The moneyed lot of Alberta, Canada is snapping up luxury real estate in British Columbia and making them their getaway homes.
Things are not doing so well for the Canadian dollar currently which is why many wealthy citizens of Alberta are taking their money west and buying vacation homes in British Columbia. According to Huffington Post, rich Albertans are buying properties in Whistler, Sun Peaks and Vancouver Island among many others as they seek out great areas for having recreational homes.
This trend has a big impact on Canada's real estate market as experts are seeing the best market growth since the 2008 financial crisis. Sotheby's International Realty of Canada vice president of marketing Elaine Hung said, "For Canadian snowbirds, as well as Canadian travelers, they're now looking at local destinations to travel to. With local tourism comes an increase in purchasing recreational property in these real estate markets."
The decline in the value of the Canadian dollar has played a big role in the decision of Albertans to go for "local" vacation homes rather than go into U.S. territories like California, Arizona, Hawaii and even Mexico. The value of the Canadian dollar on Monday is at US$0.75 which is lower than last year at $0.88. B.C. vacation hotspots like the ski resort Whistler has, after seven years, seen its best September performance for real estate which was last experienced before the economic crisis. Hung also added apart from Albertans, other investors from abroad and in the B.C. area are also on the rise.
Meanwhile, according to Business in Vancouver, the rapid increase in home prices in British Colombia is making it tougher for couples to have or raise children. The average cost of a house in Vancouver is now twice that of the national average. It is why citizens view having kids as a luxury that only people with money can afford.
