WATCH: Low interest rates and the low loonie are making B.C. real estate a relative bargain for some buyers. Jill Bennett tells us who’s expected to be driving the market — and what it might do to prices.
A low dollar suits many real estate agents in Vancouver just fine.
“Canadian real estate right now is basically on sale,” says Lorne Goldman, a Vancouver realtor. He says that earlier this week, one home on the west side of the city went for two million dollars more than the asking price.
“If you look at the Canadian dollar versus the Hong Kong dollar, US dollar, Chinese yuan, it’s off twenty, twenty-five per cent. If they were interested last year, this year looks even better.”
The tourism industry is also bullish on the results of the low dollar.
“The early indications is that early bookings are up…and that 2015 will be a strong year,” says Ian Robertson of the Tourism Industry Association.
In 2014 there was a 26 per cent increase in Chinese visitors, largely due to the “approved destination” status Canada received in 2009. In 2013, the tourism industry generated 13.9 billion dollars of revenue.
WATCH: This year’s tourism numbers could be some of the best ever. Kylie Stanton explains.