Although the recent run-up in prices of upper-end properties in British Columbia and the major appreciation in the Canadian dollar have muffled demand for luxury real estate in the country, the upper-end market still remains fairly strong. Demand is coming from several classes of investors and local homebuyers who are trading up their homes. The monetary rebound, paired with the recovery in energy, treasured metals, and commodity prices will likely revive demand for upper-end homes in the area. Jay Belson
Different areas of Uk Columbia have experienced demand for luxury real estate from different classes of purchasers and investors. Inside the Greater Vancouver area, upper-end properties have attracted well-off baby boomers and Technology X and Y traders seeking new residences or leisure homes. Increasing prosperity of the Chinese buyers has also produced a major influx of investment money into luxury homes in Greater Vancouver, containing a huge population of the Chinese and South Oriental immigrants. Together with the Chinese, European investors have found their way into the Greater Vancouver upper-end real estate market. In recent years, high prices of energy, treasured materials, and other commodities have increased the wealth of many Canadians, boosting local with regard to luxury properties.
In the Light Rock – South Surrey area, high-end properties have benefited from inward immigration and leisure property demand from out-of-province investors. Seeing that it is the circumstance with the Greater Vancouver area, international investors from Mainland China have recently been fairly active in the luxury market in the area. Notwithstanding the recent slowdown in the Far east economy, demand from the Chinese buyers may stay strong, especially as the global economy stages a comeback.
In the upper-end market in Victoria, increasing age middle-agers, usually trading up to more expensive homes for retirement, and local buyers from Ontario and Alberta have been the most active buyers in the market. The trading-up activity has been expanded by the recent drops in values of luxury properties. This will probably intensify as the local market moves to more balanced-market conditions.
In Kelowna, demand for luxury real estate has traditionally come from the retirees and the aging baby boomers, in particular those who have experienced large increases in their net worth. Almost all customers is traveling from Alberta and Vancouver. In the past, international investors, especially Americans, have been a prominent force behind demand increased for upper-end properties in the spot. However, the monetary downturn and the collapse of the Circumstance. S. dollar have muffled the Americans’ interest in the luxury real real estate in Canada as a whole and in Kelowna in particular.
Given the substantial appreciation in Canadian housing values, along with a strong Canadian buck and the major fall in the home prices in many international marketplaces, such as those in the United States and the uk, luxury real real estate in British Columbia has lost appeal among many international investors, especially the American. Some local shareholders, attracted by double-digit drops in housing values in the United States and charged with a major increase in the Canadian dollar relative to the U. S. greenback have moved south of the Canadian border in quest of discounted U. T. real estate.