Bob Rennie Tells Chinese Customers Vancouver Prices Will Keep Rising

These excerpts from ‘Vancouver property still good buy for post-Olympic era’ at xinhuanet.com 17 Jan 2010

“Bob Rennie, principle of Rennie Marketing Systems, Canada and USA, told Xinhua in an exclusive interview that Vancouver properties would conservatively rise 4 to 4.5 percent in 2010, which would present an ideal opportunity for investors.”

“Vancouver is going to face a shortfall of apartment units following its hosting of next month’s Winter Olympics Games, said the realtor known as the city’s “CondoKing”

“Rennie predicted by the first quarter of 2011 the shortfall in apartment units would be noticeable in downtown Vancouver as there were very few major sites left to develop. Also, with a lot of “money on the sidelines” earning low interest, this coupled with a low supply of available properties, would put pressure on the market”

“Regardless, Rennie said Vancouver was still an affordable city by world standards and a good investment. “The unique thing about Vancouver is nobody builds rental towers (anymore). For the offshore investor properties are easy to rent out as there is no rental stock.” Unlike China where real estate speculation is rampant, Rennie added in Vancouver it was “more passive speculation” with investors buying for the long term. “Every market has people who want to jump in and jump out, but there is something unique about Vancouver that once people get their name on title they tend to hold and that’s what maintained prices. And a very low vacancy rate has maintained prices on property prices.” With Chinese-Canadians about 300,000 of the city’s 2.2 million population Rennie said Asian investors were increasingly an important factor to the market, accounting for about 25 percent of the overall sales. “With the amount of money being made in China, and with the acceptance of China to Vancouver, we have to be in the top two places on the planet for China to look at, to move money to. We see it happening right now, it’s happening a lot. It used to just happen in the luxury market, now it’s happening in all the market.”

One response to “Bob Rennie Tells Chinese Customers Vancouver Prices Will Keep Rising

  1. he’s so full of it, I don’t know how he can look into a mirror

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