According to The Globe and Mail, realtors who sell Canadian resort properties say that the low Canadian dollar continues to encourage American investors to put their money in cheap vacation properties north of the border. Speaking of the market in Canmore and the 70-cent Canadian dollar, Brad Hawker of Royal LePage Rocky Mountain Realty Canmore office said, "We're thanking our lucky stars." On the other hand, the same cannot be said for the housing market in Calgary, which is about 130 kilometers on the east side, that has taken a big hit from declining oil prices.
In the mountain town that is a few minutes from Banff, a 1100-sq. ft. condo with two bedrooms, two baths and beautiful views that lists for $429,000 would only be about US$296,000. According to Hawker, he is getting a lot of inquiries from buyers in both the United States and the United Kingdom. Investors from Asia and other parts of Europe are also taking interest in the market.
"I don't think it's going to be a huge flood of people immediately but it's started," Hawker said, according to The Globe and Mail.
He added, "It takes a while. People don't just arrive and come for a holiday and then buy something if they've never been here before. Usually they have to come back a second time, and that's something I expect we'll see over the next six to 18 months."
Hawker also said that business is booming along with the tourism in the area. He also remarked that it has never been that good in 25 years.
Meanwhile, according to The Globe and Mail, prices are still high in the ski-resort town of Whistler, B.C. For example, a 3,400-square-foot luxury home with five bedrooms that lists for $4.2 million is only about US$2.9 million.
