Daily Market Update

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Are Canadians still biggest international buyers of US property?
The US National Association of Realtors is expected to release data in the next week or so, revealing the largest foreign purchasers of property. Canadians were at the top of the rankings last year and since 2007 there has been a big increase in our purchases south of the border; however that may change this time around. With a weaker Canadian dollar and US house prices having risen, plus Canadian’s pessimistic view of the economy over the past year, it could be that Europeans, Russians or Brazilians will have climbed higher. Around 6.3 per cent of total US property sales are to foreign buyers, a market worth almost $70 million. Read the full story.

Don’t ignore the ‘worrying’ signs says BIS
The Bank for International Settlements warns that regulators should not ignore the risk from high property prices and rising credit levels. The BIS, which is a forum for central banks, says that the growth of real estate prices in some countries combined with low interest rates to boost the economy, is producing some ‘worrying’ early signs of a situation that could leave homeowners (and economies) vulnerable to interest rate rises or sharp downturns. Read the full story.

Albertans boost to emerging market in Okanagan
There’s an increasing trend among those who work in Alberta, to take the trade off between a longer commute and better weather. After the harsh winter, many are now looking to BC and the area of Okanagan, not for recreational property, but for their main home. With good transport links, lower real estate prices and a warmer climate, the Okanagan offers an attractive alternative to Alberta. There has been a lot of interest from those in the gas and oil industry and airlines have already seized on that market for direct flights to Calgary and Fort McMurray. The draw of a better climate and flights of only an hour to Calgary means that this market is set to continue to grow and the demand will be an added bonus for those investing in property in this emerging market. Read the full story.

Urban village for Calgary
A massive urban village for Eau Claire in Calgary will add more than 1000 homes to the area, together with leisure and retail space, creating a new urban village. The development, currently two parking lots, will create six new residential towers of up to 33 storeys, plus shopping and restaurant units. Construction is set to begin next year with the first residents moving to their new homes in 2018. The new development is being viewed not as a construction project within a neighbourhood, but actually the construction of a new community. Read the full story.

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