Now Canada'a most expensive housing market, downtown Vancouver is attracting more and more big-spending buyers and watching its property values skyrocket.
"Downtown Vancouver is the most expensive housing market in Canada, according to a survey of 21 cities worldwide released last April by Century 21. The average sales price for a condo in Vancouver was around $419,750 in 2007, up 14.6 percent from last year, according to Royal Le Page Real Estate Services. The average sales price in Toronto, Canada's largest city, was about $241,818, up 15.7 percent from last year, and in Montreal, $201,818, up 4.6 percent."
"The number of homes in Vancouver selling for more than $2 million also rose this year, by 48 percent, according to Re/Max Associates. The higher prices reflect years of price gains of 15 to 20 percent, according to Helmut Pastrick, the chief economist for the Credit Union Central of British Columbia."
"Fueling the high-end market are foreign and second-home buyers, he said, though not necessarily from the United States."
"It's not hard to imagine why the city is so appealing: Vancouver has been described as Canada's version of San Francisco. It has a cosmopolitan feel, yet it is surrounded by mountains and water. The temperate climate attracts retirees, while the vibrant urban lifestyle draws young singles. The economy, supported by forest products, mining and an active film industry, is also growing, thanks in part to the development associated with serving as host of the 2010 winter Olympic Games."
FULL STORY: A Canadian Condo Boom
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