According to this article published by the New York Times, the housing market in Canada saw a drastic decrease in sales (30%) in 2012 although prices fell 10%. Single family homes took the biggest hit during price corrections while condominiums have maintained their prices a little better. In my eyes, I see this is an opportunity for investors to purchase single family homes in this market due to the hit they have taken relative to other housing options that have done a better job retaining value. Although the downturn in the economy has cautioned many buyers in certain parts, the article states that about 25 percent of the property buyers in Vancouver are foreign. The realtor interviewed in the article said that Canada encourages foreign buyers especially from the United States who can easily obtain a mortgage in Canada with U.S. based assets.
http://www.nytimes.com/2013/02/21/greathomesanddestinations/real-estate-in-canada.html?_r=1&adxnnl=1&adxnnlx=1361382679-a4Ee/OAUzdaKuJMtQRcSUw&
1 comment:
This downturn in the housing market is possibly due to the rebound in the american market, with more people buying homes in america less people will leave the country to find new opportunities
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