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Real Estate News Releases
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(EMAILWIRE.COM, April 03, 2008 ) Vancouver, BC – April 2, 2008 - The recent meltdown of the United States real estate market has left many real estate agents and investors looking for a safe and profitable location to invest. In a recent interview, Milo McGarry, a Vancouver real estate industry analyst said, “There are nine factors that explain why Vancouver, BC has built itself into the hottest real estate market in North America.”
“Canada is one of the most stable and well-respected countries in the world”, McGarry continued. “The west coast of BC has the warmest climate in Canada, and the national government provides free healthcare. There are world class ski resorts, beaches, dining, and shopping, and an efficient rapid transit system. Vancouver as a city is clean and beautiful, with low pollution and potable water right from the tap. It is the Host City of the 2010 Olympic Games, and has always been a cosmopolitan city because it is Canada’s gateway to Asia.
But the world economy is on a knife edge right now with high oil prices, talk of ‘stagflation’ where we have inflation in a stagnating economy, and wild stock market swings. Even the Canadian economy is patchy these days with both the forest sector in the west and the manufacturing sector in the east suffering. The new condo market in Vancouver is overbuilt. New condos which, in the market of two or three years ago were pre-sold, are being completed and sitting empty in today’s market. The days of speculators pre-purchasing condos and flipping them for a quick profit are over.
In the mid nineties, the real estate market stalled in similar conditions - high interest rates and an over-supply of condos. From January 1994 to January 1995 the Bank Rate soared from 3.88% to 8.38%. In the same period average posted mortgage rates rose 3.5%. The spring market of 1995 never came, and prices fell 10% in the next 18 months. In 1998 prices fell another 10%.
But the economy of Vancouver and the surrounding areas is demonstrating amazing resilience. Our neighbours in the Alberta oil sands have plenty of liquidity, our construction industry continues to boom with jobs going unfilled, and people continue to move here from all over the world. The best news is that interest rates are moderating. A replay of the mid-nineties does not seem imminent.”
For additional information on Vancouver real estate contact Milo McGarry at 604-341-0062. McGarry is a real estate analyst and agent in Coquitlam, a bedroom community of Vancouver, BC. Since 1987 he has been respected for his passion for the business and his ability to spot emerging trends.
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This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com
Keller Williams Results Realty
Milo McGarry
604-341-0062
info@mcgarrysellshomes.com 
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