Blog by Patricia Houlihan - Personal Real Estate Corporation

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International Jetsetters Buying Up Exclusive Properties in BC

Vancouver has become a hotspot for international homebuyers with millions to spare.  A former member of a Whistler cabin that I used to frequent has now bought Southeby's Canada and is getting a lot of press.  Ross McCreadie, chief executive officer and president of Sotheby's Canada, says "Vancouver has been on the property investment map for some time".   Top Vancouver real estate agents have clients from around the globe including Dubai, Miami, New York, Germany, Britain and Seoul.  

 

While us Vancouverites aren't surprised that the world's ultra rich are interested in purchasing a home in one of the worlds most liveable cities with unbeatable natural amenities, you may be surprised to learn that many international buyers are not buying into the West Coast vibe.  Instead McCreadie says that, "to anyone from London, New York of Hong Kong, Vancouver is something of a frontier town" with close natural resources like mining and uranium that remains untouched.    I haven't heard this before as most of my international clients are more interested in the outdoor natural resources than industry-for example one of my international clients is looking for a property that is near the mountains for hiking and the ocean for canoeing-which covers most the properties in Vancouver.

 

One of the new Vancouver developments attracting international interest is the private residences at the Hotel Georgia.  The landmark hotel is going to be renovated into a boutique hotel with an adjacent skyscraper featuring top-end apartments.  Whistler resort company Intrawest is also fielding international offers for their new 5-million plots in Whistler that are serviced by a private gondola.  This year I obtained my certification as a Luxury Real Estate Marketing Specialist and have been to a couple of 2 day events only open to realtors working in this arena-it is interesting to hear how the luxury market is changing and expanding around the world.  Having been born and raised in Vancouver, and growing up here during a time where downtown didn't really have much in the way of residential accommodation, let alone luxury real estate, it is sometimes amazing how much this city has changed......

 

(information and quotes from International jetsetters go west - Globe and Mail, June 8/07)

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