The number of Americans buying homes in Vancouver is booming according to a new report. Sotheby’s International Realty Canada says that there is also more interest from Europe and the Middle East although Chinese buyers remain the single largest group of international buyers, accounting for 60 per cent of all foreign transactions. American buyers are increasing faster than other nationalities as the low interest rates and dollar exchange rates make now a good time to buy. James Upton, a real estate agent at RE/MAX Crest Realty Westside told the Financial Times that condos are a particular target for Americans:
“Condominium prices haven’t kept pace with single-family homes, and that’s made the sector ripe for investment, especially when you consider that a stronger US dollar takes about a third off the price.” He said that local buyers were also interested in condos especially older buyers who are downsizing.