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Who ARE these second-home people in Vancouver? Find out here

December 5th, 2008 · 7 Comments

Someone sent me a link to this New York Times article extolling the virtues of Vancouver as a second-home base for non-Canadians.

Hmm, I guess the world economy isn’t dead yet. And how nice to see this early indication of the Olympics sell.

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  • T W

    It reads more like a weekend real estate promotion piece than a succinct analysis of real estate issues in Vancouver. Since Vancouver based property owners benefit fom this ouside floor, there may be few comments on the social impact of external buying.

  • Sans Abri

    And would that someone be Mr. Rennie?

    This sort of thing has been promoted for a long time. Pace: Wall
    tower, most high-end tower condos and the like.

    NYT has also promoted Abruzzi as the new Tuscany, and the
    Transylvanian Alps in Bulgaria, Romania as the new Gstaad.

    NYTers, and NJoisyites in the article must have a second
    home to avoid taxes, as a dodge, and a talking point at
    the eternal cocktail party circuit.

  • Stories like this one, with all their realtor quotes about global investors ready to invest, paint a picture of Vancouver as a destination on the edge of discovery. It’s a wonderful myth but it seems to do more to fuel real estate buying by our friends and neighbours than by people from abroad. It should be pointed out that rich foreign buyers are not the driving engine of Vancouver’s real estate economy. British Columbians are behind about 95% of our real estate sales. The scary part is that if you talk to locals who’ve bought so-called investment condos, they bought them with the intention to sell after 2010. If you’re an investor, you’ve got a lot banking on the global buyer coming through. For your sake, you better hope the expert realtors are correct. (I have my doubts.)

  • Wagamuffin

    I note that Engineer Paula Chan says that it is just a short drive from Vancouver to the Rockies.

    That’s a hell of a commute, lady…

  • An interesting article. As a person who makes his livelihood in construction, however, I hear the projects are drying up and the dreaded slow-time is coming. I hope we continue to get foreign investment here for building, and that will spur our economy on and invite building projects.

    As for the social impact of foreign buying, it’s really only been noticeable in the last few years as wealthy Asian money greased the wheels and inflated real estate. But that was also a part of the “bubble”, and the city has benefited more than suffered from this I think. Prices seem to be coming down a bit, but in a city as beautiful as Vancouver it’s no wonder only the wealthy can afford a home here.

  • I should caveat I’m a recent import from Ontario, so I don’t pretend to be an expert on Vancouver!

  • Wagamuffin

    Ralph—never apologize!!!

    No-one else here does…even when they are dead wrong. LOL!

    Welcome to the ‘Couv…