indicated that Canada is one of the top five countries being searched by overseas investors.
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