“Just moved back to vancouver bought and sold some property in south-western ontario over the last 15 months,sold my vancouver real estate in 2009. I hate to tell everyone, vancouver is not a favoured destinations for many people. I didn’t meet one person who would move their family to vancouver and pay outrages prices to live here. Oh and there were asians and indians in ontario that are happy where they are living and would never pay vancouver prices. Most world investors have taken their money out of vancouver and are investing in places like west palm beach and miami beach. Not sure about most of you but 100 grand for a nice condo in miami beach with a great night life, culture and alot of sun is much mor appealing than the rain in no fun vancouver. Only here in vancouver for work and yes i am renting”
- sebastian at vancouvercondo.info 20 Sep 2011 9:04am
We disagree with the statement “Most world investors have taken their money out of vancouver and are investing in places like west palm beach and miami beach”; that hasn’t yet happened.
We suspect that the bulk of foreign investors in Vancouver RE have been very happy with price increases (compounded by loonie strength) thus far. They will liquidate when prices weaken.
That’s how momentum speculators behave in markets; buy strength, sell weakness.
-vreaa
the smart money left vancouver long ago. Visit miami beach and see who is buying not the locals thats for sure.
sebastian -> Thanks for the comment (and for the original story).
We agree with you that Vancouver RE is very overpriced and wouldn’t attract global smart money at present.
We also agree that SMART money has left (but that is always a minority).
We, however, do not think that most investors who own Vancouver RE have yet sold (if they had, prices would have been softer). The majority have enjoyed the run-up thus far, and will get out on the way down (that’s the way it always is).
Only a minority will have had the foresight to have sold in the vicinity of the top (as you did).