Daily Market Update

Realtors report buyers from Asia account for up to 90 per cent of purchases in some markets… Canmore offers perfect second home location, but at a high price… And Edmonton’s revitalized downtown centre edges closer…

 

Foreign investors fuelling price rises say realtors

Realtors say that the Chinese quest for prime real estate is pushing up prices in Vancouver to record highs. With the Chinese government clamping down on corruption many investors in the country are moving their money overseas. Realtors say that as many as half of all buyers in prime markets are from mainland China. Malcolm Hasman of Angell Hasman and Associates says that the level of Asian buyers for property over $5 million is as high as 90 percent.  Developers are actively targeting Asian purchasers; some condo buildings do not have a fourth floor as it’s considered unlucky and wok kitchens are not unusual. Read the full story.

 

Canmore perfect second home town

The mountain town of Canmore is gaining popularity with purchasers of second homes. With great scenery and sporting environment, the town of just 12,000 residents is a hidden gem in Alberta, 81 km from Calgary. Although it is relatively unknown by those outside the province there is no shortage of demand for property, often from Calgary. That means picking up a bargain second home is unlikely, with the average price for a single-family home at $836,000 while a condo will set you back $400,000.  Read the full story.

 

Edmonton’s new downtown entertainment centre edges closer

Plans to revitalize the downtown area of Edmonton with a new entertainment arena are beginning to take shape. With the city’s population increasing at a vibrant pace, billionaire Daryl Katz’s new arena will be aiming for more than 2 million visitors each year and will help to bring more visitors to the downtown centre to the entertainment facilities but also to the wider retail areas. The arena is set to open in 2016. Read the full story.

 

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