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Canadian Real Estate Think Vancouver City

By Nicholas Marr

Republish: EasyPublish™ Published: 31May2008 Word count: 486 Viewed: 264 time(s) Get Free Content For Your Site

Overseas property buyers seeking a place to buy in Canada need to have a good look at Vancouver. This city seems to be the place for sound investment and relocation to Canada. It has been rated as one of the best places to live, a 2007 report by Mercer Human Resource Consulting tied the city with Vienna as having the third highest quality of living in the world, after Zürich and Geneva. The good news does not stop there a strong economy and a housing market that is robust are other reasons why Vancouver is my tip for the top

Vancouver has traditionally relied on British Columbia's resource sectors: forestry, mining, fishing and agriculture. It has diversified over time, however, and Vancouver today has a vibrant service industry, a growing tourism industry.

As United States and some Canadian real estate markets have been hit by the slowdown in housing sales, Vancouver continues to shine. While things might look to slow a little, prices will still increase and the city in western Canada expects to be doing a brisk business throughout this year and into the foreseeable future.

The Canada Mortgage and Housing Corporation, which serves as the country's national housing agency, is predicting an 8% increase in home prices for the metro Vancouver area. That's in comparison to an 11% increase for all of 2007, and will still leave the city with the highest prices in the country. Evidence suggested that Vancouver house prices are going to continue to increase

Vancouver is an attractive city to many people across the globe, not just in Canada. Its moderate climate and location on the water make it a nice place to live year round, and many of the new home buyers are coming from overseas. The current low US dollar has led to an increase in buyers from Europe and Asia, where the currencies are stronger. Additionally, western Canada is experiencing a boom in its economy. High oil and commodities prices are good for this part of the country, and unemployment is very low.

Vancouver has a great future as it movie making reputation grows, it has become the third-largest film production centre in North America after Los Angeles and New York City, earning it the nickname Hollywood North.

Many of the buyers in Vancouver are going after high-end condominiums in or near downtown. There are many new condo towers that are under construction, but four in particular are doing much better than anticipated. These four luxury hotel-condominium towers now under construction are the Ritz-Carlton, Shangri-La, Fairmont Pacific Rim and Hotel Georgia. They are getting prices of more than $3,000 per square foot, compared with an average for downtown condos of $725 per square foot.

With an attractive location, strong economy and many other advantages, Vancouver looks to continue to be a hot market for some time to come.

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