{"id":14,"date":"2015-11-06T14:16:18","date_gmt":"2015-11-06T22:16:18","guid":{"rendered":"http:\/\/roryc.brixwork.com\/blog\/?p=14"},"modified":"2015-11-07T09:53:53","modified_gmt":"2015-11-07T17:53:53","slug":"foreign-money-boosts-recreational-property-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/11\/foreign-money-boosts-recreational-property-market\/","title":{"rendered":"Foreign Money Boosts Recreational Property Market"},"content":{"rendered":"<p style=\"text-align: justify;\">The foreign-buying frenzy in Vancouver isn\u2019t only driving up prices there, but that overseas cash is now funding a buying spree for retirement and vacation properties in other parts of the province, according to one expert.<\/p>\n<p style=\"text-align: justify;\"><!--more--><\/p>\n<p style=\"text-align: justify;\">\u201cIn Whistler we\u2019re seeing a lot of people cash out from Vancouver in the single-family home sector because they\u2019re getting big Chinese money for their home in Point Grey or Kitsilano and they\u2019re coming up here and finally getting to live the dream,\u201d Shauna O\u2019Callaghan, an agent with Macdonald Realty Inc., told CREW.<\/p>\n<p style=\"text-align: justify;\">The low Canadian dollar is also driving investors into the area, though these ones are travelling shorter distances to buy.<\/p>\n<p style=\"text-align: justify;\">\u201cWe see U.S. investment and the market that I see influencing Whistler is Washington,\u201d says O\u2019Callaghan, who holds a Certified Luxury Market Specialist (CLHMS) designation. \u201cIt\u2019s not just the dollar spurring this trend, but the strength of their economy, driven largely by the tech industry.\u201d<\/p>\n<p style=\"text-align: justify;\">Other industry leaders point to recreational properties in the eastern part of the province benefitting from the downturn in Alberta. Central 1 Credit Union recently reported that weaker conditions have helped increase interprovincial migration to 3,500 people a quarter this year.<\/p>\n<p style=\"text-align: justify;\">Many of these newcomers have received \u201cgenerous buyout\u201d packages which have allowed Alberta buyers to retire early.<\/p>\n<p style=\"text-align: justify;\">The Whistler market has grown tighter for investors since the 2010 Winter Olympics and according to O\u2019Callaghan most of the supply has now been absorbed.<\/p>\n<p style=\"text-align: justify;\">\u201cAs a result of that is we\u2019re seeing prices increase and it\u2019s just become harder for people to find what they\u2019re looking for,\u201d she says.<\/p>\n<p style=\"text-align: justify;\">That\u2019s why she urges potential buyers to get in while they can.<\/p>\n<p style=\"text-align: justify;\">\u201cDown the road, some people are going to kick themselves that they didn\u2019t buy now. They\u2019ve been spoiled thinking that this is a quiet market, but that\u2019s changed. There are multiple offer situations and they\u2019re going to have to compromise on what they want because we just don\u2019t have the inventory.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/foreign-money-boosts-recreational-property-market-198564.aspx\" target=\"_blank\">Foreign Money Boosts Recreational Property Market <\/a>by John Tenpenny | Canadian Real Estate Wealth<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The foreign-buying frenzy in Vancouver isn\u2019t only driving up prices there, but that overseas cash is now funding a buying spree for retirement and vacation properties in other parts of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/11\/foreign-money-boosts-recreational-property-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-14","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Foreign Money Boosts Recreational Property Market &#8226; 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