The big change of the valuation of the Canadian dollar with respect to the US dollar is encourage US investors in BC real estate to consider cashing out.
A combination of the increase in property values in BC plus a big change in the exchange rate is motivating US investors to consider selling their Canadian properties.
Downtown Vancouver condo’s are being listed in order for their owners to repatriate their dollars. It is now much less attractive for US investors to purchase in Canada relative to the increasingly cheaper US properties that are available. Real estate agents have said that their US investors have dried up.
The BC property registry has documented that US buyers are selling faster then they are buying. A mass exodus is unlikely due to the forthcoming Olympics. The opportunity to attend the Olympics is a big attractive for the US owners, but after the Olympics who knows.
Duncan Seward is a mortgage broker in BC who focuses on the hard to place business. Duncan business fills in the gaps where the banks do not want to lend.
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