Wednesday April 7th, 2010 - Real Estate Expert Sees The Lower Mainland As Very Stable

The impact of the 2010 Vancouver Winter Olympics is expected to have a positive long-term effect on the City of Vancouver in General and on the Lower Mainland real estate market in particular.

“The world loves Vancouver” stated veteran Vancouver Realtor Bob Rennie at a recent address to local real estate agents. “Its a safe place to invest,” he continued.

He acknowledged that like the rest of North America, Vancouver had a tough time in 2009, but feels the outlook is “pretty Amazing.”

Rennie went on to discuss the state of the Lower Mainland market in more detail. He noted there are two distinct real-estate markets in the region. The first is the suburbs continuing out into the Fraser valley. The purchasers here are locals, those who work in
the Lower Mainland purchasing homes for themselves.

The second, the one where the high-profile advertising of the Olympics comes to play, is made up of foreign capital, focuses on the city core – the downtown area and the west side of the city.

The money here comes from a variety of sources he noted. Traditionally that money came from Hong Kong, but in the future Rennie sees mainland China, Korea and even Russian investment.

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