Another million-dollar-plus condo sells in downtown Vancouver

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      If you read national newspapers or listen to the governor of the Bank of Canada, it's easy to conclude that the country's economy is in the tank.

      But that hasn't seemed to have slowed down the Vancouver real-estate market.

      This morning as I was perusing my Twitter feed, I came across news of another sale of an expensive downtown condo, this time near the intersection of Melville and Bute streets.

      The unit was listed for $1.4 million in the 28-storey Flatiron building, which was built in 2008 and has 52 units.

       

      Comments

      4 Comments

      Michele Baillie

      Jul 18, 2015 at 10:08am

      I've been listening to various radio stations on occasion and noticed "Wealth Tour" (An American Advertising for Seminars Real Estate Speculating on AM 1130) and another person advertising on 104.3 FM (doing FREE seminars to explain "flipping houses in your free time).......why are people outside the country WANTING Vancouver's Real Estate Market inflated by House Flipping and Market Speculating?

      Here's a guess as to why...

      Jul 18, 2015 at 5:59pm

      1 Chinese Renmimbi ( Yuan ) buys you .21 Canadian dollars today.
      In 2013, 1 Chinese Renmimbi ( Yuan ) bought you .16 Canadian dollars.

      ((.21-.16)/.16) x 100 = 31% bonus over 2013 rates if you are a Chinese investor buying Canadian property denominated in $CDN.
      Same logic goes for USA buyers in Vancouver. Our dollar is at .77 today and in 2013 it was at par or 1.00. Today a US dollar buys 1.30 Canadian dollars which is a 30 percent bonus.

      It's a fire sale folks.

      Once the USA and Saudi Arabia stop pumping to produce a low price for oil, then it is likely the $CDN will rise again and they can unload the property for a profit if they want, or keep it for the long term.

      EIther way, it's a low risk investment.

      ifso and ever

      Jul 18, 2015 at 10:03pm

      There's no reason for the house prices to go down. Previously they were flipped domestically among the Smiths and Jones (before that, homes were things you just lived in). Now they're flipped among the world's wealthy. If we run out of wealthy people the prices will go down? I don't think we should count on that happening.

      Martin

      Jul 19, 2015 at 11:25am

      If your a foreign buyer, a country's economy is not of your concern. All it means is driving up the value of your property which obviously works for you but not the economy.